WHO DOES THIS ADDRESS?
If you have reached this page, you are generally interested in what it takes to enter the real estate profession as a real estate salesperson in Vermont. This memo is mostly written for the novice (someone not familiar with the practice). If you already know about the practice and the exam and are only interested in the course offerings, you may wish to skip to bottom of the memo.
I am Randy Mayhew and I have been educating persons interested in a real estate career since 1974. Back then, there was no formal education requirement in Vermont. Now there is. The requirement of obtaining a license has been on the books for a long time, and it still is.
DISCLAIMER: While I attempt to keep all my information in this memo accurate and up to date, you are ultimately and personally responsible for confirming matters covered in this memo which are relevant to you. In the process, if you find anything in this memo which is confusing and/or inaccurate or incomplete, please advise me so I can make changes to improve it. For questions calling for official decision you must contact Judith.Roy@vermont.gov.
VERMONT
Understanding the process of becoming licensed as a real estate salesperson in Vermont can be confusing. Many people are given incorrect advice from those already in the practice. Because I found I was spending so much time on the telephone explaining things to those who are interested, I decided it would be more efficient, and perhaps clearer, to write my thoughts down in this memo for those interested in a real estate career in Vermont.
The real estate profession is regulated by the Vermont Real Estate Commission which is part of the Office of Professional Regulation (OPR) which operates under Vermont’s Secretary of State. To visit the homepage of the Vermont Real Estate Commission see our Important Links dropdown tab on the website homepage.
There are two types of real estate licenses in Vermont: salesperson and broker. You must be a salesperson first and currently this school only offers prelicense courses to Salesperson candidates. To become a salesperson you must satisfy each of the following requirements:
(1) You must be at least 18 years old; there is no upper limit thankfully!
(2) You must complete the salesperson’s prelicense course of at least 40 hours (we offer this course). Thirty-two (32) hours of this prelicense course is devoted to NATIONAL EXAM study and should be addressed first. Eight (8) hours of the prelicense course is devoted to study of Vermont rules and regulations which is tested only after you pass the national exam and then apply for your license in what I refer to below as the VERMONT EXAM.
(3) You must pass a national exam within 2 years immediately preceding application (details for this exam is covered in a Candidates Handbook which you can download from our website under the drop down menu for Important Links). This exam is administered by PSI for the State.
(4) You must become associated with a Vermont brokerage firm. A salesperson has no independent authority to perform brokerage services. All actions of a salesperson are for the benefit of a brokerage firm and its principal broker.
(5) You must apply for a license through a portal you will create on the Office of Professional Regulation website. Part of the application will include the Vermont exam which contains 50 questions on the Vermont rules and regulations. You must obtain a score of 75. This exam is open book and can be repeated if necessary to pass.
(6) If you are already a licensed salesperson in another jurisdiction, you may be able to skip the 40 hour course and/or the national (but not Vermont) exam. You would be applying “by endorsement.” The 40 hour course requirement is usually waived for salespersons currently licensed and in good standing from New Hampshire and some other states. If you are seeking admission in Vermont “by endorsement” you should contact the Vermont Real Estate Commission for written confirmation regarding requirements and reciprocity issues. There is no written rule to refer to.
(7) Effective July 1, 2014, all new Vermont salesperson licensees are required to complete 8 hours of post license education within 90 days of receiving a Vermont salesperson license. You may be exempt if you have two years experience as a salesperson in another state and get licensed in Vermont “by endorsement.”
(8) Last but not least, you should know that EVEN IF you meet all the requirements above which are relevant to you, your application for a license may be denied (or precluded) by reason of matters set forth in 3 VSA §129a or other relevant laws. For example, if you are a convicted felon your application may be denied or conditioned. If you are not current in Vermont income or unemployment tax obligations or are delinquent in child support payment obligations you may also have trouble getting an application approved. If you are concerned about a possible barrier to licensure, you should consult the Vermont Real Estate Commission through Office of Professional Regulation. For issues related to criminal convictions you may apply for a predetermination by submitting a “second chance” determination request along with a $25 fee. This will avoid all the time and expense of study and exams if it turns out your application is destined to fail.
(9) Your primary contact for inquiry to the Vermont Real Estate Commission is Judith Roy whose email is judith.roy@vermont.gov or by phone to 802 828-3228. I recommend correspondence be in writing both for efficiency and accuracy. Judith has duties which include several other professions so needless to say, she keeps very busy. She is a fine public servant.
WHAT YOU SHOULD DO FIRST?
What should you do first? (Salesperson candidates)
I recommend that you FIRST talk in general about the profession with friends and others who are currently licensed and practicing in Vermont. The insight they will provide is most valuable. After all, why spend your valuable resources and time pursuing a career that may not fit your goals and/or personal and financial requirements. Currently active professionals will give you an honest assessment of the profession as practiced in Vermont and perhaps will share some real life experiences, both good and bad. Vermont currently has about 2,100 licensees, slightly more than half of whom are salespersons and slightly less than half of whom are brokers. There are about 550 brokerage firms ranging in size from 220 to 1.
REMEMBER – Before you can be licensed, you will actually need to be lined up to be formally associated with a Vermont brokerage firm. Each brokerage firm has a principal broker who is effectively the CEO for the firm. The principal broker is the alter ego of the firm: s/he makes all decisions, policies, directives etc. Many firms have managers and human resource personnel as well. Many firms have branch offices which operate under the same name. Each branch office has a “broker in charge” and this broker should not be confused with the “principal broker” mentioned above. I strongly recommend you get a clear idea of what the firm will do for new associates in terms of training, guidance, professional advancement, and compensation. You will be expected to sign a contract with a firm before they accept you as an agent. You should also ask if it will be necessary to join any professional associations as a condition of joining the firm. Get approximate costs. If the firm requires a written agreement regarding independent contractor status for federal tax purposes or for any other matter, you should request a copy so you know exactly what will be expected of you. You should consult your tax adviser for the meaning.
WHAT DO YOU DO NEXT?
After understanding the requirements for licensure and doing a little general research about the profession, you should become familiar with the national and Vermont exam requirements. Currently, the Vermont Real Estate Commission has hired PSI to administer its national exam before you apply for a license, while the Office of Professional Regulation administers the Vermont exam as part of the application procedure. You should download PSI’s Vermont Candidate’s Handbook to get all the details about the national exam and their administrative procedures. The PSI Vermont Candidate’s Handbook is also found on our Important Links dropdown tab on the website homepage.
From the Vermont Candidate’s Handbook you should realize that:
(1) National exams for salespersons and brokers are different. Salesperson exams are all multiple choice.
(2) National exams can be scheduled any time at many places. They cost $115 each time (prices change from time to time, so consult the handbook).
(3) National exams are administered via computer with results being delivered immediately upon completion. The exams are offered twice daily at South area locations. There are other locations outside of Vermont which are available for Vermont candidates.
The bottom line is that the FIRST requirements include passing a National Exam and completing a 40 hour prelicense course. SECOND you get a brokerage firm sponsor and apply for the license (part of which includes passing a Vermont exam).
WHAT WE OFFER!!
So what do we offer for courses and training?
Randy Mayhew School of Real Estate (RMSOR) offers a variety of courses for the Vermont applicant. Again, our role is to provide courses and study. We don’t administer the exams and we don’t handle the application procedures (the Vermont Real Estate Commission does).
For candidates who need both NATIONAL and VERMONT exam study materials:
(1) (Salesperson Candidates Only – Hybrid Study) If you prefer ONLINE study for the national exam and CLASSROOM study for the Vermont exam then you should register for the Hybrid Vermont 40 HR Salesperson Prelicense Course. Current price is $500 including both components of the course. Texts are not included. This class MUST be completed within six (6) months from the date of your beginning as extended by an extra paid for extension of up to 90 days. The Vermont Law Study must be completed within one (1) year.
(2) (Salesperson Candidates Only – Classroom Study) If you prefer CLASSROOM study for BOTH the national exam and the Vermont exam then you should register for the Classroom Vermont 40 HR Salesperson Prelicense Course (most offerings are weekdays some mornings and some early evenings). Current price is $500 including both components of the course (national and state). In the past (before COVID) we offered these courses in TWO LOCATIONS: White River Junction/Lebanon NH area and the South Burlington area. Since COVID and as long as necessary to allay fears, these classes are offered via live webinar (interactive) seminars. These prelicense classes MUST be completed within nine (9) months with the possibility of an extension granted for hardship situations of up to three (3) months. The Vermont Law Study must be completed within one (1) year.
For candidates who need only the VERMONT exam study materials (these people may not need national study due to reciprocity):
(1) (Non-Resident Licensees Applying by Endorsement) If you only need to study for the Vermont exam because you are eligible to become licensed as a SALESPERSON or a BROKER in Vermont by endorsement (see details above) AND you prefer CLASSROOM as well as ONLINE study then you should register for Vermont Law Study. This registration gives you free access also to our Vermont Law Study Online which is a wholly online offering containing reading materials and practice exams more fully described in another section of this drop down menu.
(2) (Non-Resident Licensees Applying by Endorsement) If you only need to study for the Vermont exam because you are eligible to become licensed as a SALESPERSON or a BROKER in Vermont by endorsement (see details above) AND you are satisfied with ONLINE study ONLY then you should register for Vermont Law Study Online.
(3) (Vermont Salesperson and Broker Candidates Needing Extra Help) If you are currently studying for the exam with another provider and wish to do extra study through this School to enhance your understanding of Vermont laws and rules relating to the profession then you should register for EITHER or BOTH the Vermont Law Study (classroom) and/or Vermont Law Study Online – Online Questions & Practice Exams.
TEXTBOOK:
Modern Real Estate Practice, Edition 21, Dearborn, Fillmore W. Galaty (required only for classroom webinar version)
Guide to Passing the PSI Real Estate Exam, Edition 8, Dearborn, Lawrence Sager (recommended review book for all)
MISCELLANEOUS
Some Special Considerations:
There are some special considerations regarding RMSOR courses which may be relevant to you:
(1) If you start the Hybrid online course and decide it doesn’t work for you, you are credited $200 toward enrolling in the full classroom version, but would need to start from scratch. Your credit is increased by $40 if you do not require the textbook.
(2) We accept credit cards: MasterCard VISA American Express and Discover. We also have a VENNO option described at the bottom of the third column on the home page of our website.
WHAT DO I DO NOW?
If you wish to REGISTER for a course, go to the Registration dropdown tab for the ONLINE course OR write to mayhewschool@gmail.com for the live webinar course.
If you need more information:
Write to Randy at mayhewschool@gmail.com