UNIT 10 - STATE PORTION REAL
ESTATE TEST QUESTIONS WITH
CORRECT ANSWERS
Real Estate Agency Disclosure Notice Given to Unrepresented Persons - ANSWER-
must disclose that broker or salesperson do not represent the customer but rather
represents whoever the brokers client is in the transaction.
IIIG. Confidential Information - ANSWER-Facts concerning a person's assets,
liabilities, income, expenses, motivations to purchase, rent, or sell and previous
offers received or made that are not a matter of public record.
IIID. Subagency limitations - ANSWER--No longer permitted in a co-brokered
transaction without the written consent of the person being represented.
-Must include the name and license number of all real estate licensees to be
appointed as subagents.
-Must have statement of vicarious liability.
-Although legal, rarely used in residential.
-Does not apply to leasing transactions or to commercial purchase and sale
transactions.
IIIB. Agency agreements - ANSWER-Listing:
Exclusive Right To Sell - exclusive with one broker, seller pays broker regardless of
who sells property
Exclusive agency - exclusive agreement with one broker - seller retains right to sell
without owing comp to broker.
Open Listing - nonexclusive agreement with multiple broker; only selling broker is
compensated.
Buyer:
Exclusive Right to Represent - exclusive with one broker; broker entitled to comp
regardless of who located property. Allowed but not typical.
Exclusive Agency Right to Represent Buyer- exclusive with one broker; broker only
gets paid if she finds the property.
Open Right to Represent buyer- only broker that locates the property is
compensated.
Buyer/Agency agreement must be entered into before a broker or salesperson
attempts to negotiate on behalf of a prospective buyer or tenant. Negotiate includes:
showing property, discussing an offer, engaging in negotiation or giving advice to the
buyer about particular real estate.
Before working with a buyer: - ANSWER-ask if being represented
explain office policy on agency/customer relationships
specifically tell buyer not to provide confidential information until agreement is
entered.
, Preliminary activities for buyer - allowed - ANSWER-give buyer property information
give buyer information on licensee's firm
give buyer information on mortgage rates and lending institutions
Preliminary activities for buyer - NOT allowed without written agreement or agency
disclosure notice - ANSWER-ask confidential information
express an opinion or give advice
show the buyer in house listings or property listed with another firm
discuss an offer
engage in any verbal or written negotiations
Contents of Listing/Buyer Agency Agreements - ANSWER-must be in writing and
contain:
name and address of broker and person
all terms and conditions to the contract
date agreement made
expiration date of agreement
type of listing agreement
signature or broker or brokers authorized agent
signature of person or authorized agent
dual agent consent if broker represents both buyer and seller.
identification of comp and the bold statement regarding comp being negotiable
a statement regarding adherence to CT statues pertaining to fair housing
statement regarding broker's lien rights
additional reqs regarding listing contracts:
proper identification of the property
must disclose if the broker or agent has interest
if broker is going to allow others to advertise, must contain a disclosure as to who
will be allowed, exceptions and an authorization by the seller/landlord.
Co ownership forms and shares - ANSWER-Tenancy in common
Joint Tenancy - typically involves taking title subject to "the four unities", title, time,
possession and interest. Joint tenants are specifically allowed to have unequal
interests. If a married couple divorces while holding property as joint tenants their
ownership interests become tenancy in common without survivorship rights.
Adverse Possession/Prescriptive easement time - ANSWER-the statutory period
required for title interest through adverse possession or easement interest through
prescriptive easement is 15 years. (uninterrupted)
Land records and recording - ANSWER-CT records land records by municipality.
No conveyance shall be effectual unless recorded on the records of the town in
which the land lies.
The effective date of title is the recording date; title searches only have to go back 40
years.
In the event an owner changes their personal or corporate name, the change needs
to be logged into the town records within 60 days.
Uniform Real Property Electronic Recording Act- allows town clerks to accept
electronic land records for recording.
ESTATE TEST QUESTIONS WITH
CORRECT ANSWERS
Real Estate Agency Disclosure Notice Given to Unrepresented Persons - ANSWER-
must disclose that broker or salesperson do not represent the customer but rather
represents whoever the brokers client is in the transaction.
IIIG. Confidential Information - ANSWER-Facts concerning a person's assets,
liabilities, income, expenses, motivations to purchase, rent, or sell and previous
offers received or made that are not a matter of public record.
IIID. Subagency limitations - ANSWER--No longer permitted in a co-brokered
transaction without the written consent of the person being represented.
-Must include the name and license number of all real estate licensees to be
appointed as subagents.
-Must have statement of vicarious liability.
-Although legal, rarely used in residential.
-Does not apply to leasing transactions or to commercial purchase and sale
transactions.
IIIB. Agency agreements - ANSWER-Listing:
Exclusive Right To Sell - exclusive with one broker, seller pays broker regardless of
who sells property
Exclusive agency - exclusive agreement with one broker - seller retains right to sell
without owing comp to broker.
Open Listing - nonexclusive agreement with multiple broker; only selling broker is
compensated.
Buyer:
Exclusive Right to Represent - exclusive with one broker; broker entitled to comp
regardless of who located property. Allowed but not typical.
Exclusive Agency Right to Represent Buyer- exclusive with one broker; broker only
gets paid if she finds the property.
Open Right to Represent buyer- only broker that locates the property is
compensated.
Buyer/Agency agreement must be entered into before a broker or salesperson
attempts to negotiate on behalf of a prospective buyer or tenant. Negotiate includes:
showing property, discussing an offer, engaging in negotiation or giving advice to the
buyer about particular real estate.
Before working with a buyer: - ANSWER-ask if being represented
explain office policy on agency/customer relationships
specifically tell buyer not to provide confidential information until agreement is
entered.
, Preliminary activities for buyer - allowed - ANSWER-give buyer property information
give buyer information on licensee's firm
give buyer information on mortgage rates and lending institutions
Preliminary activities for buyer - NOT allowed without written agreement or agency
disclosure notice - ANSWER-ask confidential information
express an opinion or give advice
show the buyer in house listings or property listed with another firm
discuss an offer
engage in any verbal or written negotiations
Contents of Listing/Buyer Agency Agreements - ANSWER-must be in writing and
contain:
name and address of broker and person
all terms and conditions to the contract
date agreement made
expiration date of agreement
type of listing agreement
signature or broker or brokers authorized agent
signature of person or authorized agent
dual agent consent if broker represents both buyer and seller.
identification of comp and the bold statement regarding comp being negotiable
a statement regarding adherence to CT statues pertaining to fair housing
statement regarding broker's lien rights
additional reqs regarding listing contracts:
proper identification of the property
must disclose if the broker or agent has interest
if broker is going to allow others to advertise, must contain a disclosure as to who
will be allowed, exceptions and an authorization by the seller/landlord.
Co ownership forms and shares - ANSWER-Tenancy in common
Joint Tenancy - typically involves taking title subject to "the four unities", title, time,
possession and interest. Joint tenants are specifically allowed to have unequal
interests. If a married couple divorces while holding property as joint tenants their
ownership interests become tenancy in common without survivorship rights.
Adverse Possession/Prescriptive easement time - ANSWER-the statutory period
required for title interest through adverse possession or easement interest through
prescriptive easement is 15 years. (uninterrupted)
Land records and recording - ANSWER-CT records land records by municipality.
No conveyance shall be effectual unless recorded on the records of the town in
which the land lies.
The effective date of title is the recording date; title searches only have to go back 40
years.
In the event an owner changes their personal or corporate name, the change needs
to be logged into the town records within 60 days.
Uniform Real Property Electronic Recording Act- allows town clerks to accept
electronic land records for recording.
