The Vermont Statutes Online

Title 26 : Professions and Occupations

Chapter 041 : Real Estate Brokers and Salespersons

Subchapter 003 : LICENSES

• § 2296. Unprofessional conduct

  In addition to the conduct set forth in 3 V.S.A. § 129a, the following conduct by those regulated under this chapter constitutes unprofessional conduct:

  (1) commingling money or other property to which the licensee’s clients or other persons are entitled with the licensee’s own, except to the extent nominal sums of the licensee’s funds may be required to maintain an open trust account;

  (2) failing to inform clients, establish trust and escrow accounts, maintain records, and otherwise act in accordance with the provisions of section 2214 of this chapter with respect to all monies received by the licensee as a real estate broker, or as escrow agent, or as the temporary custodian of the funds of others, in a real estate transaction;

  (3) failing promptly to segregate any properties received that are to be held for the benefit of others;

  (4) failing to fully disclose to a buyer all material facts within the licensee’s knowledge concerning the property being sold;

  (5) failing to fully disclose to a buyer the existence of an agency relationship between the licensee and the seller. (Amended 1963, No. 66, §§ 3, 4; 1969, No. 283 (Adj. Sess.), § 8; 1979, No. 81, § 4, eff. May 10, 1979; 1985, No. 6, § 1; 1991, No. 86, § 6, eff. Jan. 1, 1992; 1997, No. 145 (Adj. Sess.), § 45; 2013, No. 27, § 29; 2017, No. 48, § 16; 2019, No. 30, § 16.)