Vermont Real Estate Broker License requirements

Follow these steps in order. Deadlines and affiliation requirements can make a passed exam unusable if they are missed.

1. 1

   2 years as salesperson + 8 closed unrelated transactions + 40-hour broker course

   The experience form must be signed by your supervisor, and transactions with a familial or contemporaneous business relation do not count. The salesperson 40 hours do not count. Indiana and Alaska are not equivalent for the education waiver.

2. 2

   PSI national 90/75/150 min / $110 plus OPR in-app state exam

   The simulation format was retired 10/1/2023, and some items are worth two points. Fast-track applicants still take the state exam.

3. 3

   Vermont-registered office to activate

   You need a trust account in a Vermont-licensed institution, or a signed explanation if you will hold no earnest money. Corporations Division registration is separate. The principal broker is vicariously responsible for the office.

Minimum age

18 years old

Identification

A Social Security number is required. An ITIN is not confirmed as a substitute.

Residency and identification

You need two years as a licensed salesperson plus 8 closed unrelated transactions with no familial or contemporaneous business relation (Rule 2.5(c)), or fast-track eligibility (3+ years of continuous practice elsewhere) plus the state exam. Alaska is not equivalent for broker education. California, New York, Puerto Rico, and West Virginia are not equivalent for the national exam. Everyone takes the OPR state exam. You must affiliate with a Vermont-registered office to activate.

Qualifying education

This is a different course from the salesperson 40 hours: a Commission-approved broker prelicense course of at least 40 hours. Out-of-state applicants not using fast-track can skip it only if their state is equivalent; Indiana and Alaska are not equivalent for broker education (OPR FAQ). Fast-track under 3 V.S.A. § 136a can waive the course, but the state exam is still required.

Education or filing deadline

You must have passed the examinations within the two years immediately preceding application (Rule 2.5(b)). The PSI $110 fee is forfeited if you do not test within one year of payment. Rule 2.7's six-month / two-failure retake rule applies.

Character review

The same 3 V.S.A. § 129a screening and conviction/discipline disclosure apply as for salesperson applicants.

Background process

As required by the current OPR broker application, with the same conviction and discipline documentation.

Experience

At least two years’ experience as a licensed salesperson, including at least eight separate and unrelated closed transactions among buyers and sellers bearing no familial or contemporaneous business relation to the applicant (Rule 2.5(c)). Fast-track applicants with 3+ years of continuous practice in another U.S. jurisdiction (3 V.S.A. § 136a) still take the state exam.

Broker affiliation

You must affiliate with a Vermont registered office to activate. Registering an office is a separate OPR filing that requires a trust account (or a signed explanation if no earnest money will be held), a Federal ID, a principal broker, and Corporations Division proof. A principal broker may not serve as principal broker or broker in charge for more than one office at a time, except as a temporary broker under 26 V.S.A. § 2299 (Rule 4.1(d)). When the principal broker’s license ceases to be active, all associated licensees lose authority to transact in the firm’s name (Rule 3.1(b)).

PSI national (bulletin 5036, $110) plus OPR in-app state exam · Fee: $110

PSI: $110 per attempt. Rule 2.7: if you fail one part, retake that part within six months; after six months or two failures, retake the full exam. A passing score of 70 on the salesperson national exam does not count toward the broker national exam, which requires 75. The simulation format is retired, so do not study from an outdated simulation outline.

These are commission or testing-vendor amounts we can cite. School tuition and optional preparation products are private-market prices.

26 V.S.A. § 2255: broker application $100, biennial individual renewal $200, firm $200/$400. The 3 V.S.A. § 125 amounts ($115/$275) are OPR's default fees for advisor professions and are overridden by chapter 41. PSI national: $110. Office registration is a separate OPR filing. Broker CE is 24 hours, not 16. A temporary broker license under 26 V.S.A. § 2299 is $25.

• !

  Reusing the salesperson 40 as broker education

  They are different courses (Rule 1.8(c) vs 1.8(v)). Alaska is not equivalent for the out-of-state waiver, and Indiana appears on both lists.

• !

  Counting related, unclosed, or family deals toward the eight

  Rule 2.5(c) requires separate and unrelated closed transactions among buyers and sellers bearing no familial or contemporaneous business relation, signed off by your supervisor.

• !

  Studying a retired simulation outline

  The broker national exam has been multiple-choice since October 1, 2023, with two-point scenario items. The passing score is 75, not 70, on 90 items scoring 100 points, not 100 items.

• !

  Skipping the state exam on fast-track

  OPR and 3 V.S.A. § 136a allow no exceptions. The state exam is part of the fast-track application.

• !

  Opening a second office, or letting the principal-broker license lapse

  Each office has one principal broker, except a temporary broker under § 2299. If the principal broker’s license becomes inactive, every associated licensee loses authority to transact in the firm’s name (Rule 3.1(b)).

Fast-track under 3 V.S.A. § 136a requires 3+ years of continuous practice in good standing; the state exam is still required. Education waiver: not available for Indiana or Alaska. National-exam waiver: not available for CA/NY/PR/WV. Experience can be waived through equivalence or fast-track; otherwise, the eight-transaction form is the standard documentation.

Vermont vs neighboring states

Hours are the pre-license total printed in each guide; states that count credits or named courses show “See guide.” Published state fees add the application, exam, initial-license, and fingerprint amounts the guide can cite — tuition is not included.

Does the salesperson 40 count as broker education?

No. Brokers take a separate 40-hour broker prelicense course (Rule 1.8(c)). Indiana and Alaska are not equivalent for the education waiver. Rhode Island appears on the salesperson education list, not the broker list.

What are the eight transactions?

Eight separate and unrelated closed transactions among buyers and sellers bearing no familial or contemporaneous business relation to the applicant (Rule 2.5(c)), recorded on the Verification of Salesperson Experience form and signed and dated by your supervisor.

Is the broker exam the salesperson exam at a higher cut?

No. The national broker exam has 90 items scoring 100 points, with a passing score of 75 in 150 minutes and some two-point scenario items, rather than 100 items at 70. The simulation format was retired October 1, 2023. The state exam is still the OPR exam inside the application, required with no exceptions.

Does fast-track skip the state exam?

No. Under 3 V.S.A. § 136a and per OPR's FAQ, the Vermont state exam is part of the fast-track application.

Can I open an office as a salesperson if I pass the broker exam?

You need the broker license to be a principal broker. A salesperson may work out of a home only if the office is registered and a principal broker is responsible for supervision (OPR FAQ). Principal brokers may not run two offices at once except through a temporary broker license under 26 V.S.A. § 2299.

How is broker CE different?

Brokers need 24 hours per two-year cycle, including the 4-hour Commission-designated mandatory course, versus 16 for salespersons (NVRA / VAR; Rule 5.2(b)). Renewal is still $200 under § 2255. The broker deadline on the NVRA 2024–2026 schedule is March 31, 2026.