National Principles
73%of exam
OwnershipValuationFinanceContractsNational Picker
CT Licensing
9%of exam
CT Agency
9%of exam
CT Practice
5%of exam
CT Property
4%of exam
Quick Facts
- Questions
- 110 scored
- National
- 80 questions
- State
- 30 questions
- Time
- 165 min
- Pass
- 70% each
- Course
- 60 hours
- Age
- 18 minimum
- Provider
- PSI
- Exam fee
- $59
- Application
- $80
National Core
- Fee simple
- Largest estate
- Life estate
- Lifetime ownership
- Easement
- Use right
- Encumbrance
- Title burden
- Fixture
- Attached personalty
- Appurtenant
- Runs with land
- Police power
- Zoning authority
- Eminent domain
- Public taking
National Math
- Proration
- Allocate by days
- Commission
- Price times rate
- LTV
- Loan over value
- Interest
- Principal times rate
- Mill
- One per thousand
- Area
- Length times width
- Acre
- 43,560 sq ft
- Net
- Gross minus costs
Exam Split
80 national | 30 state | 70 each
120 minutes45 minutesPSIRetake failed part
DCP vs Commission
DCP
- Administers licensing
- Processes applications
- Investigates complaints
Commission
- Sets standards
- Hears discipline
- Advises rules
Agency vs board
License Picker
- Need exam approval→DCP application($80)
- Schedule test→PSI($59)
- Fail one part→Retake part
- Pass both parts→Activate license
- Need practice→CT broker
- Eligibility expires→Reapply PSI
Exam Facts
- National
- 80 scored
- State
- 30 scored
- Pretest
- 5-10 unscored
- General time
- 120 minutes
- State time
- 45 minutes
- Pass mark
- 70% each
- Score report
- Immediate results
- Retest
- Failed portion
Commission Eight
3 brokers, 2 salespersons, 3 public
Eight totalGovernor appointsDistrict representationParty limit
Salesperson vs Broker
Salesperson
- Must affiliate
- Broker supervises
- Paid through broker
Broker
- May supervise
- Maintains escrow
- Responsible for acts
Supervised vs supervising
Licensing
- Minimum age
- 18 years
- Prelicense
- 60-hour PNP
- Exam approval
- Required first
- Eligibility
- One year
- Activation
- Two years
- Supervision
- CT broker
- Application fee
- $80
- License fee
- $590
Commission
- Agency
- DCP
- Members
- Eight total
- Brokers
- Three members
- Salespersons
- Two members
- Public
- Three members
- Appointed by
- Governor
- Districts
- One each
- Party cap
- Bare majority
Renewal + CE
- Expiration
- May 31 even
- Cycle
- Two years
- CE hours
- 12 total
- Mandatory
- 3-hour law
- Electives
- 9 hours
- CE exam
- 40 questions
- Proof
- Retain 4 years
- Waiver
- Hardship only
Agency First
First meeting: forms before secrets
Prospect disclosureFair housingNo confidencesWritten consent
Dual vs Designated
Dual
- Broker both sides
- Written consent
- Limited loyalty
Designated
- Separate agents
- Broker remains dual
- Written notice
One broker; split agents
Agency Picker
- First personal meeting→Prospect disclosure
- Party asks client→Client disclosure
- Represent both sides→Dual consent
- Separate agents→Designated notice
- Residential party→Fair housing info
- No representation→Unrepresented form
Agency Forms
- Prospect form
- First meeting
- Client identity
- Upon request
- Fair housing
- Residential parties
- Confidentiality
- Before agreement
- Dual consent
- Written agreement
- Designated notice
- Written consent
- Electronic delivery
- Allowed
- Subagency
- Prohibited
Client vs Prospect
Client
- Representation agreement
- Fiduciary duties
- Confidentiality owed
Prospect
- Considering representation
- Disclosure first
- No secrets yet
Agreement creates agency
Agency Duties
- Loyalty
- Client first
- Obedience
- Lawful instructions
- Disclosure
- Material facts
- Confidentiality
- Protected information
- Accounting
- Track funds
- Reasonable care
- Competent service
- Offers
- Present promptly
- Compensation
- Through broker
Commingling vs Conversion
Commingling
- Funds mixed
- Escrow violation
- May be accidental
Conversion
- Funds used
- Unauthorized purpose
- More severe
Mixing vs taking
Practice Picker
- Receive deposit→Broker escrow
- Keep contracts→Seven years
- Broker dies→Custodial broker
- Language help→Interpreter form
- Team transfers→14-day update
- Out-state referral→Pay referral
Escrow + Records
- Trust funds
- Broker escrow
- Salesperson
- Turn over funds
- Commingling
- Prohibited mixing
- Conversion
- Unauthorized use
- Records
- Seven years
- Electronic files
- Required unless impractical
- DCP review
- Immediate access
- Leasing contracts
- Seven years
Practice Rules
- Associate broker
- Supervised broker
- Leasing agent
- 50-unit complex
- Team change
- 14-day update
- Interpreter
- Signed statement
- Custodial broker
- 180 days
- Referral
- Out-of-state allowed
- Advertising
- Broker identified
- No license
- Criminal offense
Discipline
- Reprimand
- Formal warning
- Suspension
- Temporary loss
- Revocation
- License ended
- Fine
- Civil penalty
- Probation
- Conditional practice
- Guaranty fund
- Consumer recovery
- Judgment first
- Fund prerequisite
- Repayment
- Reinstatement condition
CT Tax
Record locally; tax splits state/local
Town clerk0.75% state0.25% municipalGrantor pays
Condition Report vs Warranty
Condition report
- Seller knowledge
- Required disclosure
- Inspection aid
Warranty
- Guarantee promise
- Creates liability
- Not the report
Disclosure not guarantee
Property Picker
- Record deed→Town clerk
- Compute assessment→70% value
- Compute base tax→0.75% state
- Add local tax→Municipal tax
- Known defect→Disclose fact
- Common-interest sale→CIOA docs
CT Closing
- Closing
- Attorney customary
- Recording
- Town clerk
- Counties
- No recording
- Deed tax
- At recording
- State tax
- 0.75% base
- High tier
- 1.25% over
- Municipal tax
- 0.25% base
- Grantor
- Usually pays
State vs Municipal Tax
State tax
- DRS receives
- 0.75% base
- Tiered rates
Municipal tax
- Town receives
- 0.25% base
- Local recording
Two conveyance layers
Property Law
- Assessment
- 70% value
- Revaluation
- At least five
- Mill rate
- Tax per thousand
- Condition report
- Seller disclosure
- Broker duty
- Material facts
- Report
- Not warranty
- Inspections
- Still needed
- CIOA
- Common interests
Common Traps
Exam fee
Application is $80 ≠ Exam is $59
Commission size
Eight members ≠ Not nine
Eligibility timer
Eligibility one year ≠ Activation two years
Agency timing
Disclose first meeting ≠ Not after offer
Dual agency
Consent required ≠ Silence insufficient
Escrow control
Broker holds funds ≠ Salesperson does not
Recording office
Town clerk records ≠ County does not
Condition report
Disclosure only ≠ Not inspection substitute
Last Minute
- 1.80 national; 30 state
- 2.Pass: 70% each
- 3.Time: 120 plus 45
- 4.Course: 60-hour PNP
- 5.Commission: 3-2-3
- 6.DCP administers licensing
- 7.Salesperson needs broker
- 8.CE: 12 every cycle
- 9.Disclosure before confidences
- 10.Dual agency needs consent
- 11.Escrow belongs to broker
- 12.Records kept seven years
- 13.Town clerk records deeds
- 14.Assessment equals 70%
- 15.Condition report not warranty
Pre-licensing on Colibri
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