Yes, the waiting period is three months. You may not repeat an exam of the same title within three months of the initial testing date. If you retake the exam within the three-month period, your administration will be considered invalid, your score will be canceled, and any test fees will be forfeited.
DANTES-funded military examinees: DANTES does not fund retesting on previously funded CLEP exams. However, service members may personally fund a retest after waiting three months.