Under 26 V.S.A. Chapter 41, which of the following powers does the Vermont Real Estate Commission NOT possess?
Correct Answer
C) The power to set the maximum commission rate that brokers may charge clients in Vermont
The VREC does not have the authority to set or regulate the commission rates that brokers charge clients. Commission rates in Vermont (and throughout the United States) are negotiable between brokers and their clients; fixing commission rates would violate federal antitrust law (Sherman Antitrust Act). The VREC's powers are limited to licensing, education standards, rule adoption, and disciplinary authority under Chapter 41.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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