In Vermont, a firm has not elected designated agency. Which statement is correct?
Correct Answer
A) The firm and all licensees represent the firm's clients and owe fiduciary duties, and the firm may not practice dual or limited agency in the same transaction
In a Vermont non-designated agency firm, the firm and its licensees owe fiduciary duties to clients and may not practice dual or limited agency. Source basis: Vermont Real Estate Commission Administrative Rules, OPR publication, checked 2026-04-30
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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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