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Vermont Real Estate Salesperson — Requirements & Free Practice

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Real Estate Salesperson

Salesperson license associated with a registered brokerage firm and its principal broker.

Licensing authority: Vermont Real Estate Commission · Application information

Active broker conversion to salesperson
No examination is required for this applicant pathway.
Active broker license
Hold an active Vermont broker license and surrender it to reinstate or obtain a salesperson license.
Competence
The Commission policy considers the active broker to have met salesperson prelicensing course and examination requirements; no new salesperson examination is required.
Renewal requirements
Meet the requirements for salesperson license renewal.

Official no-examination sources

Effective from 2026-09-22.

Licensure by endorsement
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Education
Upload the original jurisdiction’s prelicensing course certificate; the Board FAQ excuses the Vermont 40-hour course for an active equivalent license.
Endorsement implementation
April 2026 Apply by Endorsement instructions demand the state examination and verification of initial and most recent licensure; they list no separate national score upload for this path.
Minimum age
At least 18 years old.
National exam waiver
Rule 2.4 permits all or part of the national examination requirement to be waived for a licensed salesperson in good standing in another jurisdiction whose requirements the Commission finds substantially equivalent. The national examination is retained as an involved examination; the waiver applies to the applicant.
Other license
Hold a current license or certification in another jurisdiction with substantially equivalent qualifications; furnish official verification from initial and most recent jurisdictions.
Post licensure education
Rule 5.2(a) exempts a good-standing licensee with at least 24 months of licensure in another jurisdiction; the FAQ says post-licensure education does not apply to endorsement licensees.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
State exam
All applicants must complete the Vermont examination under Rule 2.4 and the Commission FAQ.
Statutory waiver
26 V.S.A. § 2292(c) authorizes waiver of all or part of an examination requirement when the other jurisdiction’s examination is substantially equal; the implementing rule requires the Vermont examination.
Reinstate expired license after fewer than five years of absence
No examination is required for this applicant pathway.
Absence
Fewer than five years of absence from practice under 3 V.S.A. § 135(a); Rule 3.2(a) separately describes a license expired for less than five years.
Education
Readiness is inferred from continuing education required during continuous licensure or an authorized less burdensome showing; Rule 3.2(a) requires continuing and/or post-licensure education taken within 24 months.
Fees
Pay renewal fees and applicable late-renewal or reinstatement penalty. 3 V.S.A. § 127(d) provides the penalty mechanism for expiry of no more than one biennial period.

Official no-examination sources

Effective from 2026-09-22.

Return after five or more years with retained competence demonstrated
No examination is required for this applicant pathway.
Absence
Five or more years of absence from practice.
Director determination
The Director determines that required professional competencies have been retained and the applicant may obtain an unencumbered license.
Discretion
The alternative statutory determination may instead require reexamination or reapplication; that determination is represented separately.

Official no-examination sources

Effective from 2026-09-22.

Return after five or more years by reapplication as a new applicant
Absence
Five or more years of absence from practice.
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Director determination
The Director determines professional competencies have not been retained and requires reapplication in like manner to a new applicant; initial licensure examination requirements then apply.
Education
Complete at least 40 hours of Commission-approved prelicensing instruction.
Minimum age
At least 18 years old.
Post licensure education
Complete eight hours of approved post-licensure education within 90 days of initial license issuance.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
Fast Track Endorsement
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Education
The April 2026 Fast Track Endorsement checklist does not demand a prelicensing course certificate.
Endorsement implementation
April 2026 Apply by Endorsement instructions demand the state examination and verification of initial and most recent licensure; they list no separate national score upload for this path.
Licensure verification
The licensing authority must send official verification directly to OPR showing continuous licensure in good standing for the preceding three years.
Minimum age
At least 18 years old.
National exam waiver
The initial salesperson rule names the national examination and provides for waiver. The April 2026 Fast Track Endorsement checklist requires the state examination and does not demand a national result. National examination involvement is retained with the waiver shown as an applicant condition.
Other license
Have an active license in good standing for the three years immediately preceding application in a U.S. jurisdiction; 3 V.S.A. § 136a removes the substantial-equivalence restriction for this endorsement process.
Post licensure education
Endorsement post-licensure education exceptions apply as stated in Rule 5.2(a) and the Board FAQ.
Practice requirement waiver
3 V.S.A. § 136a(c) permits the Director to waive the practice requirement upon a showing consistent with State policy and adequate public protection.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
State exam
All applicants must complete the Vermont examination under Rule 2.4 and the Commission FAQ.
Statutory waiver
26 V.S.A. § 2292(c) authorizes waiver of all or part of an examination requirement when the other jurisdiction’s examination is substantially equal; the implementing rule requires the Vermont examination.
First renewal after endorsement
No examination is required for this applicant pathway.
Application
Submit an online renewal application and pay the nonrefundable renewal fee.
Board first renewal statement
The Board FAQ states: "Do licensees who endorsed into Vermont need to complete CE for their first VT renewal? No." It also states post-licensure education does not apply to endorsement licensees. These implementing statements are preserved alongside the statutory renewal requirement.
Continuing education
26 V.S.A. § 2293 requires 16 approved hours in the preceding two-year period, including four hours on Commission-designated topics.
Cycle
Renew every two years; salespersons renew by May 31 of even-numbered years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.

Official no-examination sources

Effective from 2026-09-22.

First renewal after initial licensure by examination
No examination is required for this applicant pathway.
Application
Submit an online renewal application and pay the nonrefundable renewal fee.
Board first renewal statement
The Board FAQ states: "Do licensees who have been licensees for under two years and are renewing for the first time need to complete the CE requirements? No." This implementing exception is shown alongside the statutory 16-hour renewal requirement.
Continuing education
26 V.S.A. § 2293 requires 16 approved hours in the preceding two-year period, including four hours on Commission-designated topics.
Cycle
Renew every two years; salespersons renew by May 31 of even-numbered years.
Post licensure education
Supply proof of eight hours of post-licensure education completed within 90 days of issuance.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.

Official no-examination sources

Effective from 2026-09-22.

Licensure with qualifications obtained outside the United States
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Credential evaluation cost
Applicant pays the credential evaluation costs separately from the license application fee.
Education
Complete at least 40 hours of Commission-approved prelicensing instruction.
Equivalency
Equivalent education or qualifications substitute for the corresponding U.S. qualification; partial equivalence requires completion of the missing qualifications.
Examinations
Rule 5-1(b) independently requires the examinations in the profession’s statutes and rules after a determination of equivalence; foreign examinations are applicant evidence rather than Vermont route leaves.
Foreign qualifications
Use a NACES- or AICE-member credential evaluation service for applicable foreign education and other qualifications; original reports must be sent directly to OPR.
Minimum age
At least 18 years old.
Post licensure education
Complete eight hours of approved post-licensure education within 90 days of initial license issuance.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
Initial licensure by examination
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Education
Complete at least 40 hours of Commission-approved prelicensing instruction.
Minimum age
At least 18 years old.
Post licensure education
Complete eight hours of approved post-licensure education within 90 days of initial license issuance.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
Nonresident licensure under 26 V.S.A. § 2297
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Education
Upload the original jurisdiction’s prelicensing course certificate; the Board FAQ excuses the Vermont 40-hour course for an active equivalent license.
Endorsement implementation
April 2026 Apply by Endorsement instructions demand the state examination and verification of initial and most recent licensure; they list no separate national score upload for this path.
Minimum age
At least 18 years old.
National exam waiver
Rule 2.4 permits all or part of the national examination requirement to be waived for a licensed salesperson in good standing in another jurisdiction whose requirements the Commission finds substantially equivalent. The national examination is retained as an involved examination; the waiver applies to the applicant.
Nonresident status
Be a nonresident who has held a broker’s or salesperson’s license in the previous jurisdiction of residence for the two years preceding application.
Other license
Conform to the chapter’s application and licensing provisions; any national examination waiver remains subject to Commission approval.
Post licensure education
Rule 5.2(a) exempts a good-standing licensee with at least 24 months of licensure in another jurisdiction; the FAQ says post-licensure education does not apply to endorsement licensees.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Regulator statement
Provide a statement from that regulatory body concerning criminal or disciplinary investigations or actions.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
State exam
All applicants must complete the Vermont examination under Rule 2.4 and the Commission FAQ.
Statutory waiver
26 V.S.A. § 2292(c) authorizes waiver of all or part of an examination requirement when the other jurisdiction’s examination is substantially equal; the implementing rule requires the Vermont examination.
Reactivate inactive license after the original renewal period
No examination is required for this applicant pathway.
Absence
For fewer than five years of absence from practice, 3 V.S.A. § 135(a) infers readiness from the required continuing education or a permitted less burdensome showing. Five or more years invokes the separate continued-competence decision.
Inactive status
Reactivation is outside the renewal period in which inactive status was requested.
Renewal standard
Qualify under Rule 3.2(a): renewal fee, late penalty and required continuing and/or post-licensure education in the preceding 24 months.

Official no-examination sources

Effective from 2026-09-22.

Reactivate inactive license in the same renewal period
No examination is required for this applicant pathway.
Education
Provide proof of required continuing and/or post-licensure education completed within the preceding 24 months.
Fees
Pay reinstatement and renewal fees.
Inactive status
Previously request inactive status and seek reactivation in the same renewal period.

Official no-examination sources

Effective from 2026-09-22.

Biennial renewal
No examination is required for this applicant pathway.
Application
Submit an online renewal application and pay the nonrefundable renewal fee.
Continuing education
26 V.S.A. § 2293 requires 16 approved hours in the preceding two-year period, including four hours on Commission-designated topics.
Cycle
Renew every two years; salespersons renew by May 31 of even-numbered years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.

Official no-examination sources

Effective from 2026-09-22.

Transfer active license to inactive status
No examination is required for this applicant pathway.
Application
Request inactive status before expiration and pay the transfer-to-inactive fee.
Continuing education
No continuing education is needed to become inactive.
Practice
Inactive status provides no authority to practice until the license is reactivated.

Official no-examination sources

Effective from 2026-09-22.

Vermont Emergency Temporary Licenses

Conditional statutory emergency license; issuance depends on a declared state of emergency and Board discretion. This record does not assert that an emergency or an issued temporary license exists on the evaluation date.

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

Emergency temporary licensure when examinations are not reasonably available
No examination is required for this applicant pathway.
Duration
Until the emergency ends or 90 days, whichever occurs first; may be reissued if the emergency continues.
Education
Graduate of an approved education program during a period when licensing examinations are not reasonably available.
Emergency
A declared state of emergency and Board decision to issue a temporary license are prerequisites.
Fees
Fees are waived when the license is required to provide emergency services.
Standing
Remain in good standing.

Official no-examination sources

Effective from 2026-09-22.

Emergency temporary licensure of an already licensed applicant
No examination is required for this applicant pathway.
Duration
Until the emergency ends or 90 days, whichever occurs first; may be reissued if the emergency continues.
Emergency
A declared state of emergency and Board decision to issue a temporary license are prerequisites.
Fees
Fees are waived when the license is required to provide emergency services.
Other license
Be currently licensed, in good standing, and not subject to disciplinary proceedings in another jurisdiction.
Standing
Remain in good standing.

Official no-examination sources

Effective from 2026-09-22.

Honorary License

Discretionary recognition for outstanding service; confers no right or privilege to practice.

Licensing authority: Real Estate Commission · Application information

Honorary recognition for outstanding service
No examination is required for this applicant pathway.
Discretion
Issuance is at the Board’s discretion.
Practice
This honorary license confers no right or privilege to practice.
Service
Demonstrate outstanding service to the profession.

Official no-examination sources

Effective from 2026-09-22.

Provisional Real Estate Salesperson License

Discretionary 90-day provisional license for eligible applicants who have completed an application for full licensure, pending final determination of that application.

Licensing authority: Real Estate Commission · Application information

Provisional licensure pending endorsement
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Attestation
Attest to material facts consistent with full licensure, including standing, criminal history and disciplinary history.
Duration
90 days; the Director may extend the provisional license while the statutory ground remains unresolved.
Education
Upload the original jurisdiction’s prelicensing course certificate; the Board FAQ excuses the Vermont 40-hour course for an active equivalent license.
Endorsement implementation
April 2026 Apply by Endorsement instructions demand the state examination and verification of initial and most recent licensure; they list no separate national score upload for this path.
Minimum age
At least 18 years old.
National exam waiver
Rule 2.4 permits all or part of the national examination requirement to be waived for a licensed salesperson in good standing in another jurisdiction whose requirements the Commission finds substantially equivalent. The national examination is retained as an involved examination; the waiver applies to the applicant.
Other license
Hold a current license or certification in another jurisdiction with substantially equivalent qualifications; furnish official verification from initial and most recent jurisdictions.
Post licensure education
Rule 5.2(a) exempts a good-standing licensee with at least 24 months of licensure in another jurisdiction; the FAQ says post-licensure education does not apply to endorsement licensees.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Provisional agreement
Voluntarily forgo ordinary procedural rights and consent to summary withdrawal for an inconsistency or inaccuracy.
Provisional grounds
Completed full-license application; eligibility awaits acceptable verification of licensure or a background check, or applicant is an active-duty U.S. Armed Forces member assigned to Vermont or that member’s spouse.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
State exam
All applicants must complete the Vermont examination under Rule 2.4 and the Commission FAQ.
Statutory waiver
26 V.S.A. § 2292(c) authorizes waiver of all or part of an examination requirement when the other jurisdiction’s examination is substantially equal; the implementing rule requires the Vermont examination.
Provisional licensure pending initial examination
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Attestation
Attest to material facts consistent with full licensure, including standing, criminal history and disciplinary history.
Duration
90 days; the Director may extend the provisional license while the statutory ground remains unresolved.
Education
Complete at least 40 hours of Commission-approved prelicensing instruction.
Minimum age
At least 18 years old.
Post licensure education
Complete eight hours of approved post-licensure education within 90 days of initial license issuance.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Provisional agreement
Voluntarily forgo ordinary procedural rights and consent to summary withdrawal for an inconsistency or inaccuracy.
Provisional grounds
Completed full-license application; eligibility awaits acceptable verification of licensure or a background check, or applicant is an active-duty U.S. Armed Forces member assigned to Vermont or that member’s spouse.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
Provisional licensure pending fast track endorsement
Application
Submit an online application and pay the nonrefundable application fee.
Association
Be employed by or associated with a registered brokerage firm and its principal broker; submit Verification of Employment/Supervision.
Attestation
Attest to material facts consistent with full licensure, including standing, criminal history and disciplinary history.
Duration
90 days; the Director may extend the provisional license while the statutory ground remains unresolved.
Education
The April 2026 Fast Track Endorsement checklist does not demand a prelicensing course certificate.
Endorsement implementation
April 2026 Apply by Endorsement instructions demand the state examination and verification of initial and most recent licensure; they list no separate national score upload for this path.
Licensure verification
The licensing authority must send official verification directly to OPR showing continuous licensure in good standing for the preceding three years.
Minimum age
At least 18 years old.
National exam waiver
The initial salesperson rule names the national examination and provides for waiver. The April 2026 Fast Track Endorsement checklist requires the state examination and does not demand a national result. National examination involvement is retained with the waiver shown as an applicant condition.
Other license
Have an active license in good standing for the three years immediately preceding application in a U.S. jurisdiction; 3 V.S.A. § 136a removes the substantial-equivalence restriction for this endorsement process.
Post licensure education
Endorsement post-licensure education exceptions apply as stated in Rule 5.2(a) and the Board FAQ.
Practice requirement waiver
3 V.S.A. § 136a(c) permits the Director to waive the practice requirement upon a showing consistent with State policy and adequate public protection.
Professional standing
Licensure is subject to 3 V.S.A. § 129a; report convictions and disciplinary actions with required documents.
Provisional agreement
Voluntarily forgo ordinary procedural rights and consent to summary withdrawal for an inconsistency or inaccuracy.
Provisional grounds
Completed full-license application; eligibility awaits acceptable verification of licensure or a background check, or applicant is an active-duty U.S. Armed Forces member assigned to Vermont or that member’s spouse.
Score currency
National and state examination results must be from the two years immediately preceding application under Rule 2.4(c); April 2026 instructions expressly require national results within two years.
State energy education
3 V.S.A. § 138 requires an approved education module of no more than two hours on State energy goals as a condition of initial licensure and each renewal.
State exam
All applicants must complete the Vermont examination under Rule 2.4 and the Commission FAQ.
Statutory waiver
26 V.S.A. § 2292(c) authorizes waiver of all or part of an examination requirement when the other jurisdiction’s examination is substantially equal; the implementing rule requires the Vermont examination.

Temporary Renewal License

Discretionary temporary renewal pending completion of required continuing education under 3 V.S.A. § 129(k).

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

Temporary renewal pending continuing education
No examination is required for this applicant pathway.
Continuing education deficiency
Required continuing education is incomplete; the Board may grant temporary renewal while a corrective action plan is completed.
Corrective plan
The Board may require a specific plan completed within 90 days.
Discretion
Temporary renewal depends on Board approval.

Official no-examination sources

Effective from 2026-09-22.

Real Estate Salesperson Examination — National Portion (Real Estate Principles and Practices)

Provider
PSI Services LLC
Format
National portion of a state real estate salesperson examination delivered by PSI; a minimum score must be achieved on each portion, and a candidate who fails one portion (state or national) retakes only that portion
Exam questions
80 scored questions (80 points), plus one to ten unscored experimental items
Examination outline
  • I. Property Ownership (Sales 10%, 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 (Sales 5%, 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 (Sales 8%, 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 (Sales 10%, Broker 9%) (10%)
    • 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 (Sales 19%, 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 (Sales 13%, 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 (Sales 7%, 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 (Sales 3%, Broker 5%) — items marked (BROKER ONLY) in this area are not part of the salesperson examination (3%)
    • 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 (items 4. Property manager responsibility for maintenance, improvements, reporting and risk management; 5. Handling landlord and tenant funds; trust accounts, reports and disbursements; and 6. Provisions of property management contracts are marked BROKER ONLY)
    • B. Landlord and tenant rights and obligations
  • IX. Transfer of Title (Sales 6%, 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 (Sales 12%, Broker 12%) — subsection D. Supervisory Responsibilities is marked (BROKER ONLY) and is not part of the salesperson examination (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
  • XI. Real Estate Calculations (Sales 7%, Broker 6%) (7%)
    • 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

Real Estate Salesperson Examination #1

Provider
Vermont Office of Professional Regulation
Format
Multiple choice or true/false; answer sheet uploaded with application
Exam questions
50 scored questions, two points each
Passing score
75 points; retake required after failure
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
  • 10 V.S.A. § 493: On-premises signs
Examination sources