Connecticut License Law
A Connecticut licensee is approached by a buyer who wants to make an offer on a property that the licensee owns personally. The licensee must:
ASimply prepare the offer without disclosing ownership
BDisclose in writing their ownership interest before the buyer signs any offer or agreement✓ Correct
CRefuse to sell their own property to a client
DCharge a reduced commission since there is no separate listing broker
Explanation
When a licensee has a personal interest in a property being purchased by their client, they must make written disclosure of that personal interest before the client enters into any agreement. This is required under Connecticut license law to prevent conflicts of interest.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
Math Concepts
State-Specific Concepts
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