CT Real Estate: Chapters 1-10 Practice
Exam UPDATED ACTUAL Exam Questions
and CORRECT Answers
1. A bill of sale is used to transfer the ownership of
a. real property.
b. fixtures.
c. appurtenances.
d. personal property. - CORRECT ANSWER - 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. - CORRECT ANSWER - 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 - CORRECT ANSWER - 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. - CORRECT
ANSWER - 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. - CORRECT ANSWER - b. customer.
6. A broker who represents a seller under an exclusive agency listing receives two offers for the
property at the same time, one from a sales associate of the broker and one from the sales
associate of a cooperating broker. The broker should
a. submit both offers at the same time.
b. submit the offer from the broker's sales associate first.
c. submit the offer from the cooperating broker's sales associate first.
d. submit the higher offer first. - CORRECT ANSWER - a. submit both offers at the same
time.
7. A real estate broker is helping a buyer and a seller fill out a sales contract but is not
representing either party. The real estate broker is
a. a traditional broker.
b. a designated broker.
c. a transactional broker.
d. an unlicensed broker - CORRECT ANSWER - c. transactional broker.
8. To net an owner $900,000 after the listing broker is paid a 6% commission, the list price
would be
a. $954,050.
, b. $957,447.
c. $959,060.
d. $960,000. - CORRECT ANSWER - b. $957,447.
9. A small office building sold for $949,000, and the broker received a commission of $55,042.
What was the broker's commission rate?
a. 5.8%
b. 6.2%
c. 7%
d. 11.3% - CORRECT ANSWER - a. 5.8%
10. A property owner wishes to net $56,500 from the sale of a vacant lot. After paying closing
costs of $2,285 and a 7% commission, what must the selling price be (rounded to the nearest
dollar)?
a. $60,455
b. $60,753
c. $62,400
d. $63,210 - CORRECT ANSWER - d. $63.210.
11. A house was listed for sale at $184,900. The seller received $171,000 after paying the broker
a 5% commission. What was the selling price of the property (rounded to the nearest dollar)?
a. $176,424
b. $178,957
c. $180,000
d. $189,346 - CORRECT ANSWER - c. $180,000
12. The seller wants to net $650,000 on the sale of his house after paying a sales commission of
5%. How much must the gross selling price be (rounded to the nearest dollar)?
a. $684,211
b. $694,737
Exam UPDATED ACTUAL Exam Questions
and CORRECT Answers
1. A bill of sale is used to transfer the ownership of
a. real property.
b. fixtures.
c. appurtenances.
d. personal property. - CORRECT ANSWER - 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. - CORRECT ANSWER - 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 - CORRECT ANSWER - 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. - CORRECT
ANSWER - 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. - CORRECT ANSWER - b. customer.
6. A broker who represents a seller under an exclusive agency listing receives two offers for the
property at the same time, one from a sales associate of the broker and one from the sales
associate of a cooperating broker. The broker should
a. submit both offers at the same time.
b. submit the offer from the broker's sales associate first.
c. submit the offer from the cooperating broker's sales associate first.
d. submit the higher offer first. - CORRECT ANSWER - a. submit both offers at the same
time.
7. A real estate broker is helping a buyer and a seller fill out a sales contract but is not
representing either party. The real estate broker is
a. a traditional broker.
b. a designated broker.
c. a transactional broker.
d. an unlicensed broker - CORRECT ANSWER - c. transactional broker.
8. To net an owner $900,000 after the listing broker is paid a 6% commission, the list price
would be
a. $954,050.
, b. $957,447.
c. $959,060.
d. $960,000. - CORRECT ANSWER - b. $957,447.
9. A small office building sold for $949,000, and the broker received a commission of $55,042.
What was the broker's commission rate?
a. 5.8%
b. 6.2%
c. 7%
d. 11.3% - CORRECT ANSWER - a. 5.8%
10. A property owner wishes to net $56,500 from the sale of a vacant lot. After paying closing
costs of $2,285 and a 7% commission, what must the selling price be (rounded to the nearest
dollar)?
a. $60,455
b. $60,753
c. $62,400
d. $63,210 - CORRECT ANSWER - d. $63.210.
11. A house was listed for sale at $184,900. The seller received $171,000 after paying the broker
a 5% commission. What was the selling price of the property (rounded to the nearest dollar)?
a. $176,424
b. $178,957
c. $180,000
d. $189,346 - CORRECT ANSWER - c. $180,000
12. The seller wants to net $650,000 on the sale of his house after paying a sales commission of
5%. How much must the gross selling price be (rounded to the nearest dollar)?
a. $684,211
b. $694,737
