Exam (elaborations)
CT Real Estate Practice & Law Q&A 2024
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CT Real Estate Practice & Law Q&A 2024
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CT REALESTATE PRACTICE
& LAW
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 the owner takes, obtains, or
regains an open and continuous control and possession of the property for
15 years
The Connecticut Department of consumer protection requires that land surveyors
Be licensed by the Department of consumer protection, division of land surveyors and
professional engineers
Resale documents must be furnished to the buyer or his or her attorney before the
closing or transfer of possession. The buyers right to cancel the purchase contract is
how many days after the resale documents have been hand-delivered?
,5 business days, 7 for certified mail
The common interest ownership act regulates common interest properties. Which best
describes the properties governed by this act?
PUD (planned unit developments) condominiums and cooperatives
A couple were married on July 4, 2007. Both individually owned a condominium prior to
their marriage in their own name. They decided to keep the condominium unit separate.
Once they are married in Connecticut, their former properties will will
Remain separate interests
Questions about boundaries in Connecticut are resolved by
The superior Court, a committee, and possibly a land surveyor
Legal descriptions of property in Connecticut predominantly follow the
Metes-and-bounds method
In cases of involuntary partition the owners are advised to
Petition the Superior Court for equitable relief
Sellers can obtain condominium resale disclosure documents from
Association
If there is a physical division of co-owned real estate, committees are appointed by the
courts, partitions cannot always be fair and equitable
Involuntary partition action
When a unit owner request a resale certificate from the association in writing, it must be
provided within how many business days, and what kind association charge for the
resale certificate?
10 days $125 plus 5 cents per page
Connecticut license laws provide that licensed brokers may not accept a listing that is
based on a
Net price
Under Connecticut licensing laws, brokers and agents have to disclose a present or
contemplated interest in a property listed with them if they are
Contemplating purchasing the property
Sharon buyer called agent Michael to view his listing on Monroe Street. Sharon does
not have an agent. Michael provides a written agency disclosure notice to Sharon
stating that he represents the seller.
, Agency agreement not required
A buyer finds and purchases a for sale by owner home. A broker states entitlement to a
brokerage fee. For this to be the case, the buyer would have entered into which type of
buyer broker agreement with the broker?
Exclusive agency right to represent the buyer
Give buyer info on licensees firm, provide buyer info on mortgage rates and lending
institutions, show buyer in house listings
Without a written buyer agency agreement
The Connecticut common interest ownership act dictates that legally sufficient
description of a common interest ownership unit must contain all of the following
Recording date, name of community, unit number
Real property taxes are ad valorem (based on value) Taxes levied by
Local municipalities
Connecticut requires the values placed on all properties be based on their
Market value
Connecticut law requires towns to revalue properties every___ Years by physical
observation or statistical analysis. Physical inspection is required every___ years
5, 10
Taxes are a lien on the property
From the date of assessment
Connecticut statutes Generally hold tax liens to a ___ year maximum. To be valid, tax
liens must be recorded by the agency levying the tax within two years from the due
date.
15
State conveyance taxes and municipal conveyance taxes are
Based on a percentage of the selling price
The Connecticut statute of frauds requires that all contracts affecting real estate must
be in writing to be enforceable. All contracts over how much money must be in writing?
500$
Real estate contracts must contain the basic legal elements to be enforceable. These
include legally competent parties, offer and acceptance, legality of object, and
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