Connecticut Real Estate Practice Exam Questions and Answers

Connecticut licensing law recognizes the following listing agreements: Exclusive right to sell, exclusive agency, and open listing. Sharon Buyer called Agent Michael to view his listing on Monroe Street. Sharon does not have an agent. Michael provides a written Agency Disclosure Notice to Sharon stating that he represents the seller. Sharon is not required to any agency agreement prior to viewing the property A buyer finds and purchases a for-sale-by-owner home. A broker states an entitlement to a brokerage fee. For this to be the case, the buyer would have entered into which type of buyer-brokerage agreement with the broker? Exclusive agency right to represent buyer A licensee can do all of the following without entering into a written buyer agency agreement EXCEPT Ask the buyer to disclose his or her confidential information. Under Connecticut licensing law, brokers and agents have to disclose a present or contemplated interest in a property listed with them If they are contemplating purchasing the property for their own account Which statement is TRUE under Connecticut law? Connecticut license laws provide that licensed brokers may not accept a listing that is based on a "net" price. Under Connecticut law, real estate brokers are required to retain certain brokerage records such as offers and counteroffers drafted by the brokers office, contracts, leases agency agreements, a disclosures, escrow and trust accounts, and bank statements. The records must be kept for 7 years The time required for the acquisition of prescriptive easement is 15 years An easement by prescription may be extinguished if the owner takes, obtains, or regains an open and continuous control and possession of the property for 15 years A couple were married on July 4th, 2007. Both individually owned a condominium prior to their marriage in their own name. They decided to keep the condominium units separate. Once they are married in CT, their former properties will Remain as separate interests