CH 10 LICENSE LAW QUIZ QUESTIONS
AND ANSWERS
c (both salespersons and brokers are required to take 12 hours of approved real
estate continuing ed courses every 2 years) - ANSWER-to maintain their licenses,
real estate licensees are required to take ____ of continuing education every ____
a. 6 hours, one year
b. 12 hours, one year
c. 12 hours, two years
d. 60 hours, two years
d (agency agreement must contain all terms and conditions including compensation
to be paid, beginning and expiration dates, type of agency agreement, and
signatures/addresses of all parties concerned) - ANSWER-all listings in ct must
include all of following except
a. written confirmation
b. date of expiration
c. signatures of owners/brokers
d. certificate of title insurance
a (salesperson can change broker affiliation by registering the change w commission
and paying $25 transfer fee) - ANSWER-to change broker affiliation, salesperson
must
a. register the change w the commission
b. register change w their new broker
c. apply for new license
d. apply for broker's license
b (real estate licensee cannot offer legal advice or counsel unless licensee is also an
attorney) - ANSWER-Kathleen accompanies young couple during open house on
property listed w agency. couple is so impressed w house and Kathleen's response
to their questions that they decide to make offer. before offer is presented to
principal, they ask Kathleens personal opinion as to whether they should require
seller to give them warranty deed or quitclaim deed at closing. Kathleen should
a. make decision and support it w facts
b. refer couple to attorney for legal advice
c. assure couple that either is acceptable
d. admit she does not know
c (licensing laws require that licensees accurately rep the sales price of a property. a
b roker telling a lender that the sales price of a property is more than it actually is has
violated the licensing laws and possible committed bank fraud) - ANSWER-If broker
tells lender that the sales price on a property is something above its actual sales
price the
a. broker has done nothing wrong as the appraisal substantiates this price
b. buyer is likely to receive interest rate break
c. broker can lose license and be fined and imprisoned
d. buyer can receive higher mortgage amount
, d (salesperson must give designated broker all deposits, brokers must then place
these deposits in escrow account. neither salesperson nor broker can commingle
client funds w their own personal funds) - ANSWER-commission has power to
revoke a salespersons license, if salesperson
a. attempts to represent a real estate broker other than his employer, after obtaining
the employers consent
b. attempts to represent buyer
c. enters into exclusive listing contract
d. deposits buyer's down payment in own bank account
a (licensees have duty to disclose material facts in transaction. while licensee
representing seller owes fiduciary duty to seller the licensee still must disclose
material facts to potential buyers. basement flooding would be considered material
fact bc could affect potential buyer's decision to purchase property) - ANSWER-
licensee represents seller in sale of seller's house. licensee is aware that seller's
basement periodically floods but seller has instructed licensee not to disclose this
fact to potential purchasers. in this case licdensee
a. must disclose flooding bc it is material fact
b. it is not required to disclose flooding bc it is not material fact
c. must disclose flooding bc the licensee owes fiduciary duties to potential buyers
d. cannot disclose flooding bc licensee owes fiduciary duties to seller
b (licensees have duty to disclose material facts in transaction. theoretically a murder
would be considered a material fact bc it could affect a potential buyers decision to
purchase property. however by state law death or felony on the property as well as a
property occupants disease is not legally considered a material fact and is not
required to be disclosed to potential purchasers unless buyer in process of making
offer requests such info according to CGS) - ANSWER-licensee represents a seller
in the sale of the seller's house. the licensee is aware that the sellers husband was
murdered in the house but the seller has instructed the licensee not to disclose this
fact bc she is fearful people may not want to buy house where someone was killed.
in this case licensee
a. must disclose murder bc its material fact
b. not required to disclose murder bc not material fact
c. must disclose murder bc licensee owes fiduciary duties to potential buyers
d. cannot disclose murder bc licensee owes fiduciary duties to seller
c (all electronic comm including email and bulletin board postings must contain
licensees name and office address, name of real estate broker w whom the licensee
is affiliated and all states where the licensee is licensed unless buyer in process of
making offer requests such info according w CGS) - ANSWER-saleswoman regularly
communicates w all her clients and potential clients via email. licensing law requires
that her email contain all of following except
a. name and office address
b/ name of broker she's affiliated w
c. license certificate number
d. all states where she is licensed
AND ANSWERS
c (both salespersons and brokers are required to take 12 hours of approved real
estate continuing ed courses every 2 years) - ANSWER-to maintain their licenses,
real estate licensees are required to take ____ of continuing education every ____
a. 6 hours, one year
b. 12 hours, one year
c. 12 hours, two years
d. 60 hours, two years
d (agency agreement must contain all terms and conditions including compensation
to be paid, beginning and expiration dates, type of agency agreement, and
signatures/addresses of all parties concerned) - ANSWER-all listings in ct must
include all of following except
a. written confirmation
b. date of expiration
c. signatures of owners/brokers
d. certificate of title insurance
a (salesperson can change broker affiliation by registering the change w commission
and paying $25 transfer fee) - ANSWER-to change broker affiliation, salesperson
must
a. register the change w the commission
b. register change w their new broker
c. apply for new license
d. apply for broker's license
b (real estate licensee cannot offer legal advice or counsel unless licensee is also an
attorney) - ANSWER-Kathleen accompanies young couple during open house on
property listed w agency. couple is so impressed w house and Kathleen's response
to their questions that they decide to make offer. before offer is presented to
principal, they ask Kathleens personal opinion as to whether they should require
seller to give them warranty deed or quitclaim deed at closing. Kathleen should
a. make decision and support it w facts
b. refer couple to attorney for legal advice
c. assure couple that either is acceptable
d. admit she does not know
c (licensing laws require that licensees accurately rep the sales price of a property. a
b roker telling a lender that the sales price of a property is more than it actually is has
violated the licensing laws and possible committed bank fraud) - ANSWER-If broker
tells lender that the sales price on a property is something above its actual sales
price the
a. broker has done nothing wrong as the appraisal substantiates this price
b. buyer is likely to receive interest rate break
c. broker can lose license and be fined and imprisoned
d. buyer can receive higher mortgage amount
, d (salesperson must give designated broker all deposits, brokers must then place
these deposits in escrow account. neither salesperson nor broker can commingle
client funds w their own personal funds) - ANSWER-commission has power to
revoke a salespersons license, if salesperson
a. attempts to represent a real estate broker other than his employer, after obtaining
the employers consent
b. attempts to represent buyer
c. enters into exclusive listing contract
d. deposits buyer's down payment in own bank account
a (licensees have duty to disclose material facts in transaction. while licensee
representing seller owes fiduciary duty to seller the licensee still must disclose
material facts to potential buyers. basement flooding would be considered material
fact bc could affect potential buyer's decision to purchase property) - ANSWER-
licensee represents seller in sale of seller's house. licensee is aware that seller's
basement periodically floods but seller has instructed licensee not to disclose this
fact to potential purchasers. in this case licdensee
a. must disclose flooding bc it is material fact
b. it is not required to disclose flooding bc it is not material fact
c. must disclose flooding bc the licensee owes fiduciary duties to potential buyers
d. cannot disclose flooding bc licensee owes fiduciary duties to seller
b (licensees have duty to disclose material facts in transaction. theoretically a murder
would be considered a material fact bc it could affect a potential buyers decision to
purchase property. however by state law death or felony on the property as well as a
property occupants disease is not legally considered a material fact and is not
required to be disclosed to potential purchasers unless buyer in process of making
offer requests such info according to CGS) - ANSWER-licensee represents a seller
in the sale of the seller's house. the licensee is aware that the sellers husband was
murdered in the house but the seller has instructed the licensee not to disclose this
fact bc she is fearful people may not want to buy house where someone was killed.
in this case licensee
a. must disclose murder bc its material fact
b. not required to disclose murder bc not material fact
c. must disclose murder bc licensee owes fiduciary duties to potential buyers
d. cannot disclose murder bc licensee owes fiduciary duties to seller
c (all electronic comm including email and bulletin board postings must contain
licensees name and office address, name of real estate broker w whom the licensee
is affiliated and all states where the licensee is licensed unless buyer in process of
making offer requests such info according w CGS) - ANSWER-saleswoman regularly
communicates w all her clients and potential clients via email. licensing law requires
that her email contain all of following except
a. name and office address
b/ name of broker she's affiliated w
c. license certificate number
d. all states where she is licensed
