VERMONT REAL ESTATE COMMISSION REAL ESTATE BROKERAGE INSPECTION REPORT Date Time License Number Name of Agency Address Telephone Fax # Email Web Site Principal Broker Broker In Charge License Number Agency License and principal license prominently displayed? 26 V.S.A. 2294 and Rule 2.8 Licensees affiliated with agency, registered, prominently displayed and in compliance? Comments: Where are the consumer disclosure forms maintained in: CONSUMER DISCLOSURES general contact files individual desk agreement files Are Consumer Disclosure forms being utilized and executed properly? COOPERATION AGREEMENT (BROKER AGREEMENT) Where are the customer files maintained in: general contact files individual desk agreement files Do you have cooperative agreements for non MLS listings? Are the Cooperation Agreement forms being utilized and executed properly?
ACTIVE SELLER SERVICE AGREEMENTS Property Description and Location. Price, terms and conditions upon which the brokerage firm is authorized to market property. The specific brokerage services the firm will provide, including any limitation on services. Agreement date Expiration date (not to exceed one year) Provision for avoiding dual agency conflicts/limited Agency A statement of the amount of transaction fee or other compensation to be paid the brokerage firm, the method of computation and the person who will pay it. Signatures of property owner(s) and/or authorized agent. Signature of licensee associated with brokerage firm. A clear description of whether, and how, cooperating and/or buyer broker agents will be compensated. Is there a clause which provides for compensation following expiration date? If MLS listing, is it accurate to agreement and/or Data Sheet Disclosure form in the file. ACTIVE BUYER SERVICE AGREEMENTS Agreement date. Expiration date (not to exceed one year). All terms of the agency to be authorized. Description of services and requirements which the brokerage firm will perform under contract including any limitation of services? Provision for avoiding dual agency conflicts. A statement of the amount of the transaction fee or other compensation to be paid the brokerage firm, the method of computation and the person who will pay it. Signature of all parties to the buyer service agreement. A clear description of whether, and how, cooperating and/or buyer broker agents will be compensated. Is there a clause which provides for compensation following expiration date? Disclosure form in file. Page 2
CLOSED/PENDING FILES Buyer or Seller Service Agreement executed properly. Closed/Pending Purchase and Sale Agreements. Closing Statement. Consumer Disclosure. Record of Deposit. GENERAL OPERATIONS Any Broker advertising deficiencies observed? Are active Seller Service/Buyer Service agreements centrally accessible? Are the past seven (7) years of records on location? TRUST ACCOUNTS Financial statements available to compare with escrow account. Trust and escrow accounts maintained separate from broker and/or office accounts. Are there any disputed deposits? Is the escrow account registered with OPR? Funds deposited within five (5) banking days of signing of Purchase and Sales Agreement. Person from who money was received recorded. Amount of deposit recorded. Date of the deposit recorded. Person to whom a disbursement was made recorded. Amount of each disbursement recorded. Date of deposit / disbursement recorded. Additional Comments: Page 3
General Comments / Suggestions / Improvements: Corrective Action Required: Re-inspection required: Yes / No STATEMENT OF OWNER OR DESIGNATED PERSON BEING INSPECTED I HAVE READ THIS INSPECTION REPORT AND UNDERSTAND ITS CONTENTS. IF CORRECTIVE ACTION IS REQUIRED, I UNDERSTAND THAT I MUST RESPOND WITHIN THIRTY (30) DAYS, EXPLAINING WHAT CORRECTIVE ACTION HAS BEEN TAKEN OR WHY I FEEL ACTION IS NECESSARY. I UNDERSTAND THAT FAILURE TO RESPOND TO THE DISCREPANCIES WITHIN THIRTY (30) DAYS MAY RESULT IN DISCIPLINARY ACTION AGAINST MY REGISTERED BROKERAGE FIRM. RESPONDING TO THE INSPECTION DOES T LIMIT THE AUTHORITY OF THE COMMISSION TO PURSUE DISCIPLINARY ACTION. Date: Signature of Principal Broker or Designated Licensee Date: Signature of Inspector Send Corrective Action Response To: Peter Comart, Licensing Administrator Office of Professional Regulation 89 Main Street, 3 rd Floor Montpelier, VT 05620-3402
Page 4 Revised: 0108 2014