Connecticut Quiz

 

1.†† John wants to become a broker in Connecticut.Before he can receive his broker license, he must take a course in:

 

A.Fair Housing

B.The law of Agency

C.Appraisal

D.None of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

2.†† Dave owes a lot of money. He is being sued by lots of creditors.The main ones are his 1st Mortgagee bank for $125,000 (a lien against his home,) his 2nd Mortgagee bank for $75,000 (also a lien against his home) and a group of general creditors who have sued and attached his home for a total of $50,000.His home is worth $280,000.Daveís 1st Mortgagee bank files a foreclosure action against the home.If the home sells for $200,000 at the foreclosure sale, how much can the 1st Mortgagee bank receive?

 

A.$125,000

B.$75,000

C.$50,000

D.None of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

3.†† Bob married Judy. Later, Bob created a will that gave Clarise all of his property. Bob dies while still married to Judy. Judy decided to use the widowís election. What will she get from Bobís estate?

 

A.Nothing

B.One-third of Bobís estate assets

C.The life use of Bobís estate assets

D.None of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

4.†† Which of the following documents are normally recorded in Connecticut?

 

A.Mortgage release

B.Land Contract

C.Listing Contract

D.All of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

5.†† Three persons own a parcel of property in Connecticut. They are joint tenants. They

 

A.Must own the property in equal shares.

B.Each own an interest which is still subject to the Widowís Election of their respective spouse.

C.Each own a share with rights of survivorship in the other shares.

D.Are not allowed to sell the interest of one without the consent of the others

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

6.†† The total conveyance tax on a businessís property that sells for $125,000 is:

 

A.$110

B.$1,387.50

C.$137.50

D.$762.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

7.†† A homeowner in Bankruptcy may exempt how much equity in the home from the debt owed a general unsecured creditor:

 

 

A.$10,000

B.$75,000

C.$250,000

D.None of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

8.†† The Real Estate Guaranty Fund is funded by

 

A.$3 from each initial applicant for a real estate license

B.$20 out of each real estate license renewal fee

C.Fines and penalties paid by home inspectors

D.None of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

9.†† The amount the Real Estate Guaranty Fund will pay to a claimant is

 

 

A.A maximum of $25,000 per single transaction

B.A maximum of $25,000 for each licensee involved in the transaction

C.$25,000 but less if the Fund uses all of its available monies

D.None of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

10. Chucky is a 19 year-old male who has no job. In fact, he has never even bother to get a social security number and has never needed one.He wants to rent an apartment to a kindly lady named Edna.Chucky seems nice enough, but Edna requires references and proof of employment for all of her tenants.Chucky has lots of references, but he has never had a job. However, he agrees to pay Edna in cash (small bills) for the total rent for the entire term of the lease, in advance, before moving in. Edna says no. No job. No lease. Thatís her rule. Edna

 

A.Has not violated any state law.

B.Has violated Connecticut Fair Housing laws

C.Has violated Federal Fair Housing Laws

D.Has violated the Civil Rights Act of 1866.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

11. A mechanicís lien

 

A.Must be foreclosed upon within one year of the date it was recorded

B.Must be foreclosed upon within one year of the date work ceased

C.Must be recorded 90 days from the date work started

D.None of the above

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

12. A warranty deed consists of three pages of text plus a one-page description of the property. The recording fees for the deed are:

 

A.$23

B.$20

C.$33

D.$28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

13. John is the licensed designated broker for Uphill Real Estate Agency.Joe, one of his salespersons, represents a buyer that wants to make an offer on a house listed by one of Johnís other salespersons, Jill.John is concerned about ethics and appearances, so he decides to appoint Joe and Jill as Designated Agents for their respective clients. Which of the following is NOT true:

 

A.John is a dual agent.

B.John is not a dual agent

C.Joe and Jill are not dual agents

D.Connecticut law allows John to appoint designated agents in this situation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

14. The Connecticut Department of Environmental Protection has the authority to:

 

A.Require that all private residential water wells be tested upon sale of the premises.

B.Require residential water wells be tested only upon reasonable suspicion of contamination.

C.Require that private water wells be free of certain contaminants.

D.None of the above.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

15. Connecticut law allows a landlord to:

 

A.Discriminate on the basis of race for an owner-occupied duplex with one unit rented out.

B.Refuse to rent to anyone a landlord does not trust.

C.Refuse to rent to an unmarried, unrelated man and woman who live together.

D.None of the above.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONGRATULATIONS!

YOU FINISHED ANOTHER ONE!Special Thanks to Bob Mercer of the New England School of Real Estate for writing the Connecticut Law Quiz and Explanations.Find a few more questions on Connecticut Law on the Search By State pages at RealtyComplete.com.