CT Real Estate Chapter 1 Practice Questions and Answers

Real estate Brokage The business of bringing parties together in a real estate transaction Broker A broker is defined as a person or an entity that is paid a fee to ask for another person in the purchase Sale rental or exchange of real estate sales person Must be affiliated with and supervised by real estate broker and ask on behalf of the broker Real estate agency Is the legal representation that a broker has with a client. Agency relationship Is created the broker is the agent the person represented is the client also referred to as the principal Long of fiduciary Legal obligation to watch out for his and her clients best interest includes care of the clients obedience loyalty disclosure accounting and confidentially customer When a broker is working with a person but does not represent that person no agency relationship is created Who can enter into a relationship with a client Broker Connecticut allows broker to be the agent of Seller buyer tenant landlord All sales persons working for the broker are automatically agents of the brokers and owe what Client and all those clients FIGUCIARY duties Required by law if the broker wishes to collect payment for services provided in to comply with Connecticut real estate license law what is it called A written agency agreement Connecticut law test permit a broker to represent to client involved in the same transaction what is this called Dual agency How is dual agency allowed This is only allowed if both clients get the written informed consent