CT Real Estate Exam Questions and Answers 100% Pass

CT Real Estate Exam Questions and Answers 100% Pass Broker - One who acts as an intermediary between two or more people in negotiating the sale, purchase, or rental of property Salesperson - Employed by or associated with the broker. Conducts brokerage activities on behalf of the broker. Residential, commercial, mixed-use, industrial, agricultural, special-purpose - 6 Types of Real Property Land - The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water. Real Estate - Land at, above, and below the earth's surface, plus all things permanently attached to the land (both natural and man-made). Real Property - Real estate plus rights that are automatically included in the ownership of land and real estate. 2Brittie Donald, All Rights Reserved © 2025 Right of: possession, control, enjoyment, exclusion, disposition. - Bundle of legal rights Appurtenance - A right of privilege associated with real property in some way. Personal Property (chattel) - Movable items Fructus industriales - Annual plantings or crops of grains (personal property) Fructus naturales - Perennial crops and trees that do not need cultivation (real property) Fixture - Personal property that has been affixed to the land or building. Method of annexation, adaptation to real estate, agreement of the parties - Legal tests for a fixture Principal, interest, taxes, insurance - Basic costs of owning a home (PITI) Coinsurance clause - Requires the homeowner to maintain insurance equal to at least 80% of replacement cost of the dwelling for full replacement on loss Agency - The fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal. Nonagent - Assists one or both parties with the transaction without representing either party's interests and often is subject to specific statutory responsiblities. 3Brittie Donald, All Rights Reserved © 2025 Express agency - An agency relationship based on a formal agreement between parties. Implied agency - Based on the actions of the parties that imply that they have mutually consented to an agency relationship. Completion of purpose, destruction or condemnation of property, expiration, mutual agreement, breach by one of the parties, operation of law (ex. bankruptcy) - Reasons for termination of agency (6) Universal agent - Someone empowered to do anything the principal could do personally (power of attorney). General agent - Someone who represents the principal in a broad range of matters (ex. property manager). Special agent - Someone who represents the