CT real estate salesperson exam questions and answers already passed

CT real estate salesperson exam questions and answers already passed 6 things a licensee cannot do without a written buyer agency agreement 1) Ask the buyer to disclose confidential information 2) Express an opinion or give advice about particular real esate 3) Physically show the buyer an in-house listing 4) Physically show the buyer a property listed with anither firm 5) discuss an offer with the buyer 6) Engage in any verbal or written negotiations concerning purchase price, terms, or conditions The one exception where a licensee can perform duties for a buyer without a written buyer agency agreement The licensee is going to represent the buyer with an agency disclosure notice stating that the licensee represents the seller Where would you get a list of hazardous waste conditions and properties on which shooting and hunting takes place Town clerk office What is the name of the list in where hazardous waste conditions and properties in which hunting takes place would be found Energy and Environmental Protection lists How many members make up the commission? How many brokers and how many licensed salespeople? 8 members. Three brokers and two licensed salespeople. Who collects licensing fees and who are they deposited with? The commission collects licensing fees and deposits them with the state treasurer to become part of the general fund. A licensee CAN do the following without entering into an agency relationship 1) give the buyer property information 2) give the buyer information on the licensee's firm 3) give the buyer information on mortgage rates and institutions What constitutes "negotiation" -Showing the buyer any property -Discussing an offer with the buyer -Engaging in negotiations on behalf of the buyer - Giving advice to the buyer about a particular property Before a licensee works with a buyer a licensee should take these three steps: 1) Ask whether the buyer is currently represented by another firm 2) Explain the real estate firm's office policy on various agency and customer relationships that the licensee could potentially have with the buyer 3) Specifically tell the buyer to not provide confidential information unless and until the buyer and licensee have entered into an agency relationship Confidential information -Personal assets -Liabilities -Income -Expenses -Motivations to purchase, rent, or sell -Previous offers that are made or received that are not of public knowledge When must a Disclosure of Agency to Unrepresented persons be given to any unrepresented parties? Must be given at the beginning of the first personal meeting concerning the I represented parties needs The Disclosure of Agency to Unrepresented Persons is required to be attached where? The Disclosure of Agency to Unrepresented Persons is required to be attached to any offer, binder, option, or agreement to purchase or lease. What should the agent do if an Unrepresented person refuses to sign the "Disclosure of Agency to Unrepresented Persons"? The agent should note the refusal on the line indicated for the person's signature and attach that disclosure What percentage of brokers must own a corporation that is licensed as a brokerage? 51% of licensed brokers must own the entity Dual agency When both buyer and seller are represented by the same brokerage Designated agency In a Dual Agency situation the brokerage will designate an agent to the buyer and another to the seller In a designated agency situation the rest of the agents in the brokerage firm remain dual agents? True/False True In a dual agency/ designated agency situation which form is used In a dual agency/ designated agency notice and consent agreement When is the In a dual agency/ designated agency notice and consent agreement signed? A dual agency/ designated agency notice and consent agreement is usually signed generically at the time of an agency representation agreement has been entered into and must be executed again before a specific buyer client makes an offer on a specific seller client property by both buyer and seller listing specific parties and property The real estate license law is administered by the___________ Real Estate Commission A person must be licensed as a real estate broker or salesperson if that person is _____ Engaging in real estate business The initial salesperson's license fee is presently ________, and annual renewals are_______. $285/$285 A nonresident license applicant must file with the commission An irrevocable consent to suit All real estate licenses expire annually on May 31 To change broker affiliation, a salesperson must Register the change with the commission