BILL'S CT REAL ESTATE VOCAB
EXAM QUESTIONS AND ANSWERS
Fiduciary duty - ANSWER-An agent owes common law fiduciary duties to a client,
meaning a broker or sales person to represent the client owns the client the duties of
care obedience loyalty disclosure accounting and confidentiality
Confidential information - ANSWER-Facts concerning a person's assets, liabilities,
income, expenses, motivations to purchase, rent, or so and previous offers received
or made that are not a matter of public record
CT Single agency - ANSWER-Connecticut law allows a broker to be the agent of a
seller, buyer landlord or tenant
CT Dual agency consent agreement - ANSWER-Connecticut has provided that a
client can give informed consent to dual agency by signing this statutorily prescribed
document prior to executing a purchase, sale, or lease contract.
CT Mandatory written Disclosure of agency to unrepresented persons - ANSWER-
CT real estate licensing law requires this to unrepresented prospective purchasers,
sellers, landlords or tenants
Broker compensation in Connecticut - ANSWER-an amount of commission of which
the rate is not fixed by law. It is set by each broker individually and may be
negotiable between a seller and a broker
Ct Broker's lien - ANSWER-A lien on the real estate placed by broker to secure
payment of compensation pursuant to section 10 - 325 a of the Connecticut General
Statutes. The lien does not attach until it is recorded.
Mortgage brokerage service fee - ANSWER-A fee negotiated for negotiating and/or
arranging for a mortgage loan for a buyer and not for the referral of the buyer to a
mortgage lender
CT Required record retention - ANSWER-A 7 year. Of time in which a real estate
broker is required to keep offers and counter offers drafted by the broker's office,
contracts, leases, agency agreements and disclosures, and escrow and trust
account checks and bank statements
Types of listing agreement - ANSWER-Exclusive rights to sell
exclusive agency
Open listings
Buyer agency agreements - ANSWER-Exclusive right to represent buyer
Exclusive agency right to represent buyer
, Open right to represent buyer
Negotiating on behalf of a buyer - ANSWER-Showing the buyer property
Discussing an offer with the buyer
Engaging in negotiation on behalf of the buyer
Giving advice to the buyer about particular real estate
Steps to working with a buyer - ANSWER-1. ask whether the buyer is currently being
represented by another firm
2. Explain the real estate firms office policy on the various agencies and customer
relationships that the licensee could potentially have with the buyer
3. Specifically tell the buyer not to provide confidential information unless and until
the buyer and licensee have entered into an agency relationship
Adverse Possession - ANSWER-A means of acquiring title. The statutory time in CT
is 15 years. One must possess the property openly, without owner's permission, the
use must be hostile and uninterrupted for the statutory time by law
Acceleration Clause - ANSWER-A clause in a mortgage when enforced it calls the
note due immediately if a mortgagor defaults on any covenant.
Lis Pendens - ANSWER-Litigation pending.
Redlining - ANSWER-The practice of not making home loans in certain areas.
Condemnation - ANSWER-Is the actual process of taking property.
Ad Valorem Taxes - ANSWER-A tax levied according to value also general tax.
Riparian Right - ANSWER-The right to use water on under our adjacent to one's
land.
Laws of Agency - ANSWER-Care; Obedience; Loyalty; Disclosure; Accounting;
Confidentiality
Subordination Agreement - ANSWER-Written agreement between lienholders to
change the priority of mortgage, judgment and other liens.
Accretion - ANSWER-The addition of land through the process of nature, such as
deposits of soil carried by streams.
Steering - ANSWER-The illegal practice of limiting the housing shown to a certain
protected group.
Subagency - ANSWER-The relationship under which a broker works through another
broker for his client.
EXAM QUESTIONS AND ANSWERS
Fiduciary duty - ANSWER-An agent owes common law fiduciary duties to a client,
meaning a broker or sales person to represent the client owns the client the duties of
care obedience loyalty disclosure accounting and confidentiality
Confidential information - ANSWER-Facts concerning a person's assets, liabilities,
income, expenses, motivations to purchase, rent, or so and previous offers received
or made that are not a matter of public record
CT Single agency - ANSWER-Connecticut law allows a broker to be the agent of a
seller, buyer landlord or tenant
CT Dual agency consent agreement - ANSWER-Connecticut has provided that a
client can give informed consent to dual agency by signing this statutorily prescribed
document prior to executing a purchase, sale, or lease contract.
CT Mandatory written Disclosure of agency to unrepresented persons - ANSWER-
CT real estate licensing law requires this to unrepresented prospective purchasers,
sellers, landlords or tenants
Broker compensation in Connecticut - ANSWER-an amount of commission of which
the rate is not fixed by law. It is set by each broker individually and may be
negotiable between a seller and a broker
Ct Broker's lien - ANSWER-A lien on the real estate placed by broker to secure
payment of compensation pursuant to section 10 - 325 a of the Connecticut General
Statutes. The lien does not attach until it is recorded.
Mortgage brokerage service fee - ANSWER-A fee negotiated for negotiating and/or
arranging for a mortgage loan for a buyer and not for the referral of the buyer to a
mortgage lender
CT Required record retention - ANSWER-A 7 year. Of time in which a real estate
broker is required to keep offers and counter offers drafted by the broker's office,
contracts, leases, agency agreements and disclosures, and escrow and trust
account checks and bank statements
Types of listing agreement - ANSWER-Exclusive rights to sell
exclusive agency
Open listings
Buyer agency agreements - ANSWER-Exclusive right to represent buyer
Exclusive agency right to represent buyer
, Open right to represent buyer
Negotiating on behalf of a buyer - ANSWER-Showing the buyer property
Discussing an offer with the buyer
Engaging in negotiation on behalf of the buyer
Giving advice to the buyer about particular real estate
Steps to working with a buyer - ANSWER-1. ask whether the buyer is currently being
represented by another firm
2. Explain the real estate firms office policy on the various agencies and customer
relationships that the licensee could potentially have with the buyer
3. Specifically tell the buyer not to provide confidential information unless and until
the buyer and licensee have entered into an agency relationship
Adverse Possession - ANSWER-A means of acquiring title. The statutory time in CT
is 15 years. One must possess the property openly, without owner's permission, the
use must be hostile and uninterrupted for the statutory time by law
Acceleration Clause - ANSWER-A clause in a mortgage when enforced it calls the
note due immediately if a mortgagor defaults on any covenant.
Lis Pendens - ANSWER-Litigation pending.
Redlining - ANSWER-The practice of not making home loans in certain areas.
Condemnation - ANSWER-Is the actual process of taking property.
Ad Valorem Taxes - ANSWER-A tax levied according to value also general tax.
Riparian Right - ANSWER-The right to use water on under our adjacent to one's
land.
Laws of Agency - ANSWER-Care; Obedience; Loyalty; Disclosure; Accounting;
Confidentiality
Subordination Agreement - ANSWER-Written agreement between lienholders to
change the priority of mortgage, judgment and other liens.
Accretion - ANSWER-The addition of land through the process of nature, such as
deposits of soil carried by streams.
Steering - ANSWER-The illegal practice of limiting the housing shown to a certain
protected group.
Subagency - ANSWER-The relationship under which a broker works through another
broker for his client.
