Exam (elaborations)
CONNECTICUT REAL ESTATE EXAM WITH COMPLETE SOLUTIONS LATEST UPDATE 100% CORRECT
- Course
- Institution
CONNECTICUT REAL ESTATE EXAM WITH COMPLETE SOLUTIONS LATEST UPDATE 100% CORRECT...
[Show more]
Content preview
CONNECTICUT REAL ESTATE EXAM WITH COMPLETESOLUTIONS LATEST UPDATE 100% CORRECT
D. Anyone can buy, sell, rent, or build their own homes without a license, but those who
construct and sell more than 4 dwellings within a year must be licensed or use a
licensed broker in the sales. - ANSWER For which of the following activities would a
person have to be licensed as a real estate salesperson or broker? A. To build homes B.
To purchase a residence for one's own use C. Selling one's own property D. Selling 30
newly constructed homes in a popular subdivision
D. Commingling escrow funds with personal funds is a ground for revocation of the
salesperson's license. - ANSWER The license of a salesperson can be revoked under
which of the following circumstances? A. She obtains an exclusive-right-to-sell listing
contract from sellers. B. She sells her principal residence without the use of a broker. C.
She acts as a buyer's agent in a transaction after making a disclosure about agency
relationships. D. She deposits a buyer's earnest money deposit into her personal
savings account.
C. One must identify oneself as a licensees in advertisements is a requirement;
therefore, such would not lead to the revocation of a salespersons license, while being
adjudged mentally incompetent, aiding somebody in obtaining a license by cheating on
an examination, and giving a For Sale sign in some location without an owners consent
are all just causes for revocation of the salesperson's license. ANSWER Which of the
following actions on the part of the licensee is NOT a violation of the li-cense law? A.
Placing a For Sale sign prior to obtaining the owner's consent B. Relying on a co-worker
to obtain the licensure examination by illegal means C. Placing a newspaper ad that
indicates the person is a licensee D. Being adjudged mentally incompetent
D. A broker may not post a For Sale sign without permission so Myra is fol- lowing the
license law. Brokers are not allowed to solicit information or offer employ- ment at a
testing site, to use a promotion involving a game of chance, or to encourage client
decision-making based on religious grounds. - ANSWER All of the following are
violations of the license law EXCEPT which one? A. Shawn Birk, a broker, hires
successful new licensees on location at a testing center. B. Amelia Lands, a licensed
salesperson, advertises an open house attendance prize drawing to attract visitors. C.
Wayne Janson counsels a seller not to accept an offer because the prospective
purchaser is an active Catholic. D. Myra Wells places a For Sale sign on the Lohmans'
,property once she has written permission to do so.
A. All advertising must be issued in the sponsoring broker's name, but the licensee need
not specify street address or license information, including license number, year li-
censed, or license expiration date. - ANSWER What information must appear in a real
estate salesperson's directory listing along with his name? A. Roy Walters, Real Estate
Salesperson, Residential Property Specialist. Sponsoring bro-ker: Willie James. B. Roy
Walters, Real Estate Salesperson, Residential Property Specialist. 505 Waters St., Suite
B. C. Roy Walters, Real Estate Salesperson, Residential Property Specialist. Licensed
since January 1999. D. Roy Walters, Real Estate Salesperson, Residential Property
Specialist. License valid through October 31 of current year.
B. All advertising must include the name of the employing broker. The licensee is not
required to include her address or name the property owner, but having nothing more
than a phone number would be a blind ad and is not allowed. - ANSWER Real estate
licensees are required to include which of the following when advertising real estate? A.
The licensees' phone number and street address B. The name of a licensed real estate
broker C. The property owner's name and address D. No more than a telephone number
to call for information
D. Brokerage web sites shall have the brokerage name, office address and states of
licensure on each screen of the web site. - ANSWER What is the specific content that is
required for a web site created by a broker's office? A. There is nothing that governs the
content of web sites for brokerage offices. B. The names of active licensees employed
by the broker must be included. C. Disclosures about agency relationships must appear
on the home page in a prominent manner. D. The name and addresses of the office
along with any states in which the brokerage holds licenses must be provided.
A. Client vs. customer-what's the diff'rence?. Unless otherwise provided in an
agreement, licensees represent one party to a transaction. In this case, the customer is
the buyer, and it is the obligation of the licensee to negotiate a purchase in the best
interests of that party, not one that is most fair to both parties. - ANSWER A real estate
licensee has a buyer agency agreement. Which of the following is correct with regard to
the seller in this situation? A. A) a customer B) a client C) a fiduciary D) an agent
B. Options are typically concerned with only two factors: time and price. Whatever the
parties agree to in those regards defines the terms of the option and the obligations of
the parties. - ANSWER An optionor and an optionee enter a contract for an option on a
commercial piece of property. If the optionee decides to exercise his option, when must
he perform? A. He must exercise his option within 6 months under state law. B. He must
exercise his option under the terms of the option contract. C. He must exercise his
option under the terms of the option contract. D. He can exercise his option whenever
he wants.
,D. The law requires reasonable accommodation--such as allowing a guide dog for a
blind person even if there's a no pets policy. However that does not mean all rules are
suspended. Noise, safety, and use of premises policies may still be enforced. - ANSWER
When can a landlord evict a disabled blind or disabled tenant from the premises? A. A. If
tenant adopts a dog, but the apartment complex does not allow pets B. If tenant
requests a handicapped parking spot C. If tenant makes improvements to his unit at his
own expense D. If tenant has loud parties and is too noisy
A. No relationship because each broker represents different sides of transaction. -
ANSWER Broker Carr, with ABC Real Estate Company, listed the property with a seller.
Broker Smith, with XYZ Real Estate Company, called Broker Carr, and disclosed that he
was a Buyer Agent. Broker Smith wrote a contract with a buyer for the sale of the
property. What, if any, is the relationship between the buyer's broker, the seller and the
listing broker? A. There is no relationship between the parties. Broker Carr represents
the Seller and Broker Smith represents the Buyer. B. customer C. agency D. dual
agency
D. Since there were no contingency clauses, and no restrictive covenants of record. In
that the buyer cannot secure a change of zoning, the contract is perfectly valid as
stands and is enforceable between the parties. - ANSWER A purchaser of real estate did
not disclose to the seller his proposed use of the property. The contract does not have
any contingencies and is a properly executed contract. After the closing the buyer
cannot obtain the zoning necessary for his commercial venture. What is the contract
now? A. void B. voidable C. breach D. enforceable
A. The seller would be in debt, and the buyer in receipt due to the taxes owed by the
seller. $2,500 divided by 365 is $6.849315 times the actual days of 165 is $1,130.14. -
ANSWER The seller and the buyer finally agreed to a purchase price of $203,500 with
the closing to occur on June 15, 2011. The taxes for the year 2011 in the amount of
$2,500 have not been paid by the seller. (Taxes are paid in arrears). How much would
the tax proration amount to, and how would it appear on a full settlement statement?
Assume a year of 365 days, and that the buyer pays for the day of settlement. A.
$1,130.14 debit the seller and credit the buyer B. $1,130.14 debit the buyer and credit
the seller C. $2,500 credit the seller and debit the buyer D. Nothing. The seller does not
owe since the buyer is buying
B. Listing contracts list the terms and conditions under which a broker will sell a
property for his or her client. Once the closing has occurred, the terms of the contract
, have been met and it automatically expires. - ANSWER A seller listed his home for six
months on February 26. On April 29, a buyer made an offer on the property. The listing
broker presented the offer to the seller on April 30. The seller accepted the offer on May
1, with the closing to take place on June 15. Assuming the clos- ing took place on June
15, when did the listing expire? A. 26-May-04 B. 15-Jun-04 C. 26-Aug-04 D. 15-Dec-04
D. Commissions are paid based on actual selling price, not the price at which the
property is listed. Also, the broker is representing the sellers in this transaction so the
commission is debited on the seller's side of the account ledger. - SOLUTION The sellers
listed their property on February 26 for six months for $104,500. They agreed to pay the
listing broker a 7% commission at closing on the agreed upon sale price. A buyer made
an offer on the property on March 29 for $102,000. The seller counter offered on April 1
for $103,500, which the buyer accepted with closing to be on June 15. How much
commission was due the seller to the listing broker, and how would it be shown on the
settlement statement? A. $3,622.50. Debit the seller. B. $7,140. Credit the seller. C.
$7,315. Debit the seller. D. $7,245. Debit the seller.
D. Although many types of loans can become more complex in their calculations of
remaining principal and interest at a particular point in time, in this case the interest
portion of the payment is simply calculated by multiplying $39,440 by 10% and dividing
by twelve. That results in monthly interest of $328.66, with half that amount, or $164.33
added to the principal payment at closing. - ANSWER The seller and the buyer agreed to
a purchase price of $103,500 with the closing to occur on June 15. The seller's loan
balance after the June 1 payment was $39,440. with an interest rate of 10%.The monthly
payment was $440 principal and interest. What was the loan balance the day of closing,
and how much interest did the seller owe the bank? A. loan balance $39,440; interest
due $10,350 B. loan balance $39,000; interest due $3,944 C. loan balance $39,000;
interest due $862.50 D. loan balance $39,440; interest due $164.33
D. Mortgage monies are credited to the buyer's side of the ledger as a part of those
monies that he or she will receive to close the transaction. Once all the funds have been
ac- counted for, the monies (less appropriate deductions) transfer to the seller. -
ANSWER The buyer and seller agreed to a purchase price of $103,500. The buyer
received an 80% loan. How much was the buyer's loan and how did it appear on the
settlement state- ment? A. $103,500. Credit the buyer and debit the seller. B. $100,000.
Charge both the seller and the buyer. C. $ 95,000. Credit both the seller and the buyer.
D. $ 82,800. Credit the buyer only.
C. Because there was agreement and SIGNED documents were provided on TUESDAY,
Friday midnight ends the THREE-business-day period - ANSWER A home improvement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Easton. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now