In Vermont, a facilitator:
Correct Answer
B) Assists both parties without representing either party
Vermont law uses the specific term 'facilitator' (26 V.S.A. § 2296) rather than 'transaction broker.' A facilitator assists both the buyer and seller in completing a real estate transaction without representing either party as an agent. Unlike a dual agent, a facilitator does not owe full fiduciary duties to either party; instead, they owe limited duties of honesty, good faith, and competent service to both parties. Facilitators must disclose their facilitator status to all parties.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
The fiduciary obligation to protect a client's private information and not disclose it to third parties without permission, surviving even after the agency relationship ends.
In real estate, a client is someone to whom the agent owes fiduciary duties through an agency relationship, while a customer is a third party to whom the agent owes only honesty and fair dealing.
An arrangement where a brokerage assigns separate agents within the firm to represent the buyer and seller in the same transaction, allowing each client to have dedicated representation.
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