Vermont Statutes Title 26 Sec. 2296
Terms Used In Vermont Statutes Title 26 Sec. 2296
- broker: means any person who, for another, for a fee, commission, salary, or other consideration, or with the intention or expectation of receiving or collecting such compensation from another, engages in or offers or attempts to engage in, either directly or indirectly, by a continuing course of conduct, any of the following acts:
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
§ 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.)