CT Real Estate Licensing Practice Exam (2023/2024) Already Passed

CT Real Estate Licensing Practice Exam (2023/2024) Already Passed A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely: 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an advance fee listing. 1. an exclusive agency listing. A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called: 1. a buy-sell agreement. 2. an option contract. 3. an installment contract. 4. a vendor's lien interest. 2. an option contract. A mentally disabled person who has been declared incompetent by a judge wishes to enter into a contract. Under what conditions can such a person do so? 1. The person must obtain prior written approval by a licensed psychiatrist or psychologist. 2. The person must be capable of understanding the transaction. 3. The person appointed by the court to act for the disabled person must contract on his or her behalf. 4. The person may enter a contract under any conditions, because the law prohibits discrimination against persons with disabilities. 3. The person appointed by the court to act for the disabled person must contract on his or her behalf. In helping a buyer to select a lender, if the buyer believes he has good credit and his income is documentable as a salary and by tax returns, the licensee might recommend a mortgage banker, instead of a mortgage broker, for all of the following reasons EXCEPT: 1. closing costs may be lower. 2. loan originator has knowledge of the underwriter's policies. 3. more variety of loan programs available. 4. originator and lender are part of same company. 3. more variety of loan programs available. Without checking the facts, a broker who is the seller's agent tells a buyer that the property taxes in a particular neighborhood are among the lowest in the area. The buyer relies on the broker's statement and makes an offer on a house in the neighborhood. Before closing, it is determined that the taxes are actually among the highest in the area. The buyer could seek to rescind the contract on the basis of: 1. puffing. 2. misrepresentation. 3. lack of care and diligence. 4. nothing; property taxes are a matter of public record and it was the buyer's responsibility to check them. 2. misrepresentation. An agency relationship between a property owner and a property manager is usually created by: 1. a management agreement. 2. payment of a management fee. 3. an exclusive agency agreement. 4. an independent contractor agreement. 1. a management agreement Earnest money should be deposited into a trust account 1. in a timely manner, according to state laws. 2. upon removal of all contingencies. 3. at the broker's discretion. 4. according to MLS rules. 1. in a timely manner, according to state laws. A lender will make an 80% loan-to-value loan on a property that is appraised for $72,250 and sells for $73,500. If the buyer has saved $14,450 for a down payment, how much more (if any) will he need in order to make the down payment required