CT Real Estate Agency 101 Practice Questions and Answers

BrokerA person who performs real estate activities for a real estate consumer. In CT only a broker can enter into an agency relationship with a client. Agency runs from broker to client. All salespersons working for the broker are automatically agents of the brokers clients and owe clients fiduciary duties. Fiduciary responsibilityCare, Obedience, Loyalty, disclosure, accounting and confidentiality (COLDAC) Fiduciary r and customersFidicuary duties are not owed to a customer. You do own them honesty though. Continuing EducationEvery 2 years, by may 31st for salespersons and march 21 for brokers - 12 hours of real estste education. OffersIn CT you must present all offers received without altering or omitting pertinent details that may influence anyone, and ensure that everything is documented and written up. Cooperationdon't be difficult. What is required by law if a broker wishes to collect payment for services providedWritten Agency Agreement Does Ct law permit a broker to represent two clients involved in the same transaction?yes. Dual Agency is allowed ONLY if both clients give written informed consent. All sales persons working for the broker are then also dual agents . BUT the broker can make them designated agents and the salespeople lose their dual agency( with the written consent of the buyer and seller). What procedure is followed with unrepresented customersBroker must disclose to the unrepresented customer that the broker/salesperson does not represent the customer but rather represents whoever the b0orker's client is. Use the Real Estate Disclosure Notice Given to Unrepresented Persons. Diligent EffortWorking hard to make sure you do the job, and keeping the client always updated on what's going on. Electronic Communication must include...-the licensee's name and office address