The Vermont Real Estate Commission (VREC) met on April 22, 2021.  The Agenda covered a number of topics, including:

• The Commission agreed to a waiver to Rule 2.7 that would change the requirements for passing the agent licensing exam. Under the waiver, an individual will have six months to complete either the state or national exam before being required to take both again.
  
  
• The Commission discussed the planned implementation of the statutorily-required education on state energy efficiency goals. Because the law takes effect on July 1, 2021 which is mid-cycle in the 2020-2022 license renewal process, the VREC will include a module in the renewal process for licensees to take to meet the requirement.
  
  
• OPR Legal Counsel Gabe Gilman did a presentation on the Chapter 57 Regulatory Review Process. He said that OPR is watching the Department of Justice (DOJ) and National Association of Realtors® (NAR) settlement as the outcome may affect some of the recommendations coming from the Regulatory Review.   Some highlights of his presentation included:
  
  
  • Replace commission splitting with uncoupled compensation. This would require clients to pay their own agents
  • Disallow Designated Agency or Improve Disclosure of what it means
  • Allow facilitated brokerage
  • Recognize distinction between residential and commercial practice
  • Prohibit unreasonable waivers of consumer rights
  • Use regulatory and consumer disclosures to encourage informed entry into exclusive representation agreements, as well as softer landings and equitable compensation when they fail
  • Codify immunity for good-faith reports, define misconduct to include retaliation and inform consumers how to make conduct complaints
  • Adapt regulation to the virtual office

VAR plans to be front and center in providing input on these OPR recommendations.

• The VREC has moved to meeting monthly as they work on the Chapter 57 Review. Upcoming meetings will be held on the last Thursday of each month at 9:30am.   The meetings will continue to be held virtually for the foreseeable future.