Real Estate CT: specific principles and practices Flashcards

Real Estate CT: specific principles and practices Flashcards

If there is a transaction without a lawyer, what happens to the deed and where does it go record it with the town What does the CT Landlord and Tenant Act cover everything but commercial, medical, educational, fraternal, hotels, motels.The Uniform Property Condition Disclosure Act requires the seller to provide the buyer with...Residential Property Condition Disclosure Report prior to any execution of sale and it must be signed by both parties If the Residential Property Condition Disclosure Report is not given, what is the fine?$500 conveyance tax rate (residential).75% goes to state.25% goes to municipality how long is adverse possession / prescriptive easement in CT 15 years conveyance taxtax imposed for the transfer of real property on seller exception to conveyance taxproperty is worth less than $2000 what are the exceptions to giving out the Residential Property Condition Disclosure Report

• Divorce2. Foreclosure3. co-owner to co-owner4. newly

constructed residential propertyproperty acquired by judgment what is different in CT in regard to joint tenantsthey can have an unequal interest what conditions happen when there is an annual adjustment

• must continue with annual adjustments for that 5 year

cycle2. annual adjustment capped at 5 percent3. can be made to specific geographic areas4. no mailing of a written notice of assessment increase Can you evict someone without court order NO conveyance tax rate for properties worth over $800,0001.25% for the portion over $800,000.75% for the rest when does a joint tenant become a tenant in commonDuring divorce who fills out the Residential Property Condition Disclosure Report the seller. NOT the seller's agent what is a mass appraisal?an assessment of every property within a municipality's borders, happens every 5 years starting on October 1st where is the mass appraisal recordedthe Grand List if you change your name, how long do you have to update the town files 60 days What is described in the Residential Property Condition Disclosure Report basic system like heat and water conveyance tax rate (commercial)1.25% goes to state.25% goes to municipality what is the exception to hotels and motels for the CT Landlord and Tenant Act its the main home of the occupant or occupancy has been more that 30 days