Do you need a fulfilling career with high pay? Real estate is a promising field to hop in. The state of Vermont has a rising income for real estate agents. Low crime levels have catapulted increased demand for housing in the country and the tourist sector. All you need is a Vermont Real Estate License. How do you get about it? Here is all you need to know to start your career path.
Vermont Real Estate License: Minimum requirements
Before you get your hopes up, let’s find out if you are eligible. There are three basic requirements you have to meet.
Be above 18
It is a legal requirement that one should be at least 18 years before joining the craft. It is a big blow to minors who want to make some extra income. Youngsters with a passion for real estate can still wait to hit 18 and start the career.
Be a citizen of the US.
A real estate sales agent must have Us citizenship. Provisions exist for legal aliens. If you are a legal immigrant with a valid alien ID, this is an ideal job for you.
Finished High school
Completion of high school is required before you can join any Vermont Real Estate School for Vermont Real Estate Training. Make sure to have a high school diploma or GED before proceeding to apply.
Another necessary step that everyone has to do is sign in tax compliance, child support, and unemployment support information before proceeding.
What will you be doing?
You want to be a realtor, don’t you? But what exactly does the job entail? Once you have your Vermont Real Estate License, you will:
- Collect rent for your real estate broker.
- Listing properties for sale, properties include homes, commercial spaces, among others.
- Be involved in comparative market analysis.
- Negotiate loans on real estate for your broker.
- Help real estate owners rent out a property.
- Give support to buyers in offering property and purchase.
- Moreover, negotiate with customers on property exchange, buying, and selling.
The above list is not exhaustive. That seems like too much for you to do on your own. Proper training from Vermont Real Estate School will give you an edge.
Mandatory 40 hours Training
Vermont Real Estate Training is shorter compared to other states. States like New York require 75 hours of mandatory training. Shorter hours give you a chance to get your license faster. That gives many prospective realtors reasons to study in Vermont. The state of New Hampshire has Reverse Reciprocity with Vermont. Real estate agents in Vermont can practice their trade in New Hampshire. More states offer reverse reciprocity for anyone with real estate training in another US state. Here is the full list of states in alphabetical order:
- Alaska
- Alabama
- Colorado
- Georgia
- Idaho
- Indiana
- Kansas
- Kentucky
- Maine
- Nebraska
- North Carolina
- Rhode Island
- South Dakota
- Tennessee
- Washington
The learning program in Vermont is robust to cover all necessary sections. Your 40 hours will cover the following topics.
- Real Property Ownership
- Financial habits
- Real Property
- Property Management
- Real Estate Commissions
- Real Estate Calculations
- Licensure
- Regulations Governing the Activities of Licensees
- Related Laws
- Broker Topics
- Agency Relationships and Contracts
- Marketing Regulations
If you have all the above topics at your fingertips, you are just a step away from passing the exam. Make your 40 hours count.
You can find a list of all state-approved institutions from PSI Examination Services. The course can be taken either online or offline, depending on your needs.
The online study presents flexibility that allows you to learn at your pace and at a cheaper cost. The course is designed in modules with practice questions available at the end of each topic. That is the best choice for those with limited time to attend classes. If you live in counties far from an approved college, this is a suitable method.
In-person attendance remains a popular method of attendance. All you have to do is attend a pre-approved Vermont Real Estate School. You get to share experiences with peers in the class. Twenty two-hour sessions are enough to get you through the course. You can shorten the number of the session by increasing the number of hours attended. Such an arrangement can be reached with your school, though I don’t guarantee it. Everything in the course is geared to make you better.
Pretest
Now that you are done with your mandatory classes, why not test yourself before the examination. A pretest is offered by the institution you studied to determine how good you will be for the state test.
It also offers you a chance to check areas that need polishing. Use the results for your test preparations. You can also find a proctoring institution to help you with a pretest.
Vermont Real Estate Exam
Vermont Real Estate Training is put on the test by completing an online exam. You schedule an exam with PSI Examination Services. The examination is conducted online but at designated examination centers.
If you had proper preparation, the exam is a piece of cake.
The paper consists of 136 questions on the topics learned in class. The questions are divided into two sections to make your work easier. The national section takes up most of the questions. Despite the exam being handled at the state level, the state section takes up a meager 36 of the 136 questions.
Basic requirements for the examination when going to the examination venue, you will have to carry the following:
At least two signed identification documents.
The identification documents should bear your names as they appear in the exam paper. In case the name varies, carry proof of a change of name. All the documents in use should have your valid signature.
One of the Identification documents must be a government ID or alien ID. You can use a valid driving license, credit cards, social security card, green card, etc.
A basic calculator
Don’t be tempted to carry a scientific calculator. You will only deal with basic stuff.
Confirmation number when the test was made
The passing grade is 75% for the test. You will pay $50 for the exam. Members of the Vermont bar qualified under real estate law are exempt from this prerequisite exam.
If you diligently read your notes, you will pass your exams. There is nothing hard. Although some people fail, in case you fail the exam once, don’t be afraid. You can redo the exam infinitely till you pass.
Apply for the license
After passing your exam, find yourself a real estate brokerage firm. Apply on The Vermont Real Estate Commission portal for Vermont Real Estate License. Your selected brokerage firm would have to log in and confirm your affiliation with them.
Once done, the commission shall evaluate your eligibility. The process usually takes five to seven days on average. When making your application, sure to mention any previous convictions.
The commission might grant you a license on person to person basis if you were a convict. The license fee is slightly above $100. The license is renewable biennially after completion of mandatory retraining.
Final thoughts
Getting your real estate license in Vermont is a step in the right direction. Vermont has many opportunities in real estate. Orange and Addison’s counties have high rents on properties above $400 per square feet. The commission for the sales agent is high, from 1.5% to 3% per sale. A real estate sale is also a highly fulfilling job. All that said, why shouldn’t you get yourself a real estate license.
