Terms Used In Vermont Statutes > Title 26 > Chapter 41 - Real Estate Brokers and Salespersons

• Abandoned motor vehicle: means :

• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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:

• Cable television: means cable television system as defined in chapter 13 of this title. See
• Commission: means the Vermont Real Estate Commission. See
• Commission: means the Public Utility Commission of this State. See
• Commissioner: means the Commissioner of Motor Vehicles. See
• Community development: means the economic and social development of communities through commercial and industrial development, creating job opportunities and training for rural residents, and providing better housing, health, educational, recreational, and other rural community facilities. See
• Contract: A legal written agreement that becomes binding when signed.
• Cooperative: means a corporation organized under this chapter or which becomes subject to this chapter in the manner hereinafter provided. 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.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• 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
• Energy: includes electrical, propane, natural gas, fossil fuels, and other forms of energy. See
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executor: A male person named in a will to carry out the decedent
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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.
• Interactive media: means communications media that is regularly used to transmit information in two directions. See
• Internet: means collectively the computer and telecommunications facilities, including equipment and operating software, that comprise the interconnected network of networks that employ the transmission control protocol/Internet protocol, or any predecessor or successor protocols to such protocol, to communicate information of any kind, whether by wire or wireless means. See
• 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}
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Motor vehicle: means all vehicles propelled or drawn by power other than muscular power that have, or could have, one or more of the following:

• Municipal plant: means any plant or system owned and operated by any municipality for the manufacture, distribution, purchase, and sale of electricity or the manufacture, distribution, purchase, and sale of gas. See
• Municipality: means any city, town, or village within this State. See
• Owner: shall include any person, corporation, co-partnership, or association holding legal title to a motor vehicle or having exclusive right to the use or control thereof for a period of 30 days or more. See
• 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 a natural person, firm, association, corporation, business trust, partnership, federal agency, state or political subdivision or agency thereof, or a body politic or other entity. See
• Person: means and includes individuals, corporations, partnerships, trusts, associations, cooperatives, or other firms or entities, foreign or domestic. See
• Personal property: All property that is not real property.
• 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}
• Quorum: The number of legislators that must be present to do business.
• 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
• said: when used by way of reference to a person or thing shall apply to the same person or thing last mentioned. 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
• seal: shall include an impression of the official seal made upon paper alone or by means of a wafer or wax affixed thereto. See
• State: means a state, territory, or possession of the United States, the District of Columbia, the commonwealth of Puerto Rico, or a province of the Dominion of Canada. 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
• Subpoena: A command to a witness to appear and give testimony.
• sworn: shall include affirmed. See
• Telecommunications: means one or more of the following as defined in chapter 88 of this title:

• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Utility: means any person or corporation engaged in the manufacture, distribution, and sale of gas and electricity in this State. See
• Vehicle: means a motor vehicle as defined by section 4 of this title. See
• Village: shall mean an incorporated village. See