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CT Real Estate Questions An Answers 2024
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CT Real Estate Questions An Answers 2024
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CT REALESTATE
QUESTIONS
AND ANSWERS
Broker - answer- One who acts as an intermediary between two or more people in
negotiating the sale, purchase, or rental of property
Salesperson - answer- Employed by or associated with the broker. Conducts brokerage
activities on behalf of the broker.
Residential, commercial, mixed-use, industrial, agricultural, special-purpose - answer- 6
Types of Real Property
Land - answer- The earth's surface, extending downward to the center of the earth and
upward infinitely into space, including things permanently attached by nature, such as
trees and water.
Real Estate - answer- Land at, above, and below the earth's surface, plus all things
permanently attached to the land (both natural and man-made).
Real Property - answer- Real estate plus rights that are automatically included in the
ownership of land and real estate.
Right of: possession, control, enjoyment, exclusion, disposition. - answer- Bundle of
legal rights
Appurtenance - answer- A right of privilege associated with real property in some way.
Personal Property (chattel) - answer- Movable items
, Fructus industriales - answer- Annual plantings or crops of grains (personal property)
Fructus naturales - answer- Perennial crops and trees that do not need cultivation (real
property)
Fixture - answer- Personal property that has been affixed to the land or building.
Method of annexation, adaptation to real estate, agreement of the parties - answer-
Legal tests for a fixture
Principal, interest, taxes, insurance - answer- Basic costs of owning a home (PITI)
Coinsurance clause - answer- Requires the homeowner to maintain insurance equal to
at least 80% of replacement cost of the dwelling for full replacement on loss
Agency - answer- The fiduciary relationship in which the agent is held in a position of
special trust and confidence by the principal.
Nonagent - answer- Assists one or both parties with the transaction without
representing either party's interests and often is subject to specific statutory
responsiblities.
Express agency - answer- An agency relationship based on a formal agreement
between parties.
Implied agency - answer- Based on the actions of the parties that imply that they have
mutually consented to an agency relationship.
Completion of purpose, destruction or condemnation of property, expiration, mutual
agreement, breach by one of the parties, operation of law (ex. bankruptcy) - answer-
Reasons for termination of agency (6)
Universal agent - answer- Someone empowered to do anything the principal could do
personally (power of attorney).
General agent - answer- Someone who represents the principal in a broad range of
matters (ex. property manager).
Special agent - answer- Someone who represents the principal in one specific act or
business transaction only (ex. salesperson to a broker).
Designated agent - answer- Someone authorized by the broker to act as the agent of a
specified principal (occurs in dual agency situations).
Commission - answer- Payment to a broker for services rendered, such as in the sale or
purchase of real property.
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