Does the salesperson 40 count as broker education?

No. Broker is a separate 40-hour broker prelicense (Rule 1.8(c)). Indiana and Alaska are not equivalent for that skip. Rhode Island is named on the salesperson education list, not the broker list — do not mix them.

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

National is 90 items scoring 100 points at 75 in 150 minutes, with some two-point scenario items — not 100 items at 70. Simulation retired October 1, 2023. State exam is still the OPR in-app paper, still required, still no exceptions.

Does fast-track skip the state exam?

No. 3 V.S.A. § 136a and the OPR 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?

The broker license is required 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 via a temporary broker license under 26 V.S.A. § 2299.

How is broker CE different?

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. Broker deadline on the NVRA 2024–2026 map is March 31, 2026.

Vermont Broker License Requirements

Required education: 40-hour broker pre-licensing course (Rule 1.8(c); Rule 5.1)
Exam fee: $110
Published fees: $210+
Typical timeline: Two years of salesperson work plus eight closed unrelated transactions is the long pole unless fast-track applies

What to know first

A Vermont broker license is a 40-hour broker course, two years as a salesperson, and eight closed and unrelated transactions recorded on the Verification of Salesperson Experience form signed by the supervisor — not a second 40-hour salesperson certificate. Rule 2.5(c) is specific: at least eight separate and unrelated closed transactions among buyers and sellers bearing no familial or contemporaneous business relation to the applicant. Related deals, unclosed deals, and family deals do not count. PSI national is 90 items scoring 100 points at 75 in 150 minutes, $110, with some items worth two points and a best-answer / scenario format (bulletin 5036). Multiple-choice replaced the simulation format on October 1, 2023. The OPR state exam is still inside the application, still required, still no exceptions, including fast-track.

Education skip for out-of-state brokers who are not fast-track: equivalent states only; Indiana and Alaska are not equivalent (OPR broker FAQ — note Alaska, not Rhode Island, on the broker education list). National skip: not California, New York, Puerto Rico, or West Virginia. Fast-track under 3 V.S.A. § 136a (three or more years of continuous practice in another U.S. jurisdiction, good standing) can waive experience and national exam on that path; it cannot waive the Vermont state exam. Both examinations must have been passed within the two years immediately preceding application (Rule 2.5(b)).

What the broker license actually buys is the right to be a principal broker or broker in charge. The principal broker maintains the main-office place of business, is vicariously responsible for licensees and employees, and holds the pooled interest-bearing trust account in a Vermont-licensed institution with deposits in within five banking days (Rules 4.1, 4.2, 4.7). Dual agency is prohibited in both designated-agency and non-designated-agency firms. Net listings are prohibited. Advertising must put the brokerage firm’s registered name as the largest identifier (Rule 4.12). For-sale signs are not more than six square feet, on-premise only, and “sold” / “sale pending” riders are prohibited (Rule 4.12(c); 10 V.S.A. § 493). You still need a Vermont-registered office to activate. Application remains $100 under § 2255; renewal $200. Broker CE is 24 hours including the 4-hour mandatory course — not the salesperson 16.

Your path to the license

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

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

Experience form signed by the supervisor. No familial or contemporaneous business relation. Not the salesperson 40. Indiana and Alaska are not equivalent for the skip.
PSI national 90/75/150 min / $110 plus OPR in-app state exam

Simulation retired 10/1/2023. Some items are two points. Fast-track still sits the state exam.
Vermont-registered office to activate

Trust account in a Vermont-licensed institution, or a signed explanation if no earnest money. Corporations Division registration is separate. Principal broker is vicariously responsible.

Education and eligibility

Minimum age: 18 years old
Identification: A Social Security number is required. An ITIN is not confirmed as a substitute.
Residency and identification: 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 (3+ years 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 sits the OPR state exam. Must affiliate with a Vermont-registered office to activate.
Qualifying education: Not the salesperson 40. Commission-approved broker prelicense of at least 40 hours. Out-of-state non-fast-track: skip only if equivalent; Indiana and Alaska are not equivalent for broker education (OPR FAQ). Fast-track under 3 V.S.A. § 136a can skip the course on that path; the state exam still attaches.
Education or filing deadline: Examinations must have been passed within the two years immediately preceding application (Rule 2.5(b)). PSI $110 forfeited if not tested within one year of payment. Rule 2.7 six-month / two-failure fuse.
Character review: Same 3 V.S.A. § 129a screen and conviction/discipline disclosure as salesperson applicants.
Background process: As the live OPR broker application names it. Same conviction and discipline file.
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: 3+ years continuous practice in another U.S. jurisdiction (3 V.S.A. § 136a) still sits the state exam.
Broker affiliation: Must affiliate with a Vermont registered office to activate. Registering an office is a separate OPR filing (trust account or a signed explanation if no earnest money will be held, Federal ID, principal broker, 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 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)).

Documents to prepare

40-hour broker course (or equivalent; not IN/AK)
PSI national 90/75 (or equivalent; not CA/NY/PR/WV)
OPR state exam (everyone, including fast-track)
Verification of Salesperson Experience — 8 closed unrelated transactions, signed and dated by the supervisor
Vermont-registered office to activate

The licensing exam

PSI broker national: 90 items / 100 points / passing 75 / 150 minutes / $110 (bulletin 5036). Some items are scored two points; scenario items ask for the BEST answer among options that may all be partly right. National broker weights shift property management to 5% (from salesperson 3%) and add Supervisory Responsibilities under Practice of Real Estate. Multiple-choice as of October 1, 2023; simulation is retired. OPR state exam inside the application, all applicants, no exceptions. Rule 2.7 six-month / two-failure fuse still straddles the two vendors. Both parts within two years of application.

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

Part	Questions	Minutes	Pass
PSI National (broker)	90	150	90 items / 100 points; passing 75; 150 minutes; $110; some items scored up to two points; multiple-choice as of 10/1/2023 (simulation retired). Scenario items ask for the BEST answer.
Vermont state exam (OPR, inside application)	50	—	Untimed, inside the OPR application. All applicants, no exceptions, including fast-track. OPR does not print a numeric cut; schools describe 50 items, open-book. Dual agency, designated vs non-designated agency, trust-account 5-day rule, and the 6-square-foot sign law are Vermont content PSI does not test. Both exams ≤2 years old at application (Rule 2.5(b)).

PSI $110 per attempt. Rule 2.7: fail one part, retake that part within six months; after six months or two failures, retake the full exam. A salesperson national 70 does not credit the broker national 75. Simulation is gone; do not study a retired simulation outline.

What to study

40-hour broker prelicense

OPR-approved provider

Not salesperson 40. Simulation broker exam retired 10/1/2023. Study scenario best-answer items.
Administrative Rules 4.1–4.8 and 4.12

Vermont Real Estate Commission

Principal-broker duties, designated vs non-designated agency, dual-agency ban, trust accounts, 6-square-foot sign law — Vermont content on the in-app state exam.
Verification of Salesperson Experience form

OPR

Eight closed unrelated transactions. Familial and contemporaneous business deals do not count.

Application costs

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

Fee	Amount
Application	$100
Examination	$110
Initial license	$100
Renewal (every 2 years)	$200

26 V.S.A. § 2255: broker application $100, biennial individual renewal $200, firm $200/$400. 3 V.S.A. § 125 is the advisor-profession default ($115/$275) and yields to chapter 41. PSI national $110. Office registration is a separate OPR filing. Broker CE is 24 hours, not 16. Temporary broker under 26 V.S.A. § 2299 is $25.

Commission	Vermont Real Estate Commission (Office of Professional Regulation, Secretary of State) (802) 828-1505 26 V.S.A. Chapter 41 (Real Estate Brokers and Salespersons); 26 V.S.A. § 2255 (fees); 3 V.S.A. § 125 (OPR advisor-profession default fees), § 136a (fast-track); Administrative Rules for Real Estate Commission (effective December 1, 2015); 10 V.S.A. §§ 493–495 (sign law)
Pre-licensing	40-hour broker pre-licensing course (Rule 1.8(c); Rule 5.1) Not the salesperson 40. Commission-approved broker prelicense of at least 40 hours. Out-of-state non-fast-track: skip only if equivalent; Indiana and Alaska are not equivalent for broker education (OPR FAQ). Fast-track under 3 V.S.A. § 136a can skip the course on that path; the state exam still attaches. Examinations must have been passed within the two years immediately preceding application (Rule 2.5(b)). PSI $110 forfeited if not tested within one year of payment. Rule 2.7 six-month / two-failure fuse.
Sponsoring broker	Must affiliate with a Vermont registered office to activate. Registering an office is a separate OPR filing (trust account or a signed explanation if no earnest money will be held, Federal ID, principal broker, 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 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)).
Fingerprints	As the live OPR broker application names it. Same conviction/discipline disclosure.
CE / renewal	24 hours during the two-year period immediately preceding renewal, including 4 hours in the subject designated by the Commission for that licensing period (Rule 5.2(b); NVRA / VAR 2024–2026 map). Not the salesperson 16. H.305 synchronous virtual counts as live where rules require in-person. Same $200 renewal as salesperson under § 2255. Renewal fee plus late penalty (Rule 3.2). Expired less than five years: proof of required hours taken within the previous 24 months. If the principal broker lapses, the whole office loses authority to transact in the firm’s name.
Recovery fund	No separately itemized recovery-fund dollar on 3 V.S.A. § 125. Pooled trust-account interest is remitted under 26 V.S.A. § 2214. Deposits in within five banking days. Disputed deposits stay in trust until the parties authorize disbursement or a court orders it (Rule 4.7(d)). Records of brokerage services: seven years (Rule 4.14).

Mistakes that delay applicants

Reusing the salesperson 40 as broker education

Different course (Rule 1.8(c) vs 1.8(v)). Alaska is not equivalent for the out-of-state skip; Indiana is on both lists.
Counting related, unclosed, or family deals toward the eight

Rule 2.5(c): separate and unrelated closed transactions among buyers and sellers bearing no familial or contemporaneous business relation. Supervisor-signed.
Studying a retired simulation outline

Broker national has been multiple-choice since October 1, 2023, with two-point scenario items. Cut is 75, not 70. 90 items scoring 100 points, not 100 items.
Skipping the state exam on fast-track

OPR and 3 V.S.A. § 136a: no exceptions. The state exam is part of the fast-track application.
Opening a second office, or letting the principal-broker license lapse

One principal broker per office, except a temporary broker under § 2299. If the principal broker’s license dies, every associated licensee loses authority to transact in the firm’s name (Rule 3.1(b)).

Reciprocity and recognition

Partner / path	Accepted exam	Conditions
No formal bilateral reciprocity is published for this credential.

Fast-track 3 V.S.A. § 136a: 3+ years continuous practice, good standing — state exam still required. Education skip: not Indiana, not Alaska. National skip: not CA/NY/PR/WV. Experience can be waived on equivalence or fast-track; the eight-transaction form is the standard-path document.

Renewal and staying active

24 hours during the two-year period immediately preceding renewal, including 4 hours in the subject designated by the Commission for that licensing period (Rule 5.2(b); NVRA / VAR 2024–2026 map). Not the salesperson 16. H.305 synchronous virtual counts as live where rules require in-person. Same $200 renewal as salesperson under § 2255.

Late renewal: Renewal fee plus late penalty (Rule 3.2). Expired less than five years: proof of required hours taken within the previous 24 months. If the principal broker lapses, the whole office loses authority to transact in the firm’s name.

Applicant checklist

40-hour broker course (not the salesperson 40); skip only if equivalent — not IN/AK
2 years as licensed salesperson
8 closed unrelated transactions, no familial or contemporaneous business relation, supervisor-signed
PSI national 90/75/150 min / $110 (or equivalent; not CA/NY/PR/WV)
OPR state exam (everyone, including fast-track) and $100 application
Both exams passed within the prior two years
Vermont-registered office; trust account or signed explanation

How Vermont is different

New Hampshire broker is 60 hours and cannot reuse the salesperson 40. Maine associate broker is 2 years plus a 60-hour course and no second Pearson sitting. Rhode Island broker is 90 classroom hours that cannot include the salesperson 45, plus two years full-time. Vermont broker: a separate 40-hour broker course, 2 years, 8 closed unrelated transactions with no familial or contemporaneous business relation, PSI 90/75 with 2-point scenario items, and an OPR state exam that fast-track does not skip.

Frequently asked questions

Does the salesperson 40 count as broker education?: No. Broker is a separate 40-hour broker prelicense (Rule 1.8(c)). Indiana and Alaska are not equivalent for that skip. Rhode Island is named on the salesperson education list, not the broker list — do not mix them.
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)), on the Verification of Salesperson Experience form, signed and dated by the supervisor.
Is the broker exam the salesperson exam at a higher cut?: National is 90 items scoring 100 points at 75 in 150 minutes, with some two-point scenario items — not 100 items at 70. Simulation retired October 1, 2023. State exam is still the OPR in-app paper, still required, still no exceptions.
Does fast-track skip the state exam?: No. 3 V.S.A. § 136a and the OPR 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?: The broker license is required 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 via a temporary broker license under 26 V.S.A. § 2299.
How is broker CE different?: 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. Broker deadline on the NVRA 2024–2026 map is March 31, 2026.

Primary Sources

Regulatory requirements on this page are drawn from the official board, statute, and exam-provider materials listed below.

Verified 2026-09-02 · Next scheduled review 2026-12-01

At a glance

Broker requirements

Pre-licensing: 40-hour broker pre-licensing course (Rule 1.8(c); Rule 5.1)
Verified state fees: $210+
Time to license: Two years of salesperson work plus eight closed unrelated transactions is the long pole unless fast-track applies
Difficulty: 4 of 5
Exam provider: PSI national (bulletin 5036, $110) plus OPR in-app state exam
Experience: 2 years of 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: 3+ years continuous practice in another U.S. jurisdiction (3 V.S.A. § 136a) still sits the state exam.

Quick jumps

What to know first
License roadmap
Education & eligibility
Licensing exam
Application costs
Common mistakes
Reciprocity
Renewal
FAQ

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