Connecticut PSI Practice Questions Part 1 Flashcards

Connecticut PSI Practice Questions Part 1 Flashcards Under Connecticut law, real estate brokers are required to retain certain brokerage records such as offers and counteroffers drafted by the brokers office, contracts, leases, agency agreements and disclosures, escrow and trust account check , and bank statements. These records

must be kept:(a) Ten years(b) Indefinitely by the broker(c)

Five years(d) Seven years Under Connecticut law, real estate brokers are required to retain certain brokerage records such as offers and counteroffers drafted by the brokers office, contracts, leases, agency agreements and disclosures, escrow and trust account check , and bank statements. These records

must be kept:(d) Seven years- Records must be kept for

seven years. Records include transactions that did not close and buyer agency agreements where the buyer never purchased.Jake, a licensed real estate salesperson, intends to have his clients come to him to obtain a first mortgage. Jake

MUST:(a) Receive a secondary license from the banking

commission(b) Obtain licenses for his whole office(c) Hold a first mortgage broker's license(d) Not sell mortgages Jake, a licensed real estate salesperson, intends to have his clients come to him to obtain a first mortgage. Jake

MUST:(c) Hold a first mortgage broker's license- A

mortgage broker is defined as a person who for a fee or other valuable consideration negotiates, solicits, arranges, places, or finds a first mortgage loan that is to be made by the mortgage lender. Salespersons and brokers cannot act as a mortgage brokers without being licensed.The time required for acquisition of prospective easements

is:(a) 10 years(b) 5 years(c) 15 years(d) 20 years

The time required for acquisition of prospective easements

is:(c) 15 years- The time required for perspective

easements is 15 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:(a) 15 years(b)

23 months(c) 10 years(d) 25 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:(a) 15 years- An

easement by prescription may be extinguished if the owner of the property on which the easement has been takes, obtains, or regains open and continuous control and possession of the property for the prescriptive period of 15 years.Connecticut requires certain elements in a deed to convey

title. Connecticut does NOT require:(a) Deed signed by

grantee(b) Deed in writing(c) Acknowledgment by the grantor to be his or her free act and deed(d) Deed signed by two witnesses Connecticut requires certain elements in a deed to convey

title. Connecticut does NOT require:(a) Deed signed by

grantee- Deed must be signed by the grantor (seller). A deed is not signed by the grantee (buyer).A couple sold their home in East Haven for $650,000. How much do they owe in municipal and state conveyance taxes?(a) $715(b) $4,750(c) $6,650(d) $6,500 A couple sold their home in East Haven for $650,000. How much do they owe in municipal and state conveyance taxes?(d) $6,500- Municipal conveyance tax $650,000 x .0025= $125,000. State conveyance tax ($650,000 x

.0075= $4,875)$1,625 = $4,875 = $6,500.

The Commission is made up of eight members:(a)

Governor, four persons in real estate (two licensed brokers, two licensed salespersons), three members of the public(b)

Five real estate brokers and three license salespersons(c) Four real estate brokers and four licensed salesperson(d) Five in real estate ( three licensed brokers, two licensed salesperson, and three members of the general public.

The Commission is made up of eight members:(d) Five in

real estate ( three licensed brokers, two licensed salesperson, and three members of the general public.-

The Connecticut Real Estate Commission is made up of

eight members: Five members must be in real estate (

three licensed brokers, two licensed salesperson) and three members of the general public.The Connecticut General Statutes require all municipalities

to have a(an):(a) Inland wetlands commission(b) Town

government-controlled zoning commission(c) Planned united development commission(d) State-run village district The Connecticut General Statutes require all municipalities

to have a(an):(a) Inland wetlands commission- The

Connecticut General Statutes require all municipalities to have an inland wetlands commission to establish boundaries of inland wetlands and watercourses within the municipality.Connecticut law requires towns to revalue properties ever ____ years by physical observation or statistical analysis.

Physical inspection is required every ___ years:(a) 10; 5(b)

5; 12(c) 5; 10(d) 7; 10 Connecticut law requires towns to revalue properties ever ____ years by physical observation or statistical analysis.

Physical inspection is required every ___ years:(c) 5; 10-

Connecticut law requires five-year real estate valuation and a physical inspection every ten years.Escrow funds must be deposited within ____ days or the

broker will be fined up to _____:(a) Three banking days,

$2,000(b) Three days, $2,500(c) Five banking days, $500(d) Five days, $2,000 Escrow funds must be deposited within ____ days or the

broker will be fined up to _____:(a) Three banking days,

$2,000- Connecticut statues that all escrow funds must be deposited within three banking days into an escrow account. Fines can be up to $2,000 and six months in jail.Connecticut licensing law requires that in order to sit for the state exam and obtain a real estate broker's license, the candidate must successfully complete from an approved

school:(a) 30 hours of principles and practices, 6 hours of

appraisal, and 30 hours of other real estate coursework.(b) 60 hours of principals and practices, 12 hours of appraisal, and 30 hours of other real estate coursework(c) 45 hours of principles and practices, 30 hours of appraisal, and 30 hours of other real estate coursework(d) 60 hours of principles and practices, 30 hours of appraisal and 30 hours of other real estate coursework Connecticut licensing law requires that in order to sit for the state exam and obtain a real estate broker's license, the candidate must successfully complete from an approved

school:(d) 60 hours of principles and practices, 30 hours of

appraisal and 30 hours of other real estate coursework- In order to sit for the broker's exam in Connecticut, the salesperson must have successfully completed 60 hours of principles and practices, 30 hours of appraisal and 30 hours of other real estate classwork.Real estate contracts must contain the basic legal elements to be enforceable. These include legally competent parties,

offer and acceptance, legality of object and:(a) No

Consideration(b) A minimum of 5% down(c) Equal consideration(d) Valid consideration Real estate contracts must contain the basic legal elements to be enforceable. These include legally competent parties,

offer and acceptance, legality of object and:(d) Valid

consideration- Valid consideration is necessary for a real estate contract to be valid and enforceable.Mike is advertising resort property in North Carolina for sale. He is advertising in the Hartford Courant and the New Haven Register. In compliance with the Connecticut

Interstate Land Sales Act, he must register with the:(a)

Real Estate Commission(b) Connecticut Department of Consumer Protection(c) Connecticut Secretary of State(d) Real Estate Commission and the Connecticut Secretary of State Mike is advertising resort property in North Carolina for sale. He is advertising in the Hartford Courant and the New Haven Register. In compliance with the Connecticut

Interstate Land Sales Act, he must register with the:(d)

Real Estate Commission and the Connecticut Secretary of State-Mike must register with both the Secretary of State and the Real Estate Commission unless he/she registers with the Federal Office of Interstate Land Sales.

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 units separate. Once they are married in Connecticut, their

former properties will:(a) Be owned as tenancy by the

entirety(b) Be owned with survivorship(c) Become community property(d) Remain as separate interests 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 units separate. Once they are married in Connecticut, their

former properties will:(d) Remain as separate

interests-After their marriage, the couple's individual properties owned prior to their marriage would remain as separate interests.The maximum compensation that can paid from the Real Estate Guaranty Fund is _______, and the fund cannot exceed ______(a) $25,000, $500,000(b) $50,000, $250,000(c) $35,000, $250,000(d) $35,000, $500,000 The maximum compensation that can paid from the Real Estate Guaranty Fund is _______, and the fund cannot exceed ______(a) $25,000, $500,000- The Real Estate Guaranty Fund cannot exceed $500,000 and the maximum allowed per claim is $25,000.In cases of involuntary partition, the owners are advised

to:(a) Attempt to resolve the matter since nothing can be

done(b) Sell his or her share to someone else(c) Petition the superior court for equitable relief(d) Petition the superior court for substantive relief In cases of involuntary partition, the owners are advised

to:(c) Petition the superior court for equitable relief- When a

petition the superior court for equitable relief.A buyer finds and purchases a for-sale-by-owner home. A broker states an 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?(a) Exclusive agency right to represent buyer(b) Open right to represent the buyer(c) Nonexclusive right to represent buyer(d) Universal agency right to represent buyer A buyer finds and purchases a for-sale-by-owner home. A broker states an 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?(a) Exclusive agency right to represent buyer- The buyer has most likely signed an exclusive agency agreement where the buyer is obligated to pay the buyer's broker and commission agreed on in the buyer agency agreement, regardless of how the buyer found the property.Persons claiming to be discriminated against have _____ days to file a complaint with the CHRO and can be awarded ______ in punitive damages.(a) One year, $50,000(b) Six months, $100,000(c) One year, $100,000(d) Six months, $50,000 Persons claiming to be discriminated against have _____ days to file a complaint with the CHRO and can be awarded ______ in punitive damages.(d) Six months, $50,000- The complaint must be filed within 180 days within the punitive damages being awarded for $50,000.A man meets a broker at a social gathering. The broker gives the man a card in the event the man's listed home expires from the market. The broker also suggests how he might break the agreement. Which is TRUE for the broker in this situation?(a) The broker has broken the licensing law(b) The broker lacked reasonable cause to interfere(c) The broker cannot solicit a property already listed(d) The broker was in her/his rights because she/he did not seek a property already listed A man meets a broker at a social gathering. The broker gives the man a card in the event the man's listed home expires from the market. The broker also suggests how he might break the agreement. Which is TRUE for the broker in this situation?(a) The broker has broken the licensing law- The broker broke the licensing law. Licensees cannot solicit properties already listed nor suggest hot to terminate the agreement.Farm, forest, and open space land is governed by a special conveyance tax in addition to the standard conveyance tax.If the grantor sells a property of this classification within the

first year, the penalty on the sale is:(a) Nothing because it