Free Vermont Real Estate Practice Exam

Q1.Which federal agency has primary enforcement authority for violations of the Fair Housing Act?

• A.Federal Trade Commission (FTC)
• B.Department of Housing and Urban Development (HUD)
• C.Consumer Financial Protection Bureau (CFPB)
• D.Environmental Protection Agency (EPA)

Q2.Under 26 V.S.A. Chapter 41, a Vermont real estate salesperson working for a listing brokerage first meets a prospective buyer at an open house. At what point is the salesperson required to present the Vermont mandatory agency disclosure?

• A.Before the buyer signs any offer to purchase
• B.At the first substantial contact with the prospective buyer
• C.Only after the buyer formally requests representation
• D.At the time the brokerage agreement is signed

Q3.A Vermont real estate salesperson is the subject of a disciplinary proceeding under 26 V.S.A. Chapter 41. Which body conducts the formal evidentiary hearing in this matter?

• A.The Vermont District Court, which has exclusive jurisdiction over all professional license hearings
• B.An administrative law officer (Hearing Officer) designated through the Office of Professional Regulation process, with findings presented to the Commission
• C.A jury of fellow real estate licensees convened by the Commission for peer review
• D.The Vermont Real Estate Commission members personally preside over all testimony and cross-examination as a trial panel

Q4.A person believes they have been the victim of housing discrimination in Vermont. To which state agency should they file a complaint under the Vermont Fair Housing and Public Accommodations Act?

• A.The Vermont Real Estate Commission
• B.The Vermont Human Rights Commission
• C.The Vermont Department of Housing and Community Development
• D.The Vermont Office of the Attorney General's Consumer Protection Division

Q5.A Vermont salesperson's supervising broker terminates the salesperson's employment. Under 26 V.S.A. Chapter 41, what happens to the salesperson's license upon termination from the broker?

• A.The license automatically transfers to the next broker the salesperson chooses to work with
• B.The license is immediately and permanently revoked by the Vermont Real Estate Commission
• C.The license becomes inactive and the salesperson may not perform licensed activities until affiliated with a new supervising broker
• D.The salesperson may continue to perform licensed activities independently for up to 30 days

Q6.A rectangular lot measures 150 feet by 200 feet. If the lot sold for $12 per square foot, what was the total sale price?

• A.$360,000
• B.$42,000
• C.$4,200
• D.$30,000

Q7.Under the Vermont Fair Housing and Public Accommodations Act, which state agency is primarily responsible for investigating housing discrimination complaints filed by Vermont residents?

• A.The Vermont Real Estate Commission
• B.The Vermont Human Rights Commission
• C.The Vermont Department of Financial Regulation
• D.The Vermont Attorney General's Office of Civil Rights

Q8.Under 24 C.F.R. § 100.600(a)(1), how many incidents of quid pro quo harassment are required to establish a fair housing violation?

• A.At least two incidents
• B.Three or more incidents constituting a pattern
• C.Depends on the severity of each incident
• D.One incident is sufficient

Q9.A Vermont buyer's agent learns during negotiations that the buyer is willing to pay up to $30,000 more than the listed price if necessary to secure the property. Under 26 V.S.A. Chapter 41, what is the buyer's agent's obligation regarding this information?

• A.Disclose it to the seller's agent because all material facts must be shared with all parties
• B.Keep it confidential from the seller and the seller's agent as it is protected client information
• C.Disclose it only if the seller directly asks the buyer's agent
• D.Include it in a written addendum to the purchase offer

Q10.A Vermont real estate salesperson places an internet advertisement for a listed property that includes only the property's address, price, and several photographs, but does not identify the supervising broker's name or license number. Under Vermont Real Estate Commission advertising rules, this advertisement is:

• A.Compliant, because internet advertisements are exempt from broker identification requirements if the listing appears on an MLS-affiliated website.
• B.Compliant, provided the salesperson's own name and license number appear somewhere on the webpage.
• C.Non-compliant, because all advertisements must clearly identify the licensed broker under whom the salesperson is licensed.
• D.Non-compliant only if the advertisement does not include a disclaimer stating that the salesperson is acting as an agent and not a principal.

Q11.A broker operates a residential brokerage and also owns a title company. When her firm represents buyers, she routinely discloses her ownership interest in the title company in the purchase contract and recommends that buyers use it. A federal regulator informs her that her disclosure method is insufficient. Under federal law, what disclosure is REQUIRED, and at what point in the transaction must it be provided?

• A.RESPA Section 8(c)(4) requires the broker to provide buyers with an Affiliated Business Arrangement (AfBA) disclosure at or before the time the referral to the title company is made, clearly stating the broker's ownership interest and that the buyer is not required to use the affiliated entity as a condition of the transaction.
• B.TILA requires the broker to deliver a Good Faith Estimate of title charges within three business days of the buyer's loan application, and no separate affiliated business disclosure is mandated for non-lender owned service providers.
• C.RESPA requires affiliated business disclosures only when the broker receives direct compensation from the title company per transaction; since the broker earns only ownership dividends, no AfBA disclosure is needed.
• D.The broker satisfies all federal disclosure obligations by including the ownership interest in the purchase contract, because RESPA permits disclosure in any written document signed by the buyer prior to closing.

Q12.Under Vermont law (26 V.S.A. § 2296), a licensed broker who wishes to operate a real estate brokerage must ensure which of the following regarding their principal place of business?

• A.The office must be a physical location registered with the Vermont Real Estate Commission, and the broker must display the firm's license at that location.
• B.The broker may operate exclusively from a home office without registering any physical address with the Vermont Real Estate Commission.
• C.The broker is only required to register a physical office location if they supervise more than three affiliated salespersons.
• D.The broker may use a licensed salesperson's home address as the brokerage's principal office address without Commission approval.

Q13.Aisha witnesses a listing agent making remarks that cause a buyer to visibly back away. The listing agent says 'I was just being friendly.' Aisha should:

• A.Accept the agent's explanation since intent matters in harassment analysis
• B.Do nothing since the incident at another agent's open house is not her responsibility
• C.Recognize that the buyer's visible discomfort is the relevant fact — the harasser's dismissal does not change what she observed
• D.Immediately file a criminal complaint under A.R.S. § 13-1428

Q14.Under the Housing for Older Persons Act (HOPA), a community can legally exclude families with children only if it meets one of these qualifying tests:

• A.Any community can exclude children if its CC&Rs say so
• B.(1) HUD-designated 62-and-older housing, (2) 55-and-older with at least 80% of occupied units having one resident 55+ AND published policies AND age verification, OR (3) federally funded elderly housing
• C.Any community over 30 years old qualifies automatically
• D.Communities only need a majority of residents over 50

Q15.A property sold for $450,000. The listing agent's commission is 3% and the selling agent's commission is 2.5%. If the listing agent splits their commission 60/40 with their broker, how much does the listing agent receive?

• A.$11,250
• B.$8,100
• C.$13,500
• D.$24,750