When a Vermont agent's broker closes their business, the agent must:
Correct Answer
B) Transfer to a new broker or place their license on inactive status
A salesperson cannot practice without an employing broker. If the broker closes, the agent must transfer their license to a new broker or place it on inactive status with the Real Estate Commission.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
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.
A situation where a single agent or brokerage represents both the buyer and the seller in the same real estate transaction.
An agency relationship created by a clear, explicit agreement between the principal and agent, either orally or in writing.
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In West Virginia, a WV licensee fails to disclose on the Commission agency relationship form whether the licensee represents the seller, buyer, or both. Which statement is correct?
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- → A Vermont licensee is asked about a designated agency firm appoints separate agents for buyer and seller. What is the best answer?
- → In Vermont, a licensee has substantial contact with an unrepresented person before a showing. Which statement is correct?
- → In Vermont, a firm has not elected designated agency. Which statement is correct?
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