CT Real Estate Practice & Law Exam Questions and
Answers
If a salesperson changes broker afillitation: - Answer-The salesperson must pay a fee
return all records and information acquired during the first broker to the first broker.
/.fidiciary duty - Answer-Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
/.Single Agency - Answer-Agency relationship in which the agent represents only one
party to a transaction.
/.Dual Agency - Answer-one agent representing both parties to a transaction. This is
unethical unless both parties agree to it, and it is illegal in many states
/.Designated Agency - Answer-When a real estate broker represents both the buyer and
seller in the same transaction. But, one agent reprsents buyer another represents a
seller under the same broker.
/.Agency Disclosure - Answer-Informing sellers and buyers of your working relationship
/.Subagency - Answer-a real estate broekrr represent a buyer will allow agents at other
brokerage firms to show the sellers property on behalf of the seller; illegal without
written consent from seller
/.Exclusive Right to Sell Listing - Answer-Under this listing arrangement, the broker
employed is entitled to a commission no matter who sells the property during the listing
period. (Even the Seller)
/.Exclusive Agency Listing - Answer-The owner employs only one broker but retains the
right to personally sell the property, and thereby not pay a commission. However, if any
other real estate company sells the property, the listing broker is still entitled to the
commission stipulated.
/.Open Listing - Answer-An agreement between an owner and many brokers. If a broker
produces a ready willing, and able buyer, a commission is due. However, the owner still
has the right to sell his/her property and is not obligated to pay a commission to anyone.
Answers
If a salesperson changes broker afillitation: - Answer-The salesperson must pay a fee
return all records and information acquired during the first broker to the first broker.
/.fidiciary duty - Answer-Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
/.Single Agency - Answer-Agency relationship in which the agent represents only one
party to a transaction.
/.Dual Agency - Answer-one agent representing both parties to a transaction. This is
unethical unless both parties agree to it, and it is illegal in many states
/.Designated Agency - Answer-When a real estate broker represents both the buyer and
seller in the same transaction. But, one agent reprsents buyer another represents a
seller under the same broker.
/.Agency Disclosure - Answer-Informing sellers and buyers of your working relationship
/.Subagency - Answer-a real estate broekrr represent a buyer will allow agents at other
brokerage firms to show the sellers property on behalf of the seller; illegal without
written consent from seller
/.Exclusive Right to Sell Listing - Answer-Under this listing arrangement, the broker
employed is entitled to a commission no matter who sells the property during the listing
period. (Even the Seller)
/.Exclusive Agency Listing - Answer-The owner employs only one broker but retains the
right to personally sell the property, and thereby not pay a commission. However, if any
other real estate company sells the property, the listing broker is still entitled to the
commission stipulated.
/.Open Listing - Answer-An agreement between an owner and many brokers. If a broker
produces a ready willing, and able buyer, a commission is due. However, the owner still
has the right to sell his/her property and is not obligated to pay a commission to anyone.
