Free CT Real Estate Exam Flashcards

The greatest estate in land—ownership of indefinite duration with full rights to use, transfer, and devise. All lesser estates (life estates, leaseholds) are measured against this complete ownership interest.

An ownership interest lasting only for the life of a named person. The life tenant may use the property but cannot commit waste; on the measuring life's death, title passes to the remainderman or reverts to the grantor.

Joint tenancy carries the right of survivorship—a deceased owner's share goes to surviving joint tenants. Tenancy in common has no survivorship and allows unequal, separately inheritable shares.

A right to use neighboring land that benefits the dominant tenement and burdens the servient tenement. It runs with the land and transfers automatically, unlike an easement in gross, which belongs to a person or company.

A method of acquiring title by open, notorious, hostile, exclusive, and continuous use. Connecticut requires 15 years of continuous use under CGS § 52-575; the same period applies to prescriptive easements.

A non-possessory claim or restriction affecting title—mortgages, tax liens, easements, or deed restrictions. Encumbrances do not block transfer but reduce marketability and must be addressed at closing or disclosed.

A written employment contract between seller and broker. An exclusive right-to-sell listing earns the broker a commission regardless of who sells; an open listing pays only the broker who procures the buyer.

Duties an agent owes a client: loyalty, obedience, disclosure, confidentiality, accounting, and reasonable care. Confidentiality survives the end of the agency relationship.

Connecticut's statute governing agency disclosure. As of December 27, 2024, updated disclosure forms are required for all agency relationships, clarifying disclosure timing and the scope of designated agency obligations.

Representing both buyer and seller in one transaction. Connecticut permits it only with written informed consent from both parties; the dual agent must stay neutral and protect each party's confidential information.

A broker appoints separate salespersons within the firm to represent the buyer and the seller. This allows each party individualized representation while the brokerage handles both sides of the deal.

A Connecticut licensee must present all written offers to the client promptly, even after an offer is accepted, unless the client has instructed otherwise in writing. Withholding offers breaches the duty of loyalty.

Unlicensed assistants may perform clerical and administrative tasks but cannot negotiate, show property to prospects, discuss terms, or perform any activity requiring a license. Doing so exposes the supervising broker to discipline.

An 8-member body (3 brokers, 2 salespersons, 3 public members) operating under the Department of Consumer Protection. It adopts regulations, sets exam policy, and oversees licensee discipline.

Connecticut requires a 60-hour Real Estate Principles and Practices course from a DCP-approved school before taking the salesperson exam, plus a minimum age of 18.

Connecticut administers its real estate exam through PSI Examination Services, not Pearson VUE. Knowing the correct test vendor is a commonly tested Connecticut-specific detail.

Connecticut salesperson licenses expire on May 31 of every even-numbered year. Renewal requires 12 hours of continuing education every 2 years, including a mandatory 3-hour legal/fair housing course.

A candidate who passes the exam must activate the license by affiliating with a Connecticut broker within 2 years. If not activated within that window, the candidate must retake the licensing exam.

A state fund that may reimburse consumers who win a judgment against a licensee for fraud or misrepresentation and cannot collect it. It protects the public, not the licensee, who must repay the fund.

A Connecticut salesperson must always work under the supervision of a licensed Connecticut broker. Commissions are paid through the employing broker; a salesperson cannot operate independently or accept compensation directly from a client.

Requires real estate sale contracts and leases over one year to be in writing and signed to be enforceable. An oral land-sale agreement generally cannot be enforced in court.

A good-faith deposit from the buyer, held in the broker's trust (escrow) account. Connecticut prohibits commingling these funds with the broker's operating money; disbursement follows the contract or written consent of both parties.

A condition (financing, inspection, appraisal) that must be met for the contract to close. If a contingency is not satisfied within its deadline, the protected party may cancel and typically recover the deposit.

An equitable remedy compelling a defaulting seller to complete the sale instead of paying damages, available because each parcel of real estate is treated as legally unique.

Connecticut requires a licensed Connecticut attorney to handle real estate closings, including title and document review. Salespersons must refer legal questions to the attorney and may not give legal advice.

Connecticut has no counties, so deeds, mortgages, and liens are recorded with the Town Clerk of the municipality where the property sits. Recording gives constructive notice and sets priority.

A two-part tax usually paid by the seller: 0.75% state (1.25% on the portion of certain residential sales over $800,000) plus 0.25% municipal—roughly 1% combined—remitted to the Town Clerk.

Connecticut assesses real property at 70% of fair market value (equalization ratio). Property tax bills apply the local mill rate to this assessed value; owners may challenge assessments at the Board of Assessment Appeals.

Connecticut foreclosures require court approval. The state also allows strict foreclosure, in which the court can transfer title directly to the lender without a foreclosure sale if the equity does not exceed the debt.

Connecticut sellers of residential 1-4 unit property must provide a Residential Property Condition Disclosure Report. A seller who does not deliver it owes the buyer a credit (commonly $500) at closing.

Splitting recurring charges—property taxes, association dues, prepaid items—between buyer and seller as of the closing date so each pays only for the period they own the property.

Connecticut's statute governing condominiums, cooperatives, and planned unit developments. It sets disclosure (resale certificate), governance, and budget rules for common interest communities.

Connecticut caps residential security deposits at 2 months' rent, reduced to 1 month for tenants age 62 and older. Limits protect tenants from excessive upfront charges.

Under the CT Landlord-Tenant Act, interest accrues on a security deposit and the landlord must return the deposit (with any interest) within 30 days after the lease ends, less documented lawful deductions.

Connecticut adds protected classes beyond the seven federal categories—including sexual orientation, gender identity or expression, and lawful source of income—broadening anti-discrimination protection in housing.

The federal Fair Housing Act protects race, color, religion, national origin, sex, familial status, and disability. Connecticut law layers additional protected classes on top of these.

Channeling buyers toward or away from areas based on a protected class. Illegal even when an agent assumes it matches client preference, because it restricts housing choice along protected lines.

Persuading owners to sell by claiming that people of a protected class entering the area will change it or lower values. A prohibited fair housing practice, sometimes called panic selling.

A change in rules or policies for a person with a disability, such as allowing a service animal despite a no-pet policy. Distinct from a reasonable modification, which is a physical change to the unit.

The promissory note is the borrower's promise to repay the loan. The mortgage deed pledges the property as collateral and permits foreclosure if the note defaults.

Loan amount divided by the lesser of sale price or appraised value. Higher LTV means more lender risk and typically triggers private mortgage insurance below 20% equity on conventional loans.

Estimates value by adjusting recent comparable sales for differences from the subject property. It is the primary appraisal method for residential property because it tracks actual market behavior.

Values income-producing property by dividing net operating income by a capitalization rate (NOI ÷ cap rate = value). A lower cap rate reflects lower perceived risk and yields a higher value.

A conventional loan is not government-insured and usually needs stronger credit and a larger down payment. An FHA loan is government-insured, allowing smaller down payments with mortgage insurance premiums.

Prepaid interest a borrower pays at closing to lower the loan's interest rate. One point equals 1% of the loan amount and buys down the rate, reducing monthly payments over the loan term.

An indemnity policy protecting against losses from title defects, liens, or encumbrances existing before the policy date. An owner's policy protects the buyer; a lender's policy protects the mortgagee.

Mixing client trust funds with the broker's personal or business accounts. A prohibited practice and grounds for discipline even if no client suffers a loss.

The agent whose continuous efforts produced the ready, willing, and able buyer who closes. Procuring cause typically determines which broker earns the commission in a disputed transaction.

Misrepresentation is a false statement of material fact a buyer relies on—actionable. Puffing is non-factual sales opinion ('best view in town') and is generally not actionable unless it crosses into a false factual claim.

Competing brokerages agreeing to set commission rates or split markets violates antitrust law. Commission rates must be negotiated independently between each broker and client, never coordinated among firms.