CONNECTICUT REAL ESTATE UNIT 10
REAL ESTATE LICENSE LAW EXAM
QUESTIONS WITH COMPLETE
SOLUTIONS
Agency Disclosure - ANSWER-A written explanation, to be signed by a prospective
buyer or seller of real estate, explaining to the client the role that the broker plays in
the transaction.
Real Estate Advertising - ANSWER-All forms of identification, representation,
promotion, and solicitation disseminated in any manner and by any means of
communication to the public for any purpose related to licensed real estate activity
Licensee if required to diligently - ANSWER-Obtain and present accurate information
in advertisements
NO BLIND ADS ALLOWED
Full disclosure of Brokers name is required
To advertise Property Listed With Another Broker, - ANSWER-the licensee must get
permission of the other broker. Listing information cant be changed in anyways
without permission of the other broker. Must be updated every 72 hours
Internet Advertising Must Include: - ANSWER-(1) The licensee's name and office
address
(2) The name of the real estate broker the licensee is affiliated with
(3) All states where the licensee is licensed
(4) The last date when the property info was updated
Electronic Communication must contain: - ANSWER-Licensee's name and office
address
The name of the real estate broker the licensee is affiliated with
All states where the licensee is licensed
A written agreement between broker and client is required before any attempt can be
made by the broker or broker's salesperson to negotiate a sale, exchange, purchase,
or lease - ANSWER-This agreement must include:
(1) Identify the property correctly
(2) Contain all terms and conditions including:
Compensation to be paid
Beginning and Expiration Date
Type of agency agreement
Signatures and address of all parties concerned
Diligent Effort - ANSWER-Salesperson working for a broker are required to make a
diligent effort to sell or lease the property.
, Licensee must obtain written consent of an owner of property to - ANSWER-Put a
sign on the owner's property
A licensee cannot share - ANSWER-compensation with unlicensed persons
engaging in real estate
Agency agreements that set compensation must contain the following statement in
not less than 10 point boldface type - ANSWER-Notice: The amount or rate a real
estate broker compensation is not fixed by law. It is set by each broker individually
and may be negotiable between you and the broker
Regulations about compensation - ANSWER-(1) A licensee shall receive
compensation only when reasonable cause for such exists
(2) When a party fails to proceed with a transaction, the real estate broker has no
right to any funds deposited with the broker, even though compensation may have
been earned
(3) A licensee shall receive no compsensation for expenditures made for his or her
client without knowledge and consent of the client
(4) Compensation from more than one party to a transaction cannot be accepted
without all parties to the transactions agreeing to it prior to closing
(5) No part of any real estate compensation can be given to a person who is non-
licensed
(6) A licensee must assign or pay over directly to his or her real estate broker funds
received from a transaction
(7) Real estate brokers cannot compensate another brokers salesperson directly. All
compensations are paid to a real estate broker of the cooperating agency
Referral Fees - ANSWER-Cannot be paid to unlicensed persons
Reasonable cause for payment:
(1) an actual introduction of business has been made
(2) a subagency relationship exists
(3) A contractual referral fee relationship exists
(4) A contractual cooperative brokerage relationship exists
Convicted Felons are allowed to get a real estate license but the commission
reviews: - ANSWER-(1) The nature of the crime and its relationship to the job for
which the person applied
(2) Information pertaining to the degree of rehabilitation of the convicted person
(3) The amount of time that has elapsed since the applicant's conviction or release
Any business entity-corporation, LLC, LLP, Parnertship, or association that engages
in real estate.. - ANSWER-must obtain a real estate broker license
What percentage must be under broker for your company - ANSWER-51%
Reciprocal Agreement in CT: - ANSWER-A person who holds a real estate
brokers/salesperson license issued by a state that has reciprocity does not need to
meet the state licensing requirement
REAL ESTATE LICENSE LAW EXAM
QUESTIONS WITH COMPLETE
SOLUTIONS
Agency Disclosure - ANSWER-A written explanation, to be signed by a prospective
buyer or seller of real estate, explaining to the client the role that the broker plays in
the transaction.
Real Estate Advertising - ANSWER-All forms of identification, representation,
promotion, and solicitation disseminated in any manner and by any means of
communication to the public for any purpose related to licensed real estate activity
Licensee if required to diligently - ANSWER-Obtain and present accurate information
in advertisements
NO BLIND ADS ALLOWED
Full disclosure of Brokers name is required
To advertise Property Listed With Another Broker, - ANSWER-the licensee must get
permission of the other broker. Listing information cant be changed in anyways
without permission of the other broker. Must be updated every 72 hours
Internet Advertising Must Include: - ANSWER-(1) The licensee's name and office
address
(2) The name of the real estate broker the licensee is affiliated with
(3) All states where the licensee is licensed
(4) The last date when the property info was updated
Electronic Communication must contain: - ANSWER-Licensee's name and office
address
The name of the real estate broker the licensee is affiliated with
All states where the licensee is licensed
A written agreement between broker and client is required before any attempt can be
made by the broker or broker's salesperson to negotiate a sale, exchange, purchase,
or lease - ANSWER-This agreement must include:
(1) Identify the property correctly
(2) Contain all terms and conditions including:
Compensation to be paid
Beginning and Expiration Date
Type of agency agreement
Signatures and address of all parties concerned
Diligent Effort - ANSWER-Salesperson working for a broker are required to make a
diligent effort to sell or lease the property.
, Licensee must obtain written consent of an owner of property to - ANSWER-Put a
sign on the owner's property
A licensee cannot share - ANSWER-compensation with unlicensed persons
engaging in real estate
Agency agreements that set compensation must contain the following statement in
not less than 10 point boldface type - ANSWER-Notice: The amount or rate a real
estate broker compensation is not fixed by law. It is set by each broker individually
and may be negotiable between you and the broker
Regulations about compensation - ANSWER-(1) A licensee shall receive
compensation only when reasonable cause for such exists
(2) When a party fails to proceed with a transaction, the real estate broker has no
right to any funds deposited with the broker, even though compensation may have
been earned
(3) A licensee shall receive no compsensation for expenditures made for his or her
client without knowledge and consent of the client
(4) Compensation from more than one party to a transaction cannot be accepted
without all parties to the transactions agreeing to it prior to closing
(5) No part of any real estate compensation can be given to a person who is non-
licensed
(6) A licensee must assign or pay over directly to his or her real estate broker funds
received from a transaction
(7) Real estate brokers cannot compensate another brokers salesperson directly. All
compensations are paid to a real estate broker of the cooperating agency
Referral Fees - ANSWER-Cannot be paid to unlicensed persons
Reasonable cause for payment:
(1) an actual introduction of business has been made
(2) a subagency relationship exists
(3) A contractual referral fee relationship exists
(4) A contractual cooperative brokerage relationship exists
Convicted Felons are allowed to get a real estate license but the commission
reviews: - ANSWER-(1) The nature of the crime and its relationship to the job for
which the person applied
(2) Information pertaining to the degree of rehabilitation of the convicted person
(3) The amount of time that has elapsed since the applicant's conviction or release
Any business entity-corporation, LLC, LLP, Parnertship, or association that engages
in real estate.. - ANSWER-must obtain a real estate broker license
What percentage must be under broker for your company - ANSWER-51%
Reciprocal Agreement in CT: - ANSWER-A person who holds a real estate
brokers/salesperson license issued by a state that has reciprocity does not need to
meet the state licensing requirement
