Vermont Real Estate Salesperson Exam — All Questions
12 questions
Real estate salespersons in Vermont are licensed and regulated by:
- a.The Vermont Association of Realtors
- b.The Vermont Real Estate Commission, within the Office of Professional Regulation✓
- c.The Vermont Department of Taxes
- d.The town clerk where the property sits
The Vermont Real Estate Commission, within the Office of Professional Regulation (OPR) under the Secretary of State, licenses and disciplines brokers and salespersons under 26 V.S.A. Chapter 41. A trade association is a private membership group and does not issue licenses.
In Vermont, a licensed salesperson may conduct real estate brokerage:
- a.Only after also becoming a broker
- b.Only in affiliation with and under the supervision of a licensed broker✓
- c.Independently after the license issues
- d.For any broker willing to share a fee
A Vermont salesperson may act 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.
A Vermont salesperson may lawfully be paid a commission by:
- a.Any cooperating broker in the transaction
- b.The broker with whom the salesperson is affiliated✓
- c.The seller directly upon listing
- d.The buyer directly at closing
A Vermont salesperson is compensated only through the affiliated broker, not directly by a buyer, seller, or another broker. The affiliated broker supervises the salesperson and is accountable for handling client funds.
The Vermont Real Estate Commission is made up of:
- a.Three members serving with two alternates
- b.Five members, all of them licensed real estate brokers
- c.Seven members, three of whom are licensed brokers✓
- d.Nine members appointed by the Secretary of State
The Commission consists of seven members: three licensed brokers whose vocation has been real estate brokerage for at least four years, one licensed salesperson, one attorney at law, and two members of the public with no financial interest in the regulated activity. Cite: 26 V.S.A. 2251.
Among the broker members of the Vermont Real Estate Commission, at least one:
- a.Must not belong to a real estate trade association✓
- b.Must also hold an appraiser certification
- c.Must practice in Chittenden County or nearby
- d.Must serve as the chair of the Commission each year
Three members must be licensed brokers whose vocation has been that of real estate broker for at least four years, and at least one of the broker members may not be a member of a professional real estate association at appointment or at any time during tenure. Cite: 26 V.S.A. 2251(b).
For purposes of the Vermont real estate broker and salesperson chapter, "real estate" excludes:
- a.Improvements affixed to the land
- b.Freehold estates in land
- c.Land located outside Vermont
- d.Leaseholds and mineral interests✓
The Vermont definition covers any interest or estate in land, excepting leaseholds, and expressly excludes oil, gas, and mineral leases and any other mineral leasehold, estate, or interest. Cite: 26 V.S.A. 2211(a)(3).
A person in Vermont who, for a fee, offers to lease real property owned by others and advertises as being in the leasing business:
- a.Needs a Vermont real estate salesperson license
- b.Needs a Vermont real estate broker license
- c.Needs no Vermont real estate license for that activity✓
- d.Needs a temporary permit from the Commission
The statute excludes from the definitions of broker and salesperson any person who leases real estate or any interest in it, offers to lease, negotiates a lease, or advertises as being in the business of leasing real estate. The Commission's rules repeat that offering property for lease does not require a license. Cite: 26 V.S.A. 2211(b)(8).
A person may sell Vermont real estate for others without a real estate license when acting as:
- a.An unlicensed employee who negotiates the price terms
- b.A relocation consultant who is paid a fee by the employer
- c.An auctioneer at an advertised bona fide public auction✓
- d.A property scout paid a finder's fee by the buyer
Vermont's exclusions cover bona fide owners, attorneys handling sales in the usual course of law practice, banks and trust companies as to their own property, holders of a power of attorney, court-appointed fiduciaries, public officers, and any person selling real estate as an auctioneer where the sale is advertised as a bona fide public auction. Cite: 26 V.S.A. 2211(b)(3).
When a licensed Vermont broker dies, the Commission may issue the broker's legal representative:
- a.A permanent broker license without examination
- b.A temporary license good for up to one year✓
- c.A salesperson license that is valid for six months
- d.No license of any kind under any circumstance
On application by the legal representative, the Commission may issue without examination a temporary license to that representative or a designee it approves. The temporary licensee may transact the business for a period not to exceed one year and may not enter into new brokerage service agreements. Cite: 26 V.S.A. 2299.
A nonresident applying for a Vermont real estate license must have held a license in the previous state of residence for:
- a.Two years before applying✓
- b.Five years before the application
- c.Six months before the application
- d.One full year before applying
A nonresident who has held a broker's or salesperson's license in the previous state of residence for two years before applying may be licensed in a similar capacity in Vermont, and the application must include a statement from that state's regulatory body about any criminal or disciplinary investigation or action. Cite: 26 V.S.A. 2297.
A Vermont brokerage firm that keeps a second office in the State must:
- a.Register the branch and designate a broker in charge✓
- b.Notify the town clerk where the branch is located
- c.Operate the branch under the branch manager's own name
- d.Register the branch and give it a distinct trade name
If a brokerage firm maintains more than one place of business in the State, a branch office registration is required for each one, the branch must use the same registered brokerage firm name as the main office, and a licensed broker in charge must be designated for each branch. Cite: 26 V.S.A. 2294(c).
A Vermont licensee contacted by the Commission about a matter relating to the regulation of the profession must respond in good faith:
- a.Only through the licensee's attorney
- b.Within ninety days of the contact
- c.As soon as practicable or within thirty days✓
- d.Only after a formal complaint is filed
As soon as reasonably practicable or within 30 days, whichever is sooner, a licensee must respond in good faith when contacted about any matter related to the regulation of the licensee's profession by the Commission or by the Office of Professional Regulation acting for it. Cite: Vt. Real Estate Commission Rule 4.15.