Connecticut Real Estate Practice & Law
Chapter 1- Real Estate Brokerage and
Agency UPDATED Exam Questions and
CORRECT Answers
Agency - CORRECT ANSWER - The legal relationship between a principal and his/her
agent arising from a contract in which the principal employs the agent to perform certain acts on
the principals behalf.
Agency disclosure - CORRECT ANSWER - A written explanation, to be signed by a
prospective buyer or seller of real estate, explaining to the client the role that the broker plays in
the transaction.
Customer - CORRECT ANSWER - In agency law, a party outside of the fiduciary
relationship of client and agent. If an agent treats a customer as a client, an implied agency may
result.
Dual Agency - CORRECT ANSWER - Representing both principal parties to a
transaction.
Fiduciary Duties - CORRECT ANSWER - Duties of an agent to the principal in an agency
relationship, including skill, care, diligence, loyalty, obedience, confidentiality, disclosure, and
accounting.
Broker - CORRECT ANSWER - A person or company licensed to buy, sell, exchange, or
lease real property for others and to charge a fee for these services.
Brokerage - CORRECT ANSWER - Is the business of bringing parties together in a real
estate transaction.
Chapter 1- Real Estate Brokerage and
Agency UPDATED Exam Questions and
CORRECT Answers
Agency - CORRECT ANSWER - The legal relationship between a principal and his/her
agent arising from a contract in which the principal employs the agent to perform certain acts on
the principals behalf.
Agency disclosure - CORRECT ANSWER - A written explanation, to be signed by a
prospective buyer or seller of real estate, explaining to the client the role that the broker plays in
the transaction.
Customer - CORRECT ANSWER - In agency law, a party outside of the fiduciary
relationship of client and agent. If an agent treats a customer as a client, an implied agency may
result.
Dual Agency - CORRECT ANSWER - Representing both principal parties to a
transaction.
Fiduciary Duties - CORRECT ANSWER - Duties of an agent to the principal in an agency
relationship, including skill, care, diligence, loyalty, obedience, confidentiality, disclosure, and
accounting.
Broker - CORRECT ANSWER - A person or company licensed to buy, sell, exchange, or
lease real property for others and to charge a fee for these services.
Brokerage - CORRECT ANSWER - Is the business of bringing parties together in a real
estate transaction.
