Real Estate Commission to Address Potential Regulatory Changes

Compensation and Transactional Agency are among the issues to be discussed.

Over the next several months, the Vermont Real Estate Commission (VREC) is scheduled to discuss potential changes that, if enacted, will impact our industry in a major way. The Office of Professional Regulation (OPR) is forwarding nine recommendations to the VREC for consideration.

The VREC has scheduled the following meetings to discuss the recommendations. All meetings will be virtual and are scheduled to run from 9:30 AM to 1:00 PM. The VREC meetings can be accessed by selecting the calendar link below.

These meetings are open to the public, and you are encouraged to attend and provide your feedback to the VREC on these issues. A statewide broker meeting is being planned by the Vermont Association of Realtors on Wednesday, July 14 to discuss these recommendations and create strategy. More details will be sent to managing brokers.

OPR CALENDAR

VREC Meetings to Discuss OPR Recommendations

Thursday, July 1, 2021 – 9:30 AM to 1:00 PM

  • Compensation Models — Should buyers pay their own agents?
  • Exclusive Representation and Alternatives for Equitable Compensation

Thursday, July 22, 2021 – 9:30 AM to 1:00 PM

  • Designated Agency–Six years in, what has been its effects? Is the model compatible with fiduciary duties? Are consumers adequately informed?
  • Facilitative Brokerage–Is it time? How would the model interact with others?

Thursday, August 26, 2021 – 9:30 AM to 1:00 PM

  • Regulating for Commercial Brokerage–Where to recognize unique characteristics of commercial brokerage?

Thursday, September 23, 2021 – 9:30 AM to 1:00 PM

  • Form Oversight & Waivers–Are sweeping waivers of rights to judicial remedies compatible with consumer protection?
  • Informing Consumers about Conduct Enforcement–How can we improve awareness of what the disciplinary the process does and does not offer?

Thursday, October 28, 2021 – 9:30 AM to 1:00 PM

  • Regulating for the Virtual Office–Is it time to rethink supervision based on physical proximity?