2018 Vermont Statutes
Title 26 - Professions and Occupations
Chapter 41 - Real Estate Brokers And Salespersons
§ 2296 Unprofessional conduct
§ 2296. Unprofessional conduct
Unprofessional conduct means the following conduct and the conduct set forth in 3 V.S.A. § 129a:
(1) makes a material misstatement in the application for his or her license;
(2) uses dishonest or misleading advertising;
(3) demonstrates incompetency to act as a real estate broker or salesperson;
(4) is found by the Commission to be guilty of fraud or fraudulent practices; or is convicted for violating this chapter; or is convicted of forgery, embezzlement, obtaining money under false pretenses, or conspiring to defraud;
(5) commingles 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;
(6) fails 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;
(7) fails promptly to segregate any properties received that are to be held for the benefit of others;
(8) is found by the Commission to have engaged in any act or conduct, whether of the same or different character as that described in this section, that contributes to or demonstrates incompetency or dishonest fraudulent dealings;
(9) fails to fully disclose to a buyer all material facts within the licensee's knowledge concerning the property being sold;
(10) fails 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.)
