CT Real Estate: Chapters 1-10 Practice Exam Study Questions and Answers

1. A bill of sale is used to transfer the ownership of a. real property. b. fixtures. c. appurtenances. d. personal property. d. personal property. 2. The use of borrowed money to finance a purchase with a relatively small down payment is called a. an encroachment. b. leverage. c. capital gain. d. appreciation. b. leverage. 3. A real estate licensee helps both buyers and sellers with paperwork for transferring property. The licensee is not an agent of either party and may not disclose either party's confidential information to the other. Which of the following BEST describes the licensee? a. Transactional broker b. Buyer's agent c. Independent contractor d. Dual agent a. Transactional broker 4. A buyer and seller are both clients of a real estate broker. Which of the following statements is TRUE of this situation? a. The real estate broker owes neither party the fiduciary duties of an agent. b. This arrangement is always illegal. c. The real estate broker owes the fiduciary duties of an agent only to the seller. d. The real estate broker owes the fiduciary duties of an agent to both. d. The real estate broker owes the fiduciary duties of an agent to both. 5. A real estate sales associate shows properties listed for sale with the brokerage to a prospective buyer. The buyer has refused buyer representation. The buyer is the real estate brokerage's a. client. b. customer. c. principal. d. fiduciary. b. customer.