CONNECTICUT REAL ESTATE
PRACTICE & LAW CHAPTER 1-REAL
ESTATE BROKERAGE AND AGENCY
EXAM QUESTIONS AND ANSWERS
Listing Agreements - ANSWER-Agency agreements with a seller
Buyer Agency Agreements - ANSWER-Agency agreements with a buyer
Contract - ANSWER-Agency agreements
Special Agent - ANSWER-One who is authorized by a principal to performa single
act or transaction.
Brokers Lien - ANSWER-A broker who has performed services relating to residential
or commercial real estate has the right to place a lien on the real estate to secure
payment of compensation.
Referral Fees - ANSWER-A real estate broker or salespersonmay receive a referral
fee from another brokers licensed in Connecticut or other states. However, a broker
or salesperson can not receive any type of referral fee for a referral of a buyer to an
attorney or mortgate borker or lemder.
Record Retention - ANSWER-Real estate brokers are required to reteain certain real
estate brokerage records for seven years regardless of whether the transaction
actually closed or not.
Single agency - ANSWER-When a broker represents only one party in a transaction.
Subagency - ANSWER-A sales associate acting as an agent of a broker and who
therefore owes fiduciary duties to the brokers client.
Confidential Information - ANSWER-Means facts concerning a perso's assets;
liabilities; income; expenses; motivations to purchase, rent, or sell.
Client - ANSWER-The principle in an agency relationship or other form of
representation.
Representation - ANSWER-The role of a real estate professional acting on behalf of
a client in a real estate transaction.
Agency relationship - ANSWER-When a broker represents a person, the broker is
the agent, and the person represented is the client.
Written agency agreement - ANSWER-Is required by law if the briker wishes to
collect payment for services provided
PRACTICE & LAW CHAPTER 1-REAL
ESTATE BROKERAGE AND AGENCY
EXAM QUESTIONS AND ANSWERS
Listing Agreements - ANSWER-Agency agreements with a seller
Buyer Agency Agreements - ANSWER-Agency agreements with a buyer
Contract - ANSWER-Agency agreements
Special Agent - ANSWER-One who is authorized by a principal to performa single
act or transaction.
Brokers Lien - ANSWER-A broker who has performed services relating to residential
or commercial real estate has the right to place a lien on the real estate to secure
payment of compensation.
Referral Fees - ANSWER-A real estate broker or salespersonmay receive a referral
fee from another brokers licensed in Connecticut or other states. However, a broker
or salesperson can not receive any type of referral fee for a referral of a buyer to an
attorney or mortgate borker or lemder.
Record Retention - ANSWER-Real estate brokers are required to reteain certain real
estate brokerage records for seven years regardless of whether the transaction
actually closed or not.
Single agency - ANSWER-When a broker represents only one party in a transaction.
Subagency - ANSWER-A sales associate acting as an agent of a broker and who
therefore owes fiduciary duties to the brokers client.
Confidential Information - ANSWER-Means facts concerning a perso's assets;
liabilities; income; expenses; motivations to purchase, rent, or sell.
Client - ANSWER-The principle in an agency relationship or other form of
representation.
Representation - ANSWER-The role of a real estate professional acting on behalf of
a client in a real estate transaction.
Agency relationship - ANSWER-When a broker represents a person, the broker is
the agent, and the person represented is the client.
Written agency agreement - ANSWER-Is required by law if the briker wishes to
collect payment for services provided
