Connecticut License Law
A Connecticut broker who collects a commission on a transaction involving their own property must disclose their licensed status to:
AOnly the lender
BThe other party in the transaction✓ Correct
CThe Connecticut Department of Revenue
DThe MLS only
Explanation
A Connecticut licensee who buys or sells property in which they have a personal interest must disclose their licensed status to the other party, ensuring the other party knows they are dealing with a real estate professional.
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Key Terms to Know
Debt-to-Income Ratio (DTI)
A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Math Concepts
State-Specific Concepts
License Law
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