Vermont Real Estate Buyer Broker Series Part 1 (4 credits)

FROM INITIAL CONTACT TO HIRING OF THE REAL ESTATE BROKERAGE FIRM

This course has been approved by the Education Subcommittee of the Vermont Real Estate Commission for four (4) clock hours for activating or renewing a real estate license in Vermont.  This is an elective continuing education course.  Level of Study: Intermediate, appropriate for Brokers and Salespersons

LEARNING OBJECTIVES

* To understand the legal requirements for buyer representation in Vermont

* To identify and properly manage conflicts of interest

* To create buyer service agreements which reflect the needs of a particular buyer-client

METHODS OF INSTRUCTION

Initial lectures cover the statutory framework for representing real estate buyers in Vermont, anticipating conflicts of interest, and understanding and disclosing the firm’s agency policies, including the analysis of sample policy statements.  Next the participants are given a generalized view of what is expected of a buyer broker in theory, followed immediately by a survey where they are asked to consider whether any of over 40 specific items fall within the scope of a buyer brokers duties.  This segment is generally held in group discussion format.  After break, there are two segments of lecture material mixed with analysis and discussion of sample documents.  The first segment emphasizes the buyer service agreement and the second emphasizes the initial interview and completion of a target property profile.  The final 45 minutes of the course switches to the review, development, and discussion of various hypothetical questions which are designed to be resolved and/or analyzed by participants.  The outline for this course is somewhat unique in that it includes 25 text boxes which are set up in “presentation style” both to assist the participant in following the instructor and to provide more detailed information when necessary.  This course is appropriate for the intermediate as well as the experienced licensee.  Another unique feature of this course is that it is co-taught by an attorney and a licensee.  The licensee has over 15 years of exclusive buyer broker experience.  This course is suited for private offerings to small groups and single firms, as well as larger groups.  In the smaller offerings, classroom style instruction will be in roundtable format.  Audio/Visual Aids not used. 

COURSE CONTENT

This course is designed to be the first in a series of courses on the subject of buyer representation.  This course covers the time frame between initial contact with the client to the point where the firm is hired to perform brokerage service.

 Hour 1:  Introduction, Vermont Statutory Framework for Representing Buyers, Anticipating Conflicts of Interest, Understanding the Firm’s Agency Policies;  Hour 2:  Disclosing the Firm’s Agency Policies, So, What Does a Buyer Broker Do?  Student Survey Regarding Buyer Broker Duties,  Begin Buyer Service Agreements in Vermont;  Hour 3:  Continue Buyer Service Agreements in Vermont, Begin The Initial Meeting with the Prospective Buyer Client;  Hour 4:  Continue The Initial Meeting with the Prospective Buyer Client, The Decision to Accept the Prospective Buyer as a Client (Hypotheticals), and Issues Regarding the Buyer Service Agreement (Hypotheticals)

COURSE MATERIALS

Participants receive a comprehensive bound course outline containing 25 “presentation style” text boxes and 11 hypotheticals.  The appendices include a sample Short Form contract, sample policy disclosures, a sample format for creating a target property profile, and other matters.  There is no separate textbook.

GENERAL COURSE SCHEDULE

Instructor: Randall F. Mayhew, Vermont Attorney, Adjunct Professor of Law at Vermont Law School, longtime instructor of real estate professionals and law students regarding real estate transactions, and practicing attorney dealing with many real estate transactions

Second Instructor:  Lynne M. LaBombard, GRI, ABR, C-CREC, practicing exclusive buyer agent in the Upper Valley of Hanover and White River Junction, licensed to practice brokerage in both New Hampshire and Vermont, principal broker and trainer, long time speaker and panelist in the field of buyer agency and other brokerage issues

Fees: General classroom offering: $85.