CONNECTICUT REAL ESTATE EXAM
STUDY QUESTIONS WITH COMPLETE
ANSWERS
Dual Agent - ANSWER-When the agent is representing both principals in a
transaction with their informed consent. (Also known as a limited agent.)
For designated agency the buyer and seller must sign the - ANSWER-Dual
agency/designated agency notice and consent form
If a unrepresented person REFUSES to sign disclosure form for unrepresented party
then... - ANSWER-the agent should note this refusal on the line indicated for the
persons signature and attach that to the disclosure.
Subagent - ANSWER-is an agent appointed by another agent with the knowledge
and consent of the principal.
Subagency in CT is not permitted without - ANSWER-the written consent of the
seller
Consent form must include sub agents..
- name
- license number or agents appointed as subagents
- a statement that the person being represented may be vicariously liable for the acts
of the subagent
Limitations on subagency does not apply to... - ANSWER-- leasing transactions
- commercial purchase and sale contracts
Only compensation not allowed in CT - ANSWER-Net amount ( broker retains all
funds above a certain net to seller figure as compensation)
An unlicensed personal assistant working for a real estate licensee is allowed to
A) host an open house
B) answer the phone and discuss questions about licensee's listings
C) write and prepare promotional material
D) show property listed with the licensee - ANSWER-C) write and prepare
promotional material
material fact - ANSWER-An important fact that may affect a buyer's decision to buy
or a seller's decision to sell. Licensees must disclose facts that materially affect the
value of residential property.
Non material facts include - ANSWER-- whether the property occupant has had a
disease, emergency illness, or health condition
- or the fact that there was death or felony on the property
, however a purchaser or tenant can ask for this information in writing if it is important
to them
In CT, real estate commission and compensation are.. - ANSWER-negotiable
between the seller or the buyer and the broker
tenacy in common - ANSWER-Co-ownership with NO rights to survivorship (Most
common form of ownership by 2 or more people)
Joint Tenancy - ANSWER-Co-ownership with rights to survivorship (property can be
held in equal or unequal shares in CT)
What types of properties are governed by the Common Interest Ownership Act?
A) Condominiums
B) Condominiums and Cooperatives
C) Planned Unit developments (PUD's)
D) Condominiums, Cooperatives, and Planned Unit Developments (PUD's) -
ANSWER-D) Condominiums, Cooperatives, and Planned Unit Developments
(PUD's)
Allowed Activities for Unlicensed Assistant - ANSWER-- the phone and forward calls
to the licensee**
- record/deposit earnest money and other trust funds**
- Assemble documents for closing**
- Transmit listings and changes to MLS
- Follow up on loan commitments after the contract has been negotiated
- Secure public documents from the town hall (Sewer water taxes...)
Prohibited Activities for Unlicensed Assistant - ANSWER-- Place calls requiring a
license (EX) Cold calling, soliciting listings, contacting FSBO's, extending invitations
to open houses**
- Host open houses, home show booths...
- Show property
- Answer questions on consumer listings
When a broker is working with a person but does not represent them.. - ANSWER-
No agency relationship is created and the person they are working with is referred to
as a CUSTOMER
A broker owes what duties to a customer - ANSWER-The broker does not owe the
customer fiduciariy duites but must deal with the customer in a honest manner
If the agent is disloyal to the principal: - ANSWER-A. the agency agreement
automatically terminates and the principal may rescind the transaction.
B. the principal has the right to collect any actual damages sustained as a result of
the agent's disloyalty.
C. the principal has a right to recover any profits earned as a result of his agent's
disloyal conduct.
D. All the above are correct.
STUDY QUESTIONS WITH COMPLETE
ANSWERS
Dual Agent - ANSWER-When the agent is representing both principals in a
transaction with their informed consent. (Also known as a limited agent.)
For designated agency the buyer and seller must sign the - ANSWER-Dual
agency/designated agency notice and consent form
If a unrepresented person REFUSES to sign disclosure form for unrepresented party
then... - ANSWER-the agent should note this refusal on the line indicated for the
persons signature and attach that to the disclosure.
Subagent - ANSWER-is an agent appointed by another agent with the knowledge
and consent of the principal.
Subagency in CT is not permitted without - ANSWER-the written consent of the
seller
Consent form must include sub agents..
- name
- license number or agents appointed as subagents
- a statement that the person being represented may be vicariously liable for the acts
of the subagent
Limitations on subagency does not apply to... - ANSWER-- leasing transactions
- commercial purchase and sale contracts
Only compensation not allowed in CT - ANSWER-Net amount ( broker retains all
funds above a certain net to seller figure as compensation)
An unlicensed personal assistant working for a real estate licensee is allowed to
A) host an open house
B) answer the phone and discuss questions about licensee's listings
C) write and prepare promotional material
D) show property listed with the licensee - ANSWER-C) write and prepare
promotional material
material fact - ANSWER-An important fact that may affect a buyer's decision to buy
or a seller's decision to sell. Licensees must disclose facts that materially affect the
value of residential property.
Non material facts include - ANSWER-- whether the property occupant has had a
disease, emergency illness, or health condition
- or the fact that there was death or felony on the property
, however a purchaser or tenant can ask for this information in writing if it is important
to them
In CT, real estate commission and compensation are.. - ANSWER-negotiable
between the seller or the buyer and the broker
tenacy in common - ANSWER-Co-ownership with NO rights to survivorship (Most
common form of ownership by 2 or more people)
Joint Tenancy - ANSWER-Co-ownership with rights to survivorship (property can be
held in equal or unequal shares in CT)
What types of properties are governed by the Common Interest Ownership Act?
A) Condominiums
B) Condominiums and Cooperatives
C) Planned Unit developments (PUD's)
D) Condominiums, Cooperatives, and Planned Unit Developments (PUD's) -
ANSWER-D) Condominiums, Cooperatives, and Planned Unit Developments
(PUD's)
Allowed Activities for Unlicensed Assistant - ANSWER-- the phone and forward calls
to the licensee**
- record/deposit earnest money and other trust funds**
- Assemble documents for closing**
- Transmit listings and changes to MLS
- Follow up on loan commitments after the contract has been negotiated
- Secure public documents from the town hall (Sewer water taxes...)
Prohibited Activities for Unlicensed Assistant - ANSWER-- Place calls requiring a
license (EX) Cold calling, soliciting listings, contacting FSBO's, extending invitations
to open houses**
- Host open houses, home show booths...
- Show property
- Answer questions on consumer listings
When a broker is working with a person but does not represent them.. - ANSWER-
No agency relationship is created and the person they are working with is referred to
as a CUSTOMER
A broker owes what duties to a customer - ANSWER-The broker does not owe the
customer fiduciariy duites but must deal with the customer in a honest manner
If the agent is disloyal to the principal: - ANSWER-A. the agency agreement
automatically terminates and the principal may rescind the transaction.
B. the principal has the right to collect any actual damages sustained as a result of
the agent's disloyalty.
C. the principal has a right to recover any profits earned as a result of his agent's
disloyal conduct.
D. All the above are correct.
