FREE Vermont Real Estate Exam Guide 2026: Complete License Prep

Vermont Real Estate License Overview

Vermont offers a unique real estate market characterized by historic properties, ski resort communities, and vacation homes. The Vermont Office of Professional Regulation (OPR), under the Secretary of State, oversees real estate licensing in the state.

With one of the lowest pre-license education requirements in the nation at just 40 hours, Vermont provides a more accessible path to real estate licensure while still maintaining professional standards.

Vermont Real Estate Exam Quick Facts

Requirements Before Taking the Exam

Pre-License Education Requirements

Pre-License Course Content (40 Hours)

Vermont requires only 40 hours of pre-license education, making it one of the most accessible states for entry into real estate. The curriculum covers:

Core Topics:

1. Real estate principles and practices
2. Vermont real estate law
3. Property ownership types
4. Real estate contracts
5. Agency relationships
6. Real estate finance basics
7. Property valuation
8. Fair housing laws
9. Ethics and professional conduct

Application Process

1. Complete 40-hour pre-license course from OPR-approved school
2. Pass school-administered final exam
3. Register for and take the PSI national exam
4. Pass the national exam with 70% or higher
5. Complete online application with Vermont OPR
6. Take and pass the state jurisprudence exam (36 questions)
7. Complete background check
8. Affiliate with a licensed broker

Vermont Exam Structure

Vermont has a unique two-part exam process - the national exam is administered separately by PSI, while the state exam is part of the online application through Vermont OPR.

National Exam (PSI)

State Jurisprudence Exam (Vermont OPR)

National Exam Content Breakdown

State Exam Content (36 Questions)

Vermont-Specific Topics to Know

Vermont Real Estate Commission

Vermont Agency Disclosure

Vermont requires written disclosure of agency relationships:

• Seller's Agent - Represents seller exclusively
• Buyer's Agent - Represents buyer exclusively
• Disclosed Dual Agent - Represents both with written consent
• Transaction Facilitator - Neutral assistance without representation

Vermont Property Disclosure Requirements

Sellers must disclose:

• Known material defects
• Environmental hazards
• Water and septic system conditions
• Structural issues
• Lead-based paint (for pre-1978 homes)
• Flood zone status

Vermont Environmental Considerations

Important for exam:

• Act 250 (Environmental review for development)
• Wetlands protection regulations
• Shoreline protection
• Septic system requirements
• Well water testing requirements

Vermont Trust Account Requirements

Unique Vermont Market Factors

Vacation and Second Home Market:

• Ski resort properties (Stowe, Killington, Sugarbush)
• Lake Champlain waterfront
• Historic homes and villages
• Agricultural properties and land

Seasonal Considerations:

• "Mud season" (spring) affects showing access
• Ski season impact on resort areas
• Summer tourism in lake regions
• Fall foliage tourism

Vermont Exam Pass Rates

Pass Rate Statistics

Why Vermont's Process is Manageable

Study Strategy

Recommended Study Timeline

After completing the 40-hour pre-license course.

Study Priority by Exam Section

National Exam Focus Areas:

1. Contracts (17 questions)

   • Contract elements and types
   • Offer and acceptance
   • Contingencies and termination

2. Agency Principles (13 questions)

   • Agency relationships and duties
   • Fiduciary responsibilities
   • Disclosure requirements

3. Practice of Real Estate (13 questions)

   • Brokerage operations
   • Client communication
   • Transaction management

4. Financing (10 questions)

   • Mortgage types
   • Loan qualification
   • Federal lending laws

5. Real Estate Calculations (10 questions)

   • Commission calculations
   • Prorations
   • Area and measurement

State Exam Focus Areas:

1. Vermont Real Estate Commission Rules

   • License requirements
   • Continuing education
   • Disciplinary procedures

2. Vermont Property Laws

   • Disclosure requirements
   • Environmental regulations
   • Trust account rules

3. Vermont-Specific Practices

   • Agency disclosure
   • Contract requirements
   • Broker supervision

Key Math Formulas

Commission Calculations:

$\text{Commission} = \text{Sales Price} \times \text{Rate}$

$\text{Agent Share} = \text{Commission} \times \text{Split \%}$

Prorations (Vermont uses 365-day year):

$\text{Daily Rate} = \frac{\text{Annual Amount}}{365}$

$\text{Proration} = \text{Daily Rate} \times \text{Days}$

Loan-to-Value:

$\text{LTV} = \frac{\text{Loan Amount}}{\text{Property Value}}$

Capitalization Rate:

$\text{Cap Rate} = \frac{\text{NOI}}{\text{Property Value}}$

Points Calculation:

$\text{Point Cost} = \text{Loan Amount} \times 0.01 \times \text{Number of Points}$

Common Mistakes to Avoid

1. Treating Exams as One Test

Remember Vermont has two separate exams:

• Prepare for national exam first
• Then focus on state jurisprudence
• Different passing scores (70% vs 75%)

2. Underestimating the State Exam

The 36-question state exam requires 75% to pass:

• Study Vermont-specific laws
• Know OPR regulations
• Understand trust account requirements

3. Weak Contract Knowledge

Contracts are 17% of the national exam:

• Master contract elements
• Know contingency types
• Understand termination procedures

4. Insufficient Math Practice

Real estate calculations are 10% of national:

• Practice commission problems
• Master prorations
• Know area calculations

5. Ignoring Vermont Market Specifics

Know Vermont's unique market:

• Vacation home regulations
• Environmental laws (Act 250)
• Septic and well requirements

Exam Day Tips

For the National Exam (PSI)

Before the Exam:

• Get adequate rest the night before
• Eat a balanced meal
• Arrive 30 minutes early to testing center
• Bring two forms of ID (one government-issued with photo)

During the Exam:

• Read every question completely
• Watch for "EXCEPT" and "NOT" questions
• Use scratch paper for calculations
• Flag difficult questions and return later
• Pace yourself: ~1.5 minutes per question
• Use all available time to review

What to Bring:

• Two forms of valid ID (one government-issued with photo)
• Confirmation from PSI
• Nothing else - personal items stored in locker

For the State Exam (Online)

Before the Exam:

• Ensure stable internet connection
• Use a compatible browser
• Have quiet, distraction-free environment
• Review Vermont-specific laws one more time

During the Exam:

• Read questions carefully
• Focus on Vermont-specific content
• Take your time with 36 questions

After Passing Both Exams

Immediate Steps

1. Receive national results at PSI testing center
2. Complete Vermont OPR application online
3. Pass state jurisprudence exam (part of application)
4. Complete background check
5. Pay license fee ($220)
6. Affiliate with a broker (required to practice)
7. Complete 8-hour post-license course within 90 days

Post-Licensure Education (Within 90 Days)

Continuing Education Requirements

License Renewal Timeline

Vermont Real Estate Market Outlook

Hot Vermont Markets (2026)

Salary Expectations

Vermont Market Characteristics

• Vacation home market - Significant portion of sales
• Ski properties - Premium prices, seasonal demand
• Historic homes - Require specialized knowledge
• Land sales - Agricultural and development parcels
• Affordability challenges - Housing shortage in desirable areas

Unique Opportunities

• Second home buyers - Wealthy out-of-state buyers
• Remote workers - Post-pandemic relocations
• Ski resort communities - Year-round transactions
• Agricultural properties - Farms and land
• Historic preservation - Specialized niche

Resources

• Vermont Office of Professional Regulation - Official licensing information
• PSI Exams - National exam scheduling
• Vermont Association of Realtors - Industry resources
• OpenExamPrep - Free study materials and practice tests