Under Vermont law, a licensee acting as a disclosed dual agent owes certain duties to both the buyer and the seller. Which of the following is NOT a duty that a Vermont dual agent owes to both parties?
Correct Answer
A) Advocating for the best possible price and terms on behalf of each party
Under Vermont's disclosed dual agency rules (26 V.S.A. § 2296 and VREC Rule 4.1), a dual agent cannot advocate for the best price or terms on behalf of either party, because doing so for one party would necessarily work against the other. Advocacy is the fiduciary duty that is specifically limited in dual agency. The dual agent must remain neutral and facilitate the transaction rather than champion either side's negotiating position.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An agency relationship where the agent agrees to act on behalf of the principal without receiving compensation.
An agency relationship created by the conduct or actions of the parties rather than by a written or oral agreement.
The legal obligation to reveal information that could affect a party's decision to enter into or the terms of a real estate transaction.
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