agency

Designated vs. Non-Designated Agency (Vermont)

Vermont firms choose one of two agency models, and agency arises only from a written brokerage service agreement. In non-designated agency, the firm is the agent and every licensee represents every firm client, so the firm cannot represent both a buyer and seller client in one deal. A firm with more than two licensees may elect designated agency, where only named designated agents owe a client fiduciary duties and other firm licensees may represent conflicting parties; knowledge is not imputed. A supervising licensee oversees in-house transactions without representing either party.