Due Diligence

Due Diligence 101 FOR VERMONT REAL ESTATE BROKERS AND SALESPERSONS COURSE DESCRIPTION This course has been approved by the Education Subcommittee of the Vermont Real Estate Commission for two (2) clock hours for activating or renewing a real estate license in Vermont. Level of Study: Intermediate, appropriate for Brokers and Salespersons LEARNING OBJECTIVES To review general theories regarding broker due diligence To understand the broker due diligence requirements in Vermont To explore how broker due diligence is applied in Vermont by study of examples METHODS OF INSTRUCTION Lectures first review the general theories of due diligence for real estate brokers, taken in large part from the works of a respected legal scholar in the law of real estate brokers. Thereafter the lectures expand to cover Vermont’s particular requirements as set forth in the rules and regulations of the Vermont Real Estate Commission and as established by several Vermont Supreme Court cases. Materials include a special informal analysis by Randy Mayhew, Esq. regarding the question of whether due diligence standards include the duty to obtain documents evidencing the seller’s source of title. The course then turns to a punch list of procedures to follow in order to obtain the documents evidencing title and to learn of title exceptions. The primary emphasis of instruction, however, is the last 75 minutes allotted to discussion of six (6) separate examples designed to promote discussion among participants as to what is required in specific, practical cases which frequently arise in Vermont practice. Additionally, participants will be encouraged to cite other examples from their own experiences. This Course is appropriate for the beginner as well as the experienced licensee. 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 1st Hour: Introduction Summary of course objectives General theories regarding broker due diligence; understanding Vermont requirements Begin discussion of due diligence requirements in specific cases 2nd Hour: Continuation of discussion of due diligence requirements in specific cases Closing & Evaluation COURSE MATERIALS Participants receive a brief course outline. A ten page booklet containing course materials mentioned in the outline is attached to the outline. There is no separate textbook. 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 real estate transactions. From time to time, Mr. Mayhew may be joined by Elizabeth Merrill, GRI, CRS, and ABR, over 30 years experience as an active real estate broker and former member of the Vermont Real Estate Commission, serving as its Chair for two years. FEES General classroom offering: General fee is $40. Providers reserve the right to cancel classes with fewer than ten persons pre-enrolled. For private or group offerings the fee is negotiable depending upon number of participants, whether outside participants are allowed, timing, and provision of classroom space and enrollment assistance. DATES,TIMES, and LOCATIONS This course will be offered on an ongoing basis throughout the state. Dates, times, and locations will be posted on the website when possible and may also be obtained by email or phone request to MayhewSchool@aol.com . Information will also be made available in targeted mailings to licensees.

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