CT Real Estate Licensing Practice Exam Flashcards

CT Real Estate Licensing Practice Exam Flashcards 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.

• an option contract.

An environmental impact statement typically describes the

effects of a proposed project on factors such as:1. public

health and safety.2. zoning regulations.3. highest and best use of the land.4. mapping requirements.

• public health and safety.

A landlord may legally refuse to rent to a prospective tenant

if the tenant:1. has a history of serious mental illness.2. is

unable to live alone without assistance.3. has ever been convicted of using illegal drugs.4. has ever been convicted of selling illegal drugs.

• has ever been convicted of selling illegal drugs.

Building codes are:1. created to establish zoning in a

neighborhood.2. ordinances that specify construction standards.3. established in each neighborhood or development.4. set up to hear complaints about effects of zoning ordinances.

• ordinances that specify construction standards.

An appraiser MUST be licensed or certified to handle Federally related work on residential property valued at

more than:1. $100,000.2. $250,000.3. $500,000.4.

$1,000,000.

2. $250,000.

A realty firm has just entered into an agreement to represent a home builder in the sale of a new subdivision.The firm has located several potential buyers and five homes have been sold to purchasers that the firm's agents have contacted. The realty firm has an agency relationship

with:1. the builder.2. the buyers.3. the builder and the

buyers.4. neither the builder nor the buyers.

• the builder.

Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are

controlled by the state under the doctrine of:1. eminent

domain.2. prior appropriation.3. express reservation.4.avulsion.

• prior appropriation.

An example of a contract terminated due to inability to perform would be one in which the1. 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.

• seller had contracted for sale of the entire property

without the knowledge or consent of the other joint tenant.

The main difference between tenancy in common and joint tenancy is that with tenancy in common, when a co-owner dies,1. his undivided interest passes to his heirs.2. the last surviving owner holds title in severalty.3. his undivided interest passes to the surviving co-owners.4. the principle of the right to survivorship determines the rights of the surviving co-owners.

• his undivided interest passes to his heirs.

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.

• an exclusive agency listing.

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.

• misrepresentation.

A tenant rented an apartment, signing a 15-month lease.After the lease expired, the tenant paid 1 month's rent and got a receipt. What kind of leasehold does the tenant have?1. Gross lease.2. Proprietary lease.3. Tenancy at sufferance.4. Tenancy at will.

• Tenancy at will.

A salesperson qualified a minority couple with two children and defined their price range as between $110,000 and $120,000 for the three-bedroom house they wanted. They asked to look at two listings in a nonminority neighborhood.The salesperson did not show them the properties because they were priced under $90,000 and had only two small bedrooms. Did the salesperson act appropriately and why or why not?1. Yes, because they were overqualified for the homes they had requested to see.2. Yes, because it is the salesperson's job to tailor the properties shown to the needs of the buyer.3. No, because it is appropriate to show any property for which the buyer is qualified.4. No, because the presence of children requires granting occupancy if they desire it.

• No, because it is appropriate to show any property for

which the buyer is qualified.A broker has signed a listing contract for the sale of a home. Which of the following could make this contract voidable?1. The seller cannot write and sign with an "X".2.

The listing contract specifies that no other broker may show the house.3. The seller is heavily under the influence of alcohol at the time of signing.4. The listing contract specifies that a commission will be paid only if the house is sold within 3 weeks.

• The seller is heavily under the influence of alcohol at the

time of signing.