CRES - Connecticut Real Estate Salesperson

Question 21: In a lease-option on a West Hartford condo, the tenant pays above-market rent, and the agreement provides that a portion of each monthly payment will be applied toward the purchase price should she exercise the option. That applied portion is commonly called which of the following?

The option consideration

A security deposit

A rent credit

A loan origination fee

Question 22: A seller signs a buyer's offer, creating a signed acceptance, but leaves the document in a drawer and never notifies the buyer or returns a copy. For the contract to become binding, which step remains legally necessary after signing?

Recording the deed

Payment of the full price

Notarizing the signatures

Communication of the acceptance

Question 23: A couple renting a Hartford colonial signs a contract requiring them to purchase the home at the end of the lease at a price fixed now, with no choice to walk away from the sale. Which arrangement have they entered?

A lease-option

A lease-purchase

A month-to-month tenancy

A right of first refusal

Question 24: A property owner in Greenwich grants a signed, paid option giving a buyer until autumn to purchase a colonial at a fixed price. Midway through the term the owner wants to sell to someone else. Regarding the outstanding option, what is the owner's position?

Free to revoke it anytime

Allowed to sell to another

Bound to honor the option

Entitled to raise the price

Question 25: A tenant renting a West Hartford condo signs an agreement giving her the right, but not the obligation, to buy the unit at a set price during the lease term, with part of her rent credited if she decides to purchase. This arrangement is which of the following?

A lease-option

A lease-purchase

A right of first refusal

An installment land contract

Question 26: A homeowner announces she will pay a bonus to whichever cooperating agent brings a full-price buyer, so acceptance happens only when an agent actually performs by producing that buyer. This arrangement, a promise given in exchange for an act, is which type of contract?

A bilateral contract

An executed contract

An implied contract

A unilateral contract

Question 27: A tenant with two years left on a Norwalk apartment lease transfers his entire remaining interest to a new tenant, keeping nothing back. The new tenant will hold the balance of the term directly. This transfer of the whole leasehold is best described as which of the following?

An assignment

A sublease

A novation

A surrender

Question 28: Two parties made a valid oral agreement to sell a home, but the Statute of Frauds requires a signed writing that they never created. The agreement is otherwise proper, yet a court cannot compel performance. This contract is best classified as which of the following?

Void

Unenforceable

Voidable

Executed

Question 29: A contract whose purpose is illegal has no legal effect at all and binds neither party from the very beginning, as though it had never legally existed. Contract law classifies such an agreement using which of the following labels?

Voidable

Unenforceable

Executory

Void

Question 30: A buyer's offer on a Hartford colonial is conditioned on first selling her current house, and the seller accepts but insists on a clause letting him keep marketing and require the buyer to remove the condition if another offer arrives. That seller's clause is known as which of the following?

A right of first refusal

An escalation clause

A kick-out clause

A liquidated damages clause

Question 31: A seller under a valid contract for a unique New Haven colonial refuses to close, and the buyer does not want money but the house itself. The court orders the seller to actually convey the property as promised. This remedy is known as which of the following?

Specific performance

Liquidated damages

Compensatory damages

Rescission

Question 32: A commercial tenant in Norwalk pays a base rent and separately pays the building's real estate taxes, insurance premiums, and maintenance costs directly in addition to that rent. This lease that passes operating expenses to the tenant is known as which of the following?

A gross lease

A net lease

A ground lease

A percentage lease

Question 33: A tenant leasing office space in Hartford pays a single fixed monthly rent, and the landlord pays all the property taxes, insurance, and maintenance out of that rent. This rent structure is best described as which of the following types of lease?

A net lease

A percentage lease

A ground lease

A gross lease

Question 34: A buyer and seller complete a home purchase agreement entirely online, signing with electronic signatures and never printing a page. Under federal and uniform state law governing electronic records, how does the law treat that fully electronic contract compared to an ink-signed one?

As valid only if notarized

As unenforceable without wet ink

As equally valid and enforceable

As valid only for leases

Question 35: After a New Haven closing, both parties have completely performed: the buyer has paid in full and the seller has delivered the deed, leaving no duties outstanding on either side. A contract in which all obligations are fully performed is called which of the following?

An executory contract

A voidable contract

An option contract

An executed contract

Question 36: A brokerage holds an exclusive listing on a New Haven condo, and the sale closes successfully with the commission paid. With the very purpose of the engagement now accomplished, the agency relationship ends automatically for which of the following reasons?

Mutual rescission by agreement

Completion or performance of purpose

Revocation by the principal

Expiration of the term

Question 37: An elderly Hartford homeowner traveling abroad signs a document authorizing her nephew to sign closing papers and convey her colonial in her absence. The nephew acting under this written grant of authority is properly known as which of the following?

Attorney-in-fact

Attorney-at-law

Designated agent

Trustee

Question 38: When a licensee first begins working with the parties in a transaction, national practice requires the licensee to make clear whom he actually represents so no one is misled about his role. This obligation to reveal representation is best called which?

Defect disclosure

Accounting

Agency disclosure

Ratification

Question 39: A listing agent works with an unrepresented buyer who is a customer, not a client. In addition to honesty, the agent owes this customer accounting for money and disclosure of known defects, but the agent does NOT owe the customer which of the following?

Honest treatment

Undivided loyalty and advocacy

Fair dealing

Accounting for deposits

Question 40: A licensee helps a buyer and seller complete their deal by preparing paperwork and coordinating the closing, but represents neither party as an agent and owes no fiduciary loyalty to either. This non-agency service provider is most accurately called which of the following?

Dual agent

Designated agent

Transaction broker

Subagent

CRES Connecticut Real Estate Salesperson - Set 4 - Part 2

Question 21: In a lease-option on a West Hartford condo, the tenant pays above-market rent, and the agreement provides that a portion of each monthly payment will be applied toward the purchase price should she exercise the option. That applied portion is commonly called which of the following?

Question 22: A seller signs a buyer's offer, creating a signed acceptance, but leaves the document in a drawer and never notifies the buyer or returns a copy. For the contract to become binding, which step remains legally necessary after signing?

Question 23: A couple renting a Hartford colonial signs a contract requiring them to purchase the home at the end of the lease at a price fixed now, with no choice to walk away from the sale. Which arrangement have they entered?

Question 24: A property owner in Greenwich grants a signed, paid option giving a buyer until autumn to purchase a colonial at a fixed price. Midway through the term the owner wants to sell to someone else. Regarding the outstanding option, what is the owner's position?

Question 25: A tenant renting a West Hartford condo signs an agreement giving her the right, but not the obligation, to buy the unit at a set price during the lease term, with part of her rent credited if she decides to purchase. This arrangement is which of the following?

Question 26: A homeowner announces she will pay a bonus to whichever cooperating agent brings a full-price buyer, so acceptance happens only when an agent actually performs by producing that buyer. This arrangement, a promise given in exchange for an act, is which type of contract?

Question 27: A tenant with two years left on a Norwalk apartment lease transfers his entire remaining interest to a new tenant, keeping nothing back. The new tenant will hold the balance of the term directly. This transfer of the whole leasehold is best described as which of the following?

Question 28: Two parties made a valid oral agreement to sell a home, but the Statute of Frauds requires a signed writing that they never created. The agreement is otherwise proper, yet a court cannot compel performance. This contract is best classified as which of the following?

Question 29: A contract whose purpose is illegal has no legal effect at all and binds neither party from the very beginning, as though it had never legally existed. Contract law classifies such an agreement using which of the following labels?

Question 31: A seller under a valid contract for a unique New Haven colonial refuses to close, and the buyer does not want money but the house itself. The court orders the seller to actually convey the property as promised. This remedy is known as which of the following?

Question 32: A commercial tenant in Norwalk pays a base rent and separately pays the building's real estate taxes, insurance premiums, and maintenance costs directly in addition to that rent. This lease that passes operating expenses to the tenant is known as which of the following?

Question 33: A tenant leasing office space in Hartford pays a single fixed monthly rent, and the landlord pays all the property taxes, insurance, and maintenance out of that rent. This rent structure is best described as which of the following types of lease?

Question 34: A buyer and seller complete a home purchase agreement entirely online, signing with electronic signatures and never printing a page. Under federal and uniform state law governing electronic records, how does the law treat that fully electronic contract compared to an ink-signed one?

Question 35: After a New Haven closing, both parties have completely performed: the buyer has paid in full and the seller has delivered the deed, leaving no duties outstanding on either side. A contract in which all obligations are fully performed is called which of the following?

Question 36: A brokerage holds an exclusive listing on a New Haven condo, and the sale closes successfully with the commission paid. With the very purpose of the engagement now accomplished, the agency relationship ends automatically for which of the following reasons?

Question 37: An elderly Hartford homeowner traveling abroad signs a document authorizing her nephew to sign closing papers and convey her colonial in her absence. The nephew acting under this written grant of authority is properly known as which of the following?

Question 38: When a licensee first begins working with the parties in a transaction, national practice requires the licensee to make clear whom he actually represents so no one is misled about his role. This obligation to reveal representation is best called which?

Question 39: A listing agent works with an unrepresented buyer who is a customer, not a client. In addition to honesty, the agent owes this customer accounting for money and disclosure of known defects, but the agent does NOT owe the customer which of the following?

Question 40: A licensee helps a buyer and seller complete their deal by preparing paperwork and coordinating the closing, but represents neither party as an agent and owes no fiduciary loyalty to either. This non-agency service provider is most accurately called which of the following?

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