Vermont Real Estate Salesperson Exam — All Questions

Regarding a known material defect in a property, a Vermont licensee must:

• a.Conceal it if the seller requests
• b.Disclose it only if the buyer asks in writing
• c.Disclose the known material defect and deal honestly with the parties✓
• d.Ignore it because of caveat emptor

Vermont licensees must disclose known material defects that could affect a reasonable buyer's decision and must deal honestly with all parties. A licensee may not conceal or misrepresent a known defect even at the seller's request.

Earnest money a Vermont salesperson receives from a buyer must be:

• a.Delivered promptly to the affiliated broker for deposit in the brokerage trust account✓
• b.Held by the salesperson in a personal account until closing
• c.Sent to the Office of Professional Regulation for safekeeping
• d.Given directly to the seller when the offer is written

Client funds such as earnest money must be handled through the brokerage's trust account, which the broker maintains and keeps separate from personal funds. A salesperson who receives money must deliver it promptly to the affiliated broker. Commingling or converting client money is a serious violation of Vermont license law.