CT Real Estate Licensing Practice Exam Questions With 100%
Correct An- swers | Verified
1. A couple listed their home with a broker. After 2
months, the seller found a buyer, and the sale 1. an exclusive
closed. The seller was not obligated to pay a agency list- ing.
commission to the broker. This listing was MOST
likely:
1. an exclusive agency listing.
2. an exclusive right to sell listing.
3. a net listing.
4. an advance fee listing.
2. A contract has been drawn which obliges the sellers to 2. an option
contract.
convey title to their land to the buyers if the
buyers come up with $22,000 on or before
December 31st. This is called:
1. a buy-sell agreement.
2. an option contract.
3. an installment contract.
4. a vendor's lien interest.
3. A mentally disabled person who has been declared 3. The person appointed
incompetent by a judge wishes to enter into a contract. by the court to act
for
Under what conditions can such a person do so? condi-
1. The person must obtain prior written approval
by a licensed psychiatrist or psychologist.
2. The person must be capable of understanding
the transaction.
3. The person appointed by the court to act for
the disabled person must contract on his or her
behalf.
4. The person may enter a contract under any
, CT Real Estate Licensing Practice Exam Questions With 100%
Correct An- swers | Verified
the disabled person must contract on his or her be- half.
, CT Real Estate Licensing Practice Exam Questions With 100%
Correct An- swers | Verified
tions, because the law prohibits discrimination
against persons with disabilities.
4. In helping a buyer to select a lender, if the buyer 3. more variety of loan
believes he has good credit and his income is
docu- mentable as a salary and by tax returns, pro- grams available.
the licensee might recommend a mortgage
banker, instead of a mortgage broker, for all of
the following reasons EX- CEPT:
1. closing costs may be lower.
2. loan originator has knowledge of the
underwriter's policies.
3. more variety of loan programs available.
4. originator and lender are part of same
company.
5. Without checking the facts, a broker who is the seller's 2.
misrepresentation.
agent tells a buyer that the property taxes in a
partic- ular neighborhood are among the lowest in
the area. The buyer relies on the broker's
statement and makes an offer on a house in the
neighborhood. Before clos- ing, it is determined
that the taxes are actually among the highest in the
area. The buyer could seek to rescind the contract
on the basis of:
1. puffing.
2. misrepresentation.
3. lack of care and diligence.
4. nothing; property taxes are a matter of public
record and it was the buyer's responsibility to
check them.
6.
, CT Real Estate Licensing Practice Exam Questions With 100%
Correct An- swers | Verified
An agency relationship between a property owner and 1. a management
agree-
a property manager is usually created by: ment
1. a management agreement.
2. payment of a management fee.
3. an exclusive agency agreement.
4. an independent contractor agreement.
7. Earnest money should be deposited into a trust 1. in a timely
ac- count manner, ac- cording
to state laws.
1. in a timely manner, according to state laws.
2. upon removal of all contingencies.
3. at the broker's discretion.
4. according to MLS rules.
8. A lender will make an 80% loan-to-value loan
on a property that is appraised for $72,250 and 4. He needs an
sells for
$73,500. If the buyer has saved $14,450 for a addition- al $1,250 in
down payment, how much more (if any) will he order to make the
need in order to make the down payment down payment.
required under the terms of this loan?
1. He has $1,000 more than he needs for the
down payment.
2. He has exactly the amount needed for the
down payment.
3. He needs an additional $250 in order to make
the down payment.
4. He needs an additional $1,250 in order to make
the down payment.
Correct An- swers | Verified
1. A couple listed their home with a broker. After 2
months, the seller found a buyer, and the sale 1. an exclusive
closed. The seller was not obligated to pay a agency list- ing.
commission to the broker. This listing was MOST
likely:
1. an exclusive agency listing.
2. an exclusive right to sell listing.
3. a net listing.
4. an advance fee listing.
2. A contract has been drawn which obliges the sellers to 2. an option
contract.
convey title to their land to the buyers if the
buyers come up with $22,000 on or before
December 31st. This is called:
1. a buy-sell agreement.
2. an option contract.
3. an installment contract.
4. a vendor's lien interest.
3. A mentally disabled person who has been declared 3. The person appointed
incompetent by a judge wishes to enter into a contract. by the court to act
for
Under what conditions can such a person do so? condi-
1. The person must obtain prior written approval
by a licensed psychiatrist or psychologist.
2. The person must be capable of understanding
the transaction.
3. The person appointed by the court to act for
the disabled person must contract on his or her
behalf.
4. The person may enter a contract under any
, CT Real Estate Licensing Practice Exam Questions With 100%
Correct An- swers | Verified
the disabled person must contract on his or her be- half.
, CT Real Estate Licensing Practice Exam Questions With 100%
Correct An- swers | Verified
tions, because the law prohibits discrimination
against persons with disabilities.
4. In helping a buyer to select a lender, if the buyer 3. more variety of loan
believes he has good credit and his income is
docu- mentable as a salary and by tax returns, pro- grams available.
the licensee might recommend a mortgage
banker, instead of a mortgage broker, for all of
the following reasons EX- CEPT:
1. closing costs may be lower.
2. loan originator has knowledge of the
underwriter's policies.
3. more variety of loan programs available.
4. originator and lender are part of same
company.
5. Without checking the facts, a broker who is the seller's 2.
misrepresentation.
agent tells a buyer that the property taxes in a
partic- ular neighborhood are among the lowest in
the area. The buyer relies on the broker's
statement and makes an offer on a house in the
neighborhood. Before clos- ing, it is determined
that the taxes are actually among the highest in the
area. The buyer could seek to rescind the contract
on the basis of:
1. puffing.
2. misrepresentation.
3. lack of care and diligence.
4. nothing; property taxes are a matter of public
record and it was the buyer's responsibility to
check them.
6.
, CT Real Estate Licensing Practice Exam Questions With 100%
Correct An- swers | Verified
An agency relationship between a property owner and 1. a management
agree-
a property manager is usually created by: ment
1. a management agreement.
2. payment of a management fee.
3. an exclusive agency agreement.
4. an independent contractor agreement.
7. Earnest money should be deposited into a trust 1. in a timely
ac- count manner, ac- cording
to state laws.
1. in a timely manner, according to state laws.
2. upon removal of all contingencies.
3. at the broker's discretion.
4. according to MLS rules.
8. A lender will make an 80% loan-to-value loan
on a property that is appraised for $72,250 and 4. He needs an
sells for
$73,500. If the buyer has saved $14,450 for a addition- al $1,250 in
down payment, how much more (if any) will he order to make the
need in order to make the down payment down payment.
required under the terms of this loan?
1. He has $1,000 more than he needs for the
down payment.
2. He has exactly the amount needed for the
down payment.
3. He needs an additional $250 in order to make
the down payment.
4. He needs an additional $1,250 in order to make
the down payment.
