CT Real Estate Licensing Practice Exam Questions and Answers 100% Solved correctly
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Course
CT Real Estate Licensing
Institution
CT Real Estate Licensing
Under the common law of agency, licensees owe the broker with whom they are
associated all of the following duties EXCEPT
1. loyalty.
2. competence.
3. indemnification.
4. full disclosure. - ️️3. indemnification.
Even with title insurance, the policyholder may still suffer losses arising ...
CT Real Estate Licensing Practice Exam
Under the common law of agency, licensees owe the broker with whom they are
associated all of the following duties EXCEPT
Even with title insurance, the policyholder may still suffer losses arising from
1. forged documents.
2. incompetent grantors.
3. defects found in recorded public records.
4. land use change due to zoning ordinances. - ✔️✔️4. land use change due to zoning
ordinances.
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 December 31st. This is called:
1. a buy-sell agreement.
2. an option contract.
3. an installment contract.
4. a vendor's lien interest. - ✔️✔️2. an option contract.
A mentally disabled person who has been declared incompetent by a judge wishes to
enter into a contract. Under what conditions can such a person do so?
1. The person must obtain prior written approval by a licensed psychiatrist or
psychologist.
2. The person must be capable of understanding the transaction.
3. The person appointed by the court to act for the disabled person must contract on his
or her behalf.
4. The person may enter a contract under any conditions, because the law prohibits
discrimination against persons with disabilities. - ✔️✔️3. The person appointed by the
court to act for the disabled person must contract on his or her behalf.
In helping a buyer to select a lender, if the buyer believes he has good credit and his
income is documentable as a salary and by tax returns, the licensee might recommend
a mortgage banker, instead of a mortgage broker, for all of the following reasons
EXCEPT:
,1. closing costs may be lower.
2. loan originator has knowledge of the underwriter's policies.
3. more variety of loan programs available.
4. originator and lender are part of same company. - ✔️✔️3. more variety of loan
programs available.
Without checking the facts, a broker who is the seller's agent tells a buyer that the
property taxes in a particular neighborhood are among the lowest in the area. The buyer
relies on the broker's statement and makes an offer on a house in the neighborhood.
Before closing, it is determined that the taxes are actually among the highest in the
area. The buyer could seek to rescind the contract on the basis of:
1. puffing.
2. misrepresentation.
3. lack of care and diligence.
4. nothing; property taxes are a matter of public record and it was the buyer's
responsibility to check them. - ✔️✔️2. misrepresentation.
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.
An agency relationship between a property owner and a property manager is usually
created by:
1. a management agreement.
2. payment of a management fee.
3. an exclusive agency agreement.
4. an independent contractor agreement. - ✔️✔️1. a management agreement
Earnest money should be deposited into a trust account
1. in a timely manner, according to state laws.
2. upon removal of all contingencies.
3. at the broker's discretion.
4. according to MLS rules. - ✔️✔️1. in a timely manner, according to state laws.
A lender will make an 80% loan-to-value loan on a property that is appraised for
$72,250 and sells for $73,500. If the buyer has saved $14,450 for a down payment, how
much more (if any) will he need in order to make the down payment required under the
terms of this loan?
, 1. He has $1,000 more than he needs for the down payment.
2. He has exactly the amount needed for the down payment.
3. He needs an additional $250 in order to make the down payment.
4. He needs an additional $1,250 in order to make the down payment. - ✔️✔️4. He
needs an additional $1,250 in order to make the down payment.
A judgment has been properly recorded. Any subsequent purchasers, whether they
have actually examined the record or not, have been given
1. contain a warranty.
2. include granting language.
3. be executed by the grantor.
4. be signed by the grantee if there are covenants. - ✔️✔️3. be executed by the
grantor.
An example of a contract terminated due to inability to perform would be one in which
the
1. purchaser had suffered financial reverses so that she could not make payment as
required by the contract.
2. seller had died after the contract became binding but before the closing.
3. seller had contracted for sale of the entire property without the knowledge or consent
of the other joint tenant.
4. property had been severely damaged by fire after the contract became binding but
before the closing. - ✔️✔️3. seller had contracted for sale of the entire property without
the knowledge or consent of the other joint tenant.
What is the duration of a home warranty's coverage?
1. the expected life of the purchaser
2. the expected life of the product or system covered
3. as disclosed in the contract that offers the warranty
4. a minimum of 5 years or the duration of the purchaser's ownership, whichever is
shorter - ✔️✔️3. as disclosed in the contract that offers the warranty
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