Real Estate Connecticut: Commission and Licensing Requirements

Real Estate Connecticut: Commission and Licensing Requirements

Flashcards No more than a $2,000 fine can be imposed for... 1. misrepresentation2. obtaining a license illegally3. a false promise of a character4. acting as an agent for multiple people in 1 transaction and not letting the parties in the transaction know this fact5. pretending to represent a real estate broker without their knowledge or your own broker6.failing to give back money that is not yours in a timely manner7. entering an EXCLUSIVE contract that has a termination date and automatic continuation date that go against each other8. failing to immediately give a copy of a contract to all parties9. Convicted in a court for forgery, embezzlement, obtaining money under false pretenses, larceny, extortion, conspiracy to defraud, etc.10. Collecting compensation for a service, upon your client asking, and then failing to show the accounting of where the money went.11. commingling funds with the realtors own funds12.failing to keep funds of others in an escrow or trustee account13. conduct that is dishonest, fraudulent, or improper14. failing to provide the disclosure by section 20-325c15. to either refuse or intentionally fail to refer a homebuyer to a lender or mortgage broker who uses an appraiser whose appraisal is less than the sale contract price what is a real estate broker?a salesperson + ability to act as a principal or sole proprietor in a real estate firm how much is the salesperson renewal fee? $285 in even years$293 in odd years how often do licenses expire?annually what is the Real Estate Guaranty Fund?A fund for people who got F U C K ED over by realtors.A licensee is subject to what once judgment starts?- licensee revocation- no reinstatement until debt is paid, even if licensee files for bankruptcy where does the money from the fines go?Real Estate Guaranty Fund What is the purpose of the Department of Consumer Protection?granting licenses "only to persons...competent to transact the business of real estate...in such a manners to safeguard the interests of the public...and with due regard to the paramount interests of the public" if a licensee does not renew his license and it expires can it be reinstated?Yes for 2 years, you have to pay the renewal fee though what activities require a real estate license? Broadly: engaging in the real estate businessSpecifically....1. hosting open houses (or passing stuff out)2. showing property3. answering questions on real estate4. contacting brokers in regard to negotiations or

transaction5. explaining a contract or any real estate document (could be a listing)6. being paid commission7.negotiating commission or referral fee on behalf of a realtor8. placing calls in regard to real estate9. attending inspections or pre-closing walkthroughs without a licensee What can the CT Real Estate Commission REQUEST the Department of Consumer Protection to do?Investigate the actions of a real estate broker or salesperson

What makes a state a reciprocal of CT?if it has similar or higher requirements compared to CT how long do you have to file for compensation after the incident in the Real Estate Guaranty Fund?

• years

how much is broker renewal fee?$375 in even years$383 in odd years what is a nonresident/reciprocal licensee? a salesperson or broker with a license from another reciprocal state how much does the Real Estate Guaranty Fund compensate you for?$25k per transaction, NOT per party What important federal department does the CT Real Estate Commission operate under?Department of Consumer Protection license renewal for brokers in even years requires what?12 hours of continuing education (3= CT real estate fiduciary Agent Duties Review and Law Update... 9= approved real estate elective) coursesor40 question test on PSI What must you do to qualify to be a real estate salesperson?

• 18 years old- have a reputation for honesty, truthfulness,

and fair dealing- be able to transact the business of real estate in the interests of the public- not have a licensee revoked in another state within a year of applying in CT- complete 60 hour course- complete application and pay license fee within two years of the date of passing the examination If you are being investigated by the Department of Consumer Protection or CT Real Estate Commission, what must you do?Cooperate with investigation and do not lie to investigation or hearing How many commissioners are in the CT Real Estate Commission?8 Can the CT Real Estate Commission revoke a license or impose a fine if the person in question has not be notified or had a hearing?No what must an application to the Real Estate Guaranty Fund have?

• valid judgement in a superior court- the judgment amount

must remain unsatisfied Why did CT create a Real Estate Commission? For administrative power and duties, like licensure What are some powers of the CT Real Estate Commission- Request the Department of Consumer Protection to investigate the actions of a real estate broker or salesperson- determining whether or not provisions of the license law have been violated- determining appropriate penalties or fines What is a real estate sales person?a person affiliated with any real estate broker as an independent contractor or employed by a real estate broker Does the CT Real Estate Commission have the power to act as a board of arbitration to consider and decide any dispute over commissions arising between a broker or salesperson?

YES license renewal for salesperson in even years requires what?12 hours of continuing education (3= CT real estate fiduciary Agent Duties Review and Law Update... 9=

approved real estate elective)or40 question test on PSI