Vermont Real Estate License Law
Vermont real estate practice is governed by 26 V.S.A. Chapter 41 and administered by the Vermont Real Estate Commission within the Office of Professional Regulation (OPR) in the Secretary of State's office. This chapter covers licensing authority, the brokerage relationship, and how salespersons are supervised.
The Commission and OPR
The Vermont Real Estate Commission, within the Office of Professional Regulation (OPR) under the Secretary of State, licenses and regulates brokers and salespersons under 26 V.S.A. Chapter 41. A license is required to engage in real estate brokerage for others for compensation unless an exemption applies. The Commission and OPR investigate complaints and may deny, suspend, or revoke a license and impose penalties.
Salespersons Work Under a Broker
A Vermont salesperson may perform brokerage activity only in affiliation with and under the supervision of a licensed broker and may not operate independently. The affiliated broker is responsible for the salesperson's real estate conduct and for the brokerage's trust accounts and records. A salesperson is compensated only through the affiliated broker.
Grounds for Discipline
The Commission may discipline a licensee for unprofessional conduct such as misrepresentation, dishonest or fraudulent dealing, commingling or converting client funds, failing to make required disclosures, and violating the license law or rules. Penalties can include fines, license suspension, or revocation. Mishandling money held for clients is treated as one of the most serious violations.