Vermont Statutes Title 26 Sec. 2211
Terms Used In Vermont Statutes Title 26 Sec. 2211
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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:
- Commission: means the Vermont Real Estate Commission. See
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
- Executor: A male person named in a will to carry out the decedent
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means and includes individuals, corporations, partnerships, trusts, associations, cooperatives, or other firms or entities, foreign or domestic. See
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- 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
- salesperson: means any person who for a fee, compensation, salary, or other consideration, or in the expectation or upon the promise thereof, is employed by or associated with a licensed real estate broker to do any act or deal in any transaction as provided in subdivision (4) of this subsection for or on behalf of a licensed real estate broker. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Trustee: A person or institution holding and administering property in trust.
§ 2211. Definitions
(a) As used in this chapter, the following definitions shall have the following meanings except where the context clearly indicates that another meaning is intended:
(1) “Commission” means the Vermont Real Estate Commission.
(2) “Person” means and includes individuals, corporations, partnerships, trusts, associations, cooperatives, or other firms or entities, foreign or domestic.
(3) “Real estate,” “real property,” “realty,” or words of like import means any interest or estate in land, excepting leaseholds, whether such interest or estate is corporeal, incorporeal, freehold, or nonfreehold, and whether situated in this State or elsewhere; provided, however, that the meaning as used in this chapter shall not include oil, gas, or mineral leases, nor shall it include any other mineral leasehold, mineral estate, or mineral interest of any nature whatsoever.
(4) “Real estate broker” or “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:
(A) lists, offers, attempts, or agrees to list real estate or any interest therein for sale or exchange;
(B) sells, exchanges, or purchases real estate or any interest therein;
(C) offers to sell, exchange, or purchase real estate or any interest therein;
(D) negotiates, or offers, attempts, or agrees to negotiate the sale, exchange, or purchase of real estate, or any interest therein;
(E) buys, sells, offers to buy or sell, or otherwise deals in options on real estate or any interest therein;
(F) advertises or holds himself or herself out as being engaged in the business of buying, selling, or exchanging real estate or any interest therein;
(G) assists or directs in the procuring of prospects, calculated to result in the sale or exchange of real estate or any interest therein; however, a nonlicensed employee of a licensee shall be allowed to respond to inquiries from members of the public, so long as the employee makes it clear that he or she is not licensed and that any information provided should be confirmed by a licensed person.
(5) “Real estate salesperson” or “salesperson” means any person who for a fee, compensation, salary, or other consideration, or in the expectation or upon the promise thereof, is employed by or associated with a licensed real estate broker to do any act or deal in any transaction as provided in subdivision (4) of this subsection for or on behalf of a licensed real estate broker.
(b) The terms “real estate broker,” “real estate salesperson,” or “broker” shall not include:
(1) Any person, partnership, association, or corporation who as a bona fide owner performs any of the acts set forth in subdivision (a)(4) of this section with reference to property owned by them, nor shall it apply to regular employees thereof, when such acts are performed in the regular course of or as an incident to the management of such property and the investment therein. This subdivision (1) shall not apply to licensees.
(2) Any attorney at law, admitted to practice in Vermont, handling sales of real estate in the course of estate or guardianship administration, or trust administration, bankruptcy proceedings, receiverships, or like actions subject to approval by a court of competent jurisdiction, or sales of real estate arising in the usual course of the practice of law.
(3) Any person selling real estate as an auctioneer, provided such sale is advertised as a bona fide public auction.
(4) Any bank or trust company or any of its officers or employees in the performance of their duties as an officer or employee of any such bank or trust company while performing activities listed in subdivision (a)(4) of this section with respect to real estate owned by that bank or trust company.
(5) Any person holding in good faith a duly executed power of attorney from the owner, authorizing a final consummation and execution for the sale, purchase, or exchange of real estate when such acts are not of a recurrent nature and done with the intention of evading this section.
(6) Any person while acting as a receiver, trustee, administrator, executor, guardian, or under court order, or while acting under authority of a deed, trust, or will.
(7) Public officers while performing their duties as such.
(8) Any person who leases real estate or any interest therein or any improvements affixed thereon, or offers to lease, negotiates the lease of, or advertises as being in the business of leasing real estate.
(9) Any person registered as a securities dealer or salesperson by the Commissioner of Financial Regulation pursuant to 9 Vt. Stat. Ann. chapter 131 when selling securities. (Amended 1969, No. 283 (Adj. Sess.), § 1; 1979, No. 81, § 1, eff. May 10, 1979; 1985, No. 6, § 1; 1989, No. 225 (Adj. Sess.), § 25; 1995, No. 180 (Adj. Sess.), § 38; 2011, No. 78 (Adj. Sess.), § 2, eff. April 2, 2012; 2013, No. 138 (Adj. Sess.), § 13; 2017, No. 144 (Adj. Sess.), § 22.)