CONNECTICUT REAL ESTATE
PRACTICE EXAM QUESTIONS AND
ANSWERS
An appraiser has contacted a listing agent about a property which is under deposit,
asking about contract price. Which of these statements is TRUE? - ANSWER-If the
appraiser is working for the buyer's lender, then the listing agent is permitted to
answer the question. The contract price is confidential information which should only
be disclosed by the parties involved in the transaction (e.g., a lender, buyer's
attorneys, and seller's attorneys). No outside parties are entitled to this information.
Upon change of broker affiliation, a licensee - ANSWER-Is required to return all
records and information collected during his or her affiliation with the original
designated broker to the original broker. Within 10 days of return of information, or
45 days of termination of relations, the original designated broker is required to give
the license a written accounting, including a statement of the commission or
compensation that the broker intends to pay the licensee.
A residential tenant is moving into a new apartment. The landlord is permitted to
charge - ANSWER-First month's rent and two months' security, and first month's rent
and one months' security deposit. The maximum amount of security deposit a
landlord can demand is two months' rent.
A licensee is required to enter into a written agency agreement with a buyer before
the licensee - ANSWER-Physically shows the buyer property listed with another firm.
A licensee who has not entered into a written buyer agency agreement may give the
buyer property information, information on the licensee's firm, and information on
mortgage rates and lending institutions. The licensee may not show properties listed
with another firm.
A licensee is meeting a new buyer at one of the licensee's listings. The licensee
explains she represents the seller, and presents the buyer with Notice to
Unrepresented Persons form. The buyer refuses to sign, but still wants to see the
property. The licensee should - ANSWER-make a notation that the buyer refused to
sign on the form, retain the copy for the office records, and show the property to the
buyer. The licensee can still show his/her own listing after making notation "refused
to sign" on form. A copy of the form should be retained for office records.
Residential Landlord and Tenant Act/A residential landlord has to do what when it
comes to security deposits ? - ANSWER-does not have to collect a security deposit
and must keep security deposit in a separate account and pay interest annually to
tenant. Security deposits must be kept in an escrow account and separate from the
other funds of the landlord. The landlord is not required to collect a security deposit.
When must the monies received from clients be deposited in the broker's escrow
account? - ANSWER-within three business days of a contract being signed between
, buyer and seller. Deposits must be made within three banking days from the date of
obtaining all signatures from the parties to the transaction.
If a member of the public brings an action against a real estate licensee working as
an independent contractor - ANSWER-broker is liable to the same extent as if the
salesperson were an employee. The broker is liable whether the licensee is working
as an employee or as an independent contractor. The salesperson will not lose her
license unless the claims are proven and penalties imposed.
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. Which of these
statements is TRUE? - ANSWER-a broker does not file suit to enforce the lien within
one year of filing it, the lien is extinguished. 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. For services relating to a seller, the claim of lien must
be recorded prior to conveyance. A closing cannot be prevented solely on the basis
of a recorded broker's lien. If an escrow account is established for the amount of the
lien, the broker is required to release the claim for lien. If a broker does not file a suit
to enforce the lien within one year of filing it, the lien is extinguished.
A broker wants to advertise property listed with another broker on a licensee's
website - ANSWER-licensee must update information at least every 72 hours. The
licensee must update information at least every 72 hours.
Real estate brokers are required to retain certain real estate brokerage records for
seven years. Which statement about record retention is NOT true? - ANSWER-
retention must be in paper form. Retention can be in electronic form, as long as a
paper copy can be made.
A salesperson has collected monies from a client. He should - ANSWER-The answer
is turn the monies over to his broker as soon as possible. The escrow account is
maintained by the broker, not the salesperson.
If a real estate broker has received a $5,000 deposit for an offer on his listing, and
the broker deposits the funds into his business account instead of his escrow
account? - ANSWER-The broker may be fined $1,000, imprisoned up to 6 months,
or both. All monies accepted or held by a licensed broker on behalf of a client must
be placed in a trust or escrow account. The account must be distinct and separate
from the broker's personal account, and maintained in a bank doing business in
Connecticut. Any broker who violates this section of the licensing law can be fined up
to $1,000, imprisoned up to six months, or both.
A licensee who has a written buyer agency representation agreement is contacted
by the buyer client who asks to see a property advertised by an unrepresented seller
- ANSWER-The licensee can show the property, if the licensee provides the seller
with notice to unrepresented persons. The licensee is required to have a written
agency agreement with either buyer or seller. Since seller is unrepresented, the
licensee is required to present notice to unrepresented persons prior to the showing.
PRACTICE EXAM QUESTIONS AND
ANSWERS
An appraiser has contacted a listing agent about a property which is under deposit,
asking about contract price. Which of these statements is TRUE? - ANSWER-If the
appraiser is working for the buyer's lender, then the listing agent is permitted to
answer the question. The contract price is confidential information which should only
be disclosed by the parties involved in the transaction (e.g., a lender, buyer's
attorneys, and seller's attorneys). No outside parties are entitled to this information.
Upon change of broker affiliation, a licensee - ANSWER-Is required to return all
records and information collected during his or her affiliation with the original
designated broker to the original broker. Within 10 days of return of information, or
45 days of termination of relations, the original designated broker is required to give
the license a written accounting, including a statement of the commission or
compensation that the broker intends to pay the licensee.
A residential tenant is moving into a new apartment. The landlord is permitted to
charge - ANSWER-First month's rent and two months' security, and first month's rent
and one months' security deposit. The maximum amount of security deposit a
landlord can demand is two months' rent.
A licensee is required to enter into a written agency agreement with a buyer before
the licensee - ANSWER-Physically shows the buyer property listed with another firm.
A licensee who has not entered into a written buyer agency agreement may give the
buyer property information, information on the licensee's firm, and information on
mortgage rates and lending institutions. The licensee may not show properties listed
with another firm.
A licensee is meeting a new buyer at one of the licensee's listings. The licensee
explains she represents the seller, and presents the buyer with Notice to
Unrepresented Persons form. The buyer refuses to sign, but still wants to see the
property. The licensee should - ANSWER-make a notation that the buyer refused to
sign on the form, retain the copy for the office records, and show the property to the
buyer. The licensee can still show his/her own listing after making notation "refused
to sign" on form. A copy of the form should be retained for office records.
Residential Landlord and Tenant Act/A residential landlord has to do what when it
comes to security deposits ? - ANSWER-does not have to collect a security deposit
and must keep security deposit in a separate account and pay interest annually to
tenant. Security deposits must be kept in an escrow account and separate from the
other funds of the landlord. The landlord is not required to collect a security deposit.
When must the monies received from clients be deposited in the broker's escrow
account? - ANSWER-within three business days of a contract being signed between
, buyer and seller. Deposits must be made within three banking days from the date of
obtaining all signatures from the parties to the transaction.
If a member of the public brings an action against a real estate licensee working as
an independent contractor - ANSWER-broker is liable to the same extent as if the
salesperson were an employee. The broker is liable whether the licensee is working
as an employee or as an independent contractor. The salesperson will not lose her
license unless the claims are proven and penalties imposed.
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. Which of these
statements is TRUE? - ANSWER-a broker does not file suit to enforce the lien within
one year of filing it, the lien is extinguished. 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. For services relating to a seller, the claim of lien must
be recorded prior to conveyance. A closing cannot be prevented solely on the basis
of a recorded broker's lien. If an escrow account is established for the amount of the
lien, the broker is required to release the claim for lien. If a broker does not file a suit
to enforce the lien within one year of filing it, the lien is extinguished.
A broker wants to advertise property listed with another broker on a licensee's
website - ANSWER-licensee must update information at least every 72 hours. The
licensee must update information at least every 72 hours.
Real estate brokers are required to retain certain real estate brokerage records for
seven years. Which statement about record retention is NOT true? - ANSWER-
retention must be in paper form. Retention can be in electronic form, as long as a
paper copy can be made.
A salesperson has collected monies from a client. He should - ANSWER-The answer
is turn the monies over to his broker as soon as possible. The escrow account is
maintained by the broker, not the salesperson.
If a real estate broker has received a $5,000 deposit for an offer on his listing, and
the broker deposits the funds into his business account instead of his escrow
account? - ANSWER-The broker may be fined $1,000, imprisoned up to 6 months,
or both. All monies accepted or held by a licensed broker on behalf of a client must
be placed in a trust or escrow account. The account must be distinct and separate
from the broker's personal account, and maintained in a bank doing business in
Connecticut. Any broker who violates this section of the licensing law can be fined up
to $1,000, imprisoned up to six months, or both.
A licensee who has a written buyer agency representation agreement is contacted
by the buyer client who asks to see a property advertised by an unrepresented seller
- ANSWER-The licensee can show the property, if the licensee provides the seller
with notice to unrepresented persons. The licensee is required to have a written
agency agreement with either buyer or seller. Since seller is unrepresented, the
licensee is required to present notice to unrepresented persons prior to the showing.
