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Vermont Real Estate Broker — Requirements & Free Practice

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Real Estate Broker

Individual broker license; principal broker and broker in charge are responsibilities within this license, rather than separate licenses.

Licensing authority: vermont real estate commission · Application information

Licensure by substantially equivalent endorsement
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Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Application
Submit the online application and pay the non-refundable application fee.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Education evidence
Upload the original jurisdiction’s prelicensing course certificate. The Board FAQ excuses a new Vermont 40-hour course for a substantially equivalent active license.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
National examination waiver
Under 26 V.S.A. § 2292(c) and Rule 2.5 the Commission may waive the national examination and experience requirements. The broker FAQ exercises that waiver for an active substantially equivalent license: "If you do not qualify for fast-track licensure and hold an active license in a state which is equivalent to Vermont, then you do not need to take the National exam."
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Prior license
Hold an active license in good standing in another jurisdiction with qualifications substantially equivalent to Vermont. Provide verification from initial and most recent licensing authorities.
State exam
Complete the Vermont broker state examination and upload its answer sheet; Rule 2.5 supplies the two-year examination-score window.
Initial licensure by examination
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Application
Submit the online application and pay the non-refundable application fee.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Education
Complete a Commission-approved broker prelicensing course of at least 40 hours and upload the course certificate.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Experience
At least two years of licensed salesperson experience, including eight separate and unrelated closed transactions; buyers and sellers must have no familial or contemporaneous business relationship to the applicant. Upload the Verification of Salesperson Experience form.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Score window
The national and state examinations must have been passed within the two years immediately preceding application, under Rule 2.5(b); April 2026 application instructions expressly repeat the two-year national-score requirement.
Reinstatement after expiration for not more than one biennial period
No examination is required for this applicant pathway.
Continuing education
Complete 24 approved continuing-education hours in the preceding biennium, including four hours on Commission-designated topics.
Cycle
Renew biennially before the assigned expiration date, using the online system and paying the renewal fee.
Education proof
Rule 3.2(a) requires continuing or post-licensure education proof for the previous 24 months.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Expiration
License expired for not more than one biennial period. Meet renewal requirements, pay the renewal fee and nondisciplinary reinstatement penalty under 3 V.S.A. § 127(d). Relief from penalty may be available for exceptional circumstances or extreme hardship; active military duty periods are excluded from penalty assessment.

Official no-examination sources

Effective from 2026-09-22.

Reinstatement after longer expiration with fewer than five years of absence
No examination is required for this applicant pathway.
Absence
More than one biennial period of expiration, with fewer than five years of absence from practice.
Continuing education
Complete 24 approved continuing-education hours in the preceding biennium, including four hours on Commission-designated topics.
Cycle
Renew biennially before the assigned expiration date, using the online system and paying the renewal fee.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Readiness
3 V.S.A. § 135(a) infers readiness from continuing education that would have been required during continuous licensure, or a less burdensome showing allowed by the profession’s rules or Director. Rule 3.2(a) permits reinstatement of a license expired less than five years with renewal fee, late penalty and required education in the previous 24 months.

Official no-examination sources

Effective from 2026-09-22.

Restoration after at least five years with demonstrated retained competence
No examination is required for this applicant pathway.
Absence
Expired or lapsed license and at least five years of absence from practice.
Competence
The Director determines that required professional competencies have been retained and the applicant may obtain an unencumbered license under 3 V.S.A. § 135(b)(1).
Discretion
Competence is assessed by the Director, who may consult the Commission; this is the retained-competence determination rather than the reexamination or new-application determination.

Official no-examination sources

Effective from 2026-09-22.

Restoration after at least five years requiring reexamination or new application
Absence
Expired or lapsed license and at least five years of absence from practice; the Director has determined that all required competencies have not been retained.
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Application
Submit the online application and pay the non-refundable application fee.
Competence direction
The Director may require reexamination or reapplication in the same manner as a new applicant. Which examinations an individual must repeat and any waivers are the Director’s conditions. Any unidentified additional competence assessment remains a condition.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Education
Complete a Commission-approved broker prelicensing course of at least 40 hours and upload the course certificate.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Experience
At least two years of licensed salesperson experience, including eight separate and unrelated closed transactions; buyers and sellers must have no familial or contemporaneous business relationship to the applicant. Upload the Verification of Salesperson Experience form.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Score window
The national and state examinations must have been passed within the two years immediately preceding application, under Rule 2.5(b); April 2026 application instructions expressly repeat the two-year national-score requirement.
Licensure by fast track endorsement
vt state jurisprudence exam broker exam # 1
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Application
Submit the online application and pay the non-refundable application fee.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Practice waiver
Under 3 V.S.A. § 136a(c), the Director may waive the practice requirement when consistent with State policy and adequately protective of the public.
Prior license
Actively licensed in good standing and in continuous practice in another United States jurisdiction for three or more years immediately preceding application; substantial equivalence is not required.
State exam
The Vermont state exam remains required in the fast-track application.
Verification
The prior licensing authority must send official verification of continuous good-standing licensure directly to OPR.
First renewal after initial broker licensure
No examination is required for this applicant pathway.
Continuing education
Complete 24 approved continuing-education hours in the preceding biennium, including four hours on Commission-designated topics.
Cycle
Renew biennially before the assigned expiration date, using the online system and paying the renewal fee.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
First renewal instruction
February 2026 broker renewal instructions state: "New Brokers renewing for the first time are not required to complete the 24 hours of CE for their first license renewal." This implementing statement does not amend the statutory 24-hour requirement in 26 V.S.A. § 2293; applicants should see both requirements.
Post licensure instruction
The general April 2026 initial-application introduction says: "You are required to complete 8 hours of post-licensure education within 90 days of your license being issued." Rules 5.2(a) expressly address salesperson post-licensure education; the Board’s broker renewal instructions do not repeat that requirement.

Official no-examination sources

Effective from 2026-09-22.

Initial licensure using qualifications obtained outside the United States
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Application
Submit the online application and pay the non-refundable application fee.
Credential evaluation
Where no profession-specific foreign verification law applies, obtain course-by-course translation and qualification-equivalence assessment from a CES belonging to NACES or AICE. The CES sends original reports directly to OPR; the applicant pays the evaluation cost.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Education
Complete a Commission-approved broker prelicensing course of at least 40 hours and upload the course certificate.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Equivalence
OPR accepts qualifications found equivalent as substitutes for corresponding United States qualifications. Partial equivalence requires completing missing qualifications. Non-equivalence or an inaccurate or insufficient report may lead to preliminary denial.
Experience
At least two years of licensed salesperson experience, including eight separate and unrelated closed transactions; buyers and sellers must have no familial or contemporaneous business relationship to the applicant. Upload the Verification of Salesperson Experience form.
Foreign examinations
Foreign examination results are qualification evidence assessed by the CES; they are applicant conditions rather than leaves of the Vermont route.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Score window
The national and state examinations must have been passed within the two years immediately preceding application, under Rule 2.5(b); April 2026 application instructions expressly repeat the two-year national-score requirement.
Waiver
Any waiver of national examination or experience is governed by 26 V.S.A. § 2292(c) and Rule 2.5; the Vermont state examination remains required.
Reactivation after the original renewal period
No examination is required for this applicant pathway.
Education and fees
Pay renewal and applicable reinstatement or late fees and provide the required education showing under Rule 3.2(a) and 3 V.S.A. § 135(a).
Inactive status
The license was not reactivated in the same renewal period. Rule 3.2(b) directs the applicant to Rule 3.2(a); the Director’s extended-absence competency rule in 3 V.S.A. § 135 applies when appropriate.
Scope
This pathway covers the education-based restoration route; the five-or-more-year competence determinations are separately recorded.

Official no-examination sources

Effective from 2026-09-22.

Reactivation during the same renewal period
No examination is required for this applicant pathway.
Education
Provide required continuing or post-licensure education completed within the previous 24 months.
Fees
Pay reinstatement and renewal fees.
Inactive status
License voluntarily placed inactive; reactivation occurs in the same renewal period.
Practice
Do not practice until the license is reactivated.

Official no-examination sources

Effective from 2026-09-22.

Expedited licensure for a transferring military spouse
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Application
Submit the online application and pay the non-refundable application fee.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Education
Complete a Commission-approved broker prelicensing course of at least 40 hours and upload the course certificate.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Experience
At least two years of licensed salesperson experience, including eight separate and unrelated closed transactions; buyers and sellers must have no familial or contemporaneous business relationship to the applicant. Upload the Verification of Salesperson Experience form.
Military spouse
Hold a license in good standing in another regulatory jurisdiction; accompany a spouse who is a member of the United States Armed Forces transferred to Vermont, leaving employment to do so.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Processing
Submit the military affidavit with the full license application. OPR evaluates military training, experience, and credentials individually.
Score window
The national and state examinations must have been passed within the two years immediately preceding application, under Rule 2.5(b); April 2026 application instructions expressly repeat the two-year national-score requirement.
Waivers
Recognition of military training and any applicable endorsement waiver are applicant conditions; this expedited process does not identify a different examination.
Nonresident broker licensure
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Application
Submit the online application and pay the non-refundable application fee.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Education
Complete a Commission-approved broker prelicensing course of at least 40 hours and upload the course certificate.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Experience
At least two years of licensed salesperson experience, including eight separate and unrelated closed transactions; buyers and sellers must have no familial or contemporaneous business relationship to the applicant. Upload the Verification of Salesperson Experience form.
National waiver
The Commission may waive national examination and experience requirements when the applicant’s other-jurisdiction broker qualifications are substantially equivalent. Applicants who qualify for the Board’s equivalent or fast-track endorsement use those pathways instead.
Nonresident status
A nonresident who held a broker license in the previous jurisdiction of residence for the two years before applying must conform to Chapter 41 and supply the other regulator’s statement about criminal or disciplinary investigations or actions.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Score window
The national and state examinations must have been passed within the two years immediately preceding application, under Rule 2.5(b); April 2026 application instructions expressly repeat the two-year national-score requirement.
Biennial renewal
No examination is required for this applicant pathway.
Continuing education
Complete 24 approved continuing-education hours in the preceding biennium, including four hours on Commission-designated topics.
Cycle
Renew biennially before the assigned expiration date, using the online system and paying the renewal fee.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.

Official no-examination sources

Effective from 2026-09-22.

branch office registration

Registration for an additional brokerage office using the firm’s name and a licensed broker in charge.

Licensing authority: vermont real estate commission · Application information

Initial branch office registration
No examination is required for this applicant pathway.
Application
File the registration application and pay its fee.
Business registration
Register with the Secretary of State’s Business Services Division when required and specifically designate the name used for business, associated licensees, and advertising.
Individual credentials
The supervising person’s individual broker license is a separate prerequisite; the registration is not a new examination of the entity.
Office
A branch uses the registered firm’s name. Its broker in charge maintains a business location at that branch.
Responsible broker
Designate a principal broker for the main firm or a licensed broker in charge for each branch office.

Official no-examination sources

Effective from 2026-09-22.

Biennial branch office registration renewal
No examination is required for this applicant pathway.
Cycle
Renew the registration on its fixed biennial schedule before expiration and pay the applicable fee.
Responsible broker
Maintain an active principal broker or broker in charge; associated licensees lose authority to transact through the office when that broker’s license ceases to be active.

Official no-examination sources

Effective from 2026-09-22.

Emergency Temporary Licenses

Temporary licensing during a declared state of emergency for qualifying licensees from another jurisdiction or approved-program graduates when licensing examinations are not reasonably available.

Licensing authority: Vermont Real Estate Commission and Office of Professional Regulation · Application information

Emergency temporary licensure for an approved program graduate
No examination is required for this applicant pathway.
Duration
Valid until emergency termination or 90 days, whichever occurs first, while in good standing; may be reissued for a continuing declared emergency.
Education
Graduate of an approved education program during a period when licensing examinations are not reasonably available.
Emergency
A declared state of emergency is required.
Fee
Fees are waived.
Scope
This temporary authorization does not assert satisfaction of examination requirements for a subsequent full broker license.

Official no-examination sources

Effective from 2026-09-22.

Emergency temporary licensure based on an existing license
No examination is required for this applicant pathway.
Duration
Valid until emergency termination or 90 days, whichever occurs first, while in good standing; may be reissued if the declared emergency continues beyond 90 days.
Emergency
A declared state of emergency is required.
Existing license
Currently licensed, in good standing, and not subject to disciplinary proceedings in another jurisdiction.
Fee
Fees are waived for this emergency authorization.

Official no-examination sources

Effective from 2026-09-22.

Real Estate Brokerage Firm Registration

Entity registration for brokerage services, with a designated principal broker.

Licensing authority: Vermont Real Estate Commission · Application information

Initial brokerage firm registration
No examination is required for this applicant pathway.
Application
File the registration application and pay its fee.
Business registration
Register with the Secretary of State’s Business Services Division when required and specifically designate the name used for business, associated licensees, and advertising.
Individual credentials
The supervising person’s individual broker license is a separate prerequisite; the registration is not a new examination of the entity.
Office
A branch uses the registered firm’s name. Its broker in charge maintains a business location at that branch.
Responsible broker
Designate a principal broker for the main firm or a licensed broker in charge for each branch office.

Official no-examination sources

Effective from 2026-09-22.

Reinstatement of an expired brokerage firm registration
No examination is required for this applicant pathway.
Fees
Pay the renewal fee and late-renewal penalty.
Practice
Associated licensees lose authority to transact through the firm when its registration is not renewed before expiration.

Official no-examination sources

Effective from 2026-09-22.

Biennial brokerage firm registration renewal
No examination is required for this applicant pathway.
Cycle
Renew the registration on its fixed biennial schedule before expiration and pay the applicable fee.
Responsible broker
Maintain an active principal broker or broker in charge; associated licensees lose authority to transact through the office when that broker’s license ceases to be active.

Official no-examination sources

Effective from 2026-09-22.

Honorary License

Discretionary recognition of outstanding service; does not authorize professional practice.

Licensing authority: Vermont Real Estate Commission and Office of Professional Regulation · Application information

Honorary license for outstanding service
No examination is required for this applicant pathway.
Practice
The honorary license grants no right or privilege to practice real estate brokerage.
Service
Demonstrated outstanding service to the profession, at the Commission’s discretion.

Official no-examination sources

Effective from 2026-09-22.

Provisional License

General OPR provisional authorization pending determination of a completed full broker application.

Licensing authority: Vermont Real Estate Commission and Office of Professional Regulation · Application information

Provisional license pending a background check
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Agreement
Voluntarily forgo traditional procedural rights in exchange for expedited provisional authorization. OPR may summarily withdraw it if application materials are inaccurate.
Application
Submit the online application and pay the non-refundable application fee.
Completed application
A completed application for full licensure is required; attest to material facts consistent with full licensure, including other-jurisdiction standing, criminal history, and discipline.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Duration
Initially 90 days; the Director may extend it if the qualifying contingency remains unresolved.
Education
Complete a Commission-approved broker prelicensing course of at least 40 hours and upload the course certificate.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Examination conditions
These are the examinations of the underlying full broker application, including already-passed examinations. A qualifying endorsement applicant may be excused from the national examination under the recorded endorsement conditions.
Experience
At least two years of licensed salesperson experience, including eight separate and unrelated closed transactions; buyers and sellers must have no familial or contemporaneous business relationship to the applicant. Upload the Verification of Salesperson Experience form.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Provisional eligibility
Eligibility for full broker licensure is contingent on completion of a background check. This is a contingency, not a claim that every broker applicant must undergo a background check.
Score window
The national and state examinations must have been passed within the two years immediately preceding application, under Rule 2.5(b); April 2026 application instructions expressly repeat the two-year national-score requirement.
Provisional license for an active duty member or spouse
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Agreement
Voluntarily forgo traditional procedural rights in exchange for expedited provisional authorization. OPR may summarily withdraw it if application materials are inaccurate.
Application
Submit the online application and pay the non-refundable application fee.
Completed application
A completed application for full licensure is required; attest to material facts consistent with full licensure, including other-jurisdiction standing, criminal history, and discipline.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Duration
Initially 90 days; the Director may extend it if the qualifying contingency remains unresolved.
Education
Complete a Commission-approved broker prelicensing course of at least 40 hours and upload the course certificate.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Examination conditions
These are the examinations of the underlying full broker application, including already-passed examinations. A qualifying endorsement applicant may be excused from the national examination under the recorded endorsement conditions.
Experience
At least two years of licensed salesperson experience, including eight separate and unrelated closed transactions; buyers and sellers must have no familial or contemporaneous business relationship to the applicant. Upload the Verification of Salesperson Experience form.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Provisional eligibility
Applicant is an active-duty United States Armed Forces member assigned to Vermont, or the spouse of such a member.
Score window
The national and state examinations must have been passed within the two years immediately preceding application, under Rule 2.5(b); April 2026 application instructions expressly repeat the two-year national-score requirement.
Provisional license pending other jurisdiction verification
Age
Must have attained the age of majority under 26 V.S.A. § 2291(c).
Agreement
Voluntarily forgo traditional procedural rights in exchange for expedited provisional authorization. OPR may summarily withdraw it if application materials are inaccurate.
Application
Submit the online application and pay the non-refundable application fee.
Completed application
A completed application for full licensure is required; attest to material facts consistent with full licensure, including other-jurisdiction standing, criminal history, and discipline.
Discipline disclosure
Provide a written explanation and court documents for convictions, and documentation for reportable discipline, as required by the Board FAQ.
Duration
Initially 90 days; the Director may extend it if the qualifying contingency remains unresolved.
Education
Complete a Commission-approved broker prelicensing course of at least 40 hours and upload the course certificate.
Energy education
3 V.S.A. § 138 requires the approved education module on State energy goals as a condition of initial licensure and each renewal; the module is no more than two hours.
Examination conditions
These are the examinations of the underlying full broker application, including already-passed examinations. A qualifying endorsement applicant may be excused from the national examination under the recorded endorsement conditions.
Experience
At least two years of licensed salesperson experience, including eight separate and unrelated closed transactions; buyers and sellers must have no familial or contemporaneous business relationship to the applicant. Upload the Verification of Salesperson Experience form.
Office affiliation
Provide the Verification of Employment/Supervision form and be affiliated with a Vermont-registered brokerage firm to activate the license. An independently operating broker must also apply to register a brokerage firm.
Provisional eligibility
Eligibility for full broker licensure is contingent on acceptable verification of another-jurisdiction licensure.
Score window
The national and state examinations must have been passed within the two years immediately preceding application, under Rule 2.5(b); April 2026 application instructions expressly repeat the two-year national-score requirement.

Temporary Broker

Temporary continuation of a deceased broker’s existing business; no new brokerage service agreements.

Licensing authority: Vermont Real Estate Commission · Application information

Temporary continuation after death of a broker
No examination is required for this applicant pathway.
Duration
Continue the existing brokerage business for no more than one year.
Fee
Pay the prescribed temporary-license fee.
Restriction
Do not enter new brokerage service agreements.
Trigger
A licensed broker has died. The legal representative applies, or designates an individual approved by the Commission.

Official no-examination sources

Effective from 2026-09-22.

Temporary Renewal License

Temporary renewal pending completion of required continuing education; a board may require a corrective action plan completed within 90 days.

Licensing authority: Vermont Real Estate Commission and Office of Professional Regulation · Application information

Temporary renewal pending corrective continuing education
No examination is required for this applicant pathway.
Corrective plan
The Commission may require a specific corrective action plan to be completed within 90 days.
Renewal
Applicant has a continuing-education deficiency where education is a renewal condition.
Temporary authorization
The Commission may grant temporary renewal while required continuing education is completed.

Official no-examination sources

Effective from 2026-09-22.

National Broker Exam — National Portion (Real Estate Principles and Practices)

Provider
PSI Services LLC
Format
National portion of state real estate broker licensing examinations with its own minimum passing score; scenario-based questions with more than four options and one best answer, each option weighted zero, one or two points; candidates who fail one portion retake only that portion
Examination outline
  • I. Property Ownership (Broker 10%) (10%)
    • A. Real and personal property; conveyances
    • B. Land characteristics and legal descriptions: 1. Metes and bounds method of legal property description; 2. Lot and block (recorded plat) method of legal property description; 3. Government survey (rectangular survey) method of legal property description; 4. Measuring structures (linear and square footage); 5. Land measurement
    • C. Encumbrances and effects on property ownership: 1. Types of liens and their effect on the title and value of real property; 2. Easements, rights of way and licenses, including their effect on the title, value and use of real property; 3. Encroachments and their effect on the title, value and use of real property; 4. Potential encumbrances on title, such as probate, leases, or adverse possession; 5. Property rights that may be conveyed separately from use of the land surface, such as mineral and other subsurface rights, air rights, or water rights
    • D. Types of ownership: 1. Ownership in severalty/sole ownership; 2. Implications of ownership as tenants in common; 3. Implications of ownership in joint tenancy; 4. Forms of common-interest ownership, such as Timeshares, Condominiums and Co-ops; 5. Property ownership held in a trust or by an estate; 6. Ownership by business entities; 7. Life Estate ownership
  • II. Land use Controls (Broker 5%) (5%)
    • A. Government rights in land: 1. Government rights to impose property taxes and special assessments; 2. Government rights to acquire land through eminent domain, condemnation and escheat
    • B. Government controls on land use
    • C. Private controls: 1. Deed conditions or restrictions on property use; 2. Subdivision covenants, conditions and restrictions (CC&Rs) on property use; 3. Condominium and owners’ associations regulations or bylaws on property use
  • III. Valuation (Broker 8%) (8%)
    • A. Appraisals: 1. Appraisals for valuation of real property; 2. Situations which require appraisal by a licensed or certified appraiser and brokerage-related actions that constitute unauthorized appraisal practice; 3. General steps in appraisal process
    • B. Estimating Value: 1. Economic principles and property characteristics that affect value of real property; 2. Sales or market comparison approach to property valuation and appropriate uses; 3. Cost approach to property valuation and appropriate uses; 4. Income analysis approach to property valuation and appropriate uses
    • C. Comparative Market Analysis (CMA): 1. Competitive/Comparative Market Analysis (CMA), BPO or equivalent; 2. Automated Valuation Method (AVM), appraisal valuation and Comparative Market Analysis (CMA)
  • IV. Financing (Broker 9%) (9%)
    • A. Basic Concepts and Terminology: 1. Loan financing (for example, points, LTV, PMI, interest, PITI); 2. General underwriting process (e.g., debt ratios, credit scoring and history); 3. Standard mortgage/deed of trust clauses and conditions; 4. Essential elements of a promissory note
    • B. Types of Loans: 1. Conventional loans; 2. Amortized loans, partially amortized (balloon) loans, interest-only loans; 3. Adjustable-rate mortgage (ARM) loans; 4. Government Loans — a. FHA insured loans; b. VA guaranteed loans; c. USDA/Rural Development loan programs; 5. Owner financing (for example, installment or land contract/contract for deed); 6. Reverse-mortgage loans; 7. Home equity loans and lines of credit; 8. Construction loans; 9. Rehab loans; 10. Bridge loans
    • C. Financing and Lending: 1. Real Estate Settlement Procedures Act (RESPA), including kickbacks; 2. Truth-in-Lending Act (Regulation Z), including advertising; 3. Requirements and time frames of TRID (TILA-RESPA Integrated Disclosures); 4. Equal Credit Opportunity Act; 5. Lending Process (application through loan closing); 6. Risky loan features, such as prepayment penalties and balloon payments
  • V. Contracts (Broker 19%) (19%)
    • A. General Contract Law: 1. General principles of contract law; 2. Elements necessary for a contract to be valid; 3. Effect of the Statute of Frauds; 4. Offer and a contract; 5. Enforceability of contracts; 6. Void, voidable and unenforceable contracts; 7. Bilateral and unilateral contracts; 8. Nature and use of option agreements; 9. Notice, delivery, acceptance and execution of contracts; 10. Appropriate use, risks, and advantages of electronic signatures and paperless transactions; 11. Rights and obligations of the parties to a contract; 12. Possible remedies for breach or non-performance of contract; 13. Termination, rescission and cancellation of contracts
    • B. Purchase and Lease Contracts: 1. Addenda and amendments to contracts; 2. Purchase agreements; 3. Contract contingencies and methods for satisfying them; 4. Leases and rental agreements; 5. Lease-purchase agreements; 6. Types of leases
    • C. Proper handling of multiple offers and counteroffers
  • VI. Agency (Broker 13%) (13%)
    • A. Agency and non-agency relationships: 1. Agency relationships and how they are established; 2. Types of listing contracts; 3. Buyer brokerage/tenant representation contracts; 4. Other brokerage relationships, including transaction brokers and facilitators; 5. Powers of attorney and other assignments of authority; 6. Conditions for termination of agency or brokerage service agreements
    • B. Agent Duties: 1. Fiduciary duties of agents; 2. Agent's duties to customers/non-clients, including honesty and good faith
    • C. Agency Disclosures: 1. Disclosure of agency/representation; 2. Disclosure of possible conflict of interest or self-interest
  • VII. Property Disclosures (Broker 7%) (7%)
    • A. Property Condition: 1. Seller's property condition disclosure requirements; 2. Property conditions that may warrant inspections or a survey; 3. Red flags that warrant investigation of public or private land use controls
    • B. Environmental and Government Disclosures: 1. Environmental issues requiring disclosure; 2. Federal, state, or local disclosure requirements regarding the property
    • C. Disclosure of material facts and material defects
  • VIII. Property Management (Broker 5%) (5%)
    • A. Duties and Responsibilities: 1. Procurement and qualification of prospective tenants; 2. Fair housing and ADA compliance specific to property management; 3. How to complete a market analysis to identify factors in setting rents or lease rates; 4. Property manager responsibility for maintenance, improvements, reporting and risk management (BROKER ONLY); 5. Handling landlord and tenant funds; trust accounts, reports and disbursements (BROKER ONLY); 6. Provisions of property management contracts (BROKER ONLY)
    • B. Landlord and tenant rights and obligations
  • IX. Transfer of Title (Broker 6%) (6%)
    • A. Types of deeds
    • B. Title Insurance and Searches: 1. Title insurance policies and title searches; 2. Potential title problems and resolutions; 3. Marketable and insurable title
    • C. Closing Process: 1. When transfer of ownership becomes effective; 2. Process and importance of recordation; 3. Settlement procedures (closing) and parties involved; 4. Home and new construction warranties
    • D. Special Processes: 1. Special issues in transferring foreclosed properties; 2. Special issues in short sale transactions; 3. Special issues in probate transactions
  • X. Practice of Real Estate (Broker 12%) (12%)
    • A. Antidiscrimination: 1. Federal Fair Housing Act general principles and exemptions; 2. Protected classes under Federal Fair Housing Act; 3. Protections against discrimination based on gender identity and sexual orientation; 4. Prohibited conduct under Federal Fair Housing Act (Redlining, Blockbusting, Steering, Disparate Treatment); 5. Fair housing advertising rules; 6. Americans with Disabilities Act (ADA) obligations pertaining to accessibility and reasonable accommodations
    • B. Legislation and Regulations: 1. Licensees’ status as employees or independent contractors; 2. Antitrust laws and types of violations, fines and penalties; 3. Do-Not-Call List rule compliance; 4. Proper use of Social Media and Internet communication and advertising
    • C. Duties and Responsibilities: 1. Protection of confidential personal information (written, verbal or electronic); 2. Duties when handling funds of others in transactions; 3. Licensee responsibility for due diligence in real estate transactions
    • D. Supervisory Responsibilities (BROKER ONLY): 1. Broker's supervisory responsibilities (licensees, teams and unlicensed assistants and employees) (BROKER ONLY); 2. Broker relationship with licensees (employees or independent contractors and governing rules) (BROKER ONLY)
  • XI. Real Estate Calculations (Broker 6%) (6%)
    • A. Calculations for Transactions: 1. Seller’s net proceeds; 2. Buyer funds needed at closing; 3. Real property tax and other prorations; 4. Real property transfer fees; 5. PITI (Principal, Interest, Taxes and Insurance) payments estimate given loan rate and term
    • B. General Concepts: 1. Equity; 2. Rate of return/Capitalization rate; 3. Loan-to-Value ratio; 4. Discount points and loan origination fees
Examination sources

vt state jurisprudence exam broker exam # 1

Provider
Vermont Real Estate Commission through OPR
Format
Application-based multiple-choice and true/false questions; completed answer sheet uploaded to the application
Exam questions
50 questions, each worth 2 points
Passing score
75 points
Practice scope

Inferred from the examination name; the authority has not published an examination outline.

  • 26 V.S.A. Chapter 41: Real Estate Brokers and Salespersons
  • Administrative Rules for Real Estate Commission
  • 3 V.S.A. Chapter 5: Secretary of State
  • 3 V.S.A. Chapter 25: Administrative Procedure
  • Vermont Open Meeting Law, 1 V.S.A. §§ 311–314
  • Public Records Act, 1 V.S.A. §§ 315–320
  • 10 V.S.A. § 493: On-premises signs
  • Administrative Rules for Assessing Professional Credentials Obtained Outside of the United States
  • Procedures for Remote & Hybrid Hearings
Examination sources