Connecticut Real Estate Study guides, Class notes & Summaries

Connecticut Real Estate Practice & Law Chapter 1 Real Estate Brokerage and Agency Questions and answers, graded A+/ A broker entered into a listing agreement with the seller. Through the multiple listing service, a broker from a different office had been working with the buyer, who is interested in making an offer on the seller's property. Typically, in this kind of transation, the broker working withthe buer would enter into a written representation contract with - -the buyer as an ag...

Two lots of the same size are sold on a street. The lot on the corner sells for $20,000 more than the lot in the middle of the street. Which of the following characteristics MOST likely explains the price difference? Situs How does a creditor who has obtained a judgment get satisfaction against a debtor who will not pay? Writ of execution What type of map is MOST useful for describing the terrain of a very hilly lot? Contour map A tenant rented an apartment, signing a 15-month lease. After th...

Ct recognizes these listing agreements Exclusive right to sell, exclusive agency, open listing Time required for acquisition of prescription easements is 15 years Under CT law, real estate brokers are required to retain certain brokerage records such as offers, counteroffers drafted in brokers office, contracts, leases, agency Agreements and disclosures, escrow and trust account checks and Bank statements. These records must be kept 7 years An easement by prescription may be extinguished if t...

A couple listed their home with a broker. After 2 months, the seller found a buyer, and the sale closed. The seller was not obligated to pay a commission to the broker. This listing was MOST likely: 1. an exclusive agency listing. 2. an exclusive right to sell listing. 3. a net listing. 4. an advance fee listing. 1. an exclusive agency listing. A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before Decembe...

1. A bill of sale is used to transfer the ownership of a. real property. b. fixtures. c. appurtenances. d. personal property. d. personal property. 2. The use of borrowed money to finance a purchase with a relatively small down payment is called a. an encroachment. b. leverage. c. capital gain. d. appreciation. b. leverage. 3. A real estate licensee helps both buyers and sellers with paperwork for transferring property. The licensee is not an agent of either party and may not disclose either p...

The Connecticut Real Estate commission Who administers the Connecticut Licensing Laws? 8 How many commission members are there? 5 How many commission members are real estate professionals? No Can the commission have a big majority from any one political party? A majority What is considered a quorum for the comission? The governor Who appoints commission members? $120 How much is the application fee for brokers? $80 How much is the application fee for salespeople? 4 How many times in a on...

Real estate Brokage The business of bringing parties together in a real estate transaction Broker A broker is defined as a person or an entity that is paid a fee to ask for another person in the purchase Sale rental or exchange of real estate sales person Must be affiliated with and supervised by real estate broker and ask on behalf of the broker Real estate agency Is the legal representation that a broker has with a client. Agency relationship Is created the broker is the agent the person r...

BrokerA person who performs real estate activities for a real estate consumer. In CT only a broker can enter into an agency relationship with a client. Agency runs from broker to client. All salespersons working for the broker are automatically agents of the brokers clients and owe clients fiduciary duties. Fiduciary responsibilityCare, Obedience, Loyalty, disclosure, accounting and confidentiality (COLDAC) Fiduciary r and customersFidicuary duties are not owed to a customer. You do own them h...

In Connecticut a dower and curtsey are seen as: not recongized If a husband dies in Connecticut, his wife is entitled to what: an election to take a life estate equal to one-third of the property owned by the husband at the time of his death A homeowner may exempt what amount from debt owed a foreclosing mortgagee: nothing The burden of proof in acquiring an easement by prescription lies with whom: party claiming the easement In Connecticut, the prescriptive period to acquire an easement is:...

A person of entity engaging in the real estate business in CT must have CT Real Estate License 2 Categories of License: Broker and Salesperson (Both are Licensees) A salesperson must be affiliated with and can only work on behalf of a broker Connecticut Real Estate Commission Enforces CT licensing laws Main responsibilites: (1) Issue Licenses (2) Arbitrate disputes between brokers and salespersons (3) Investigate and prosecute complaints against licensees (4) Formulate and enforce rues and re...