Connecticut License Law
What is the purpose of Connecticut's mandatory seller disclosure law?
ATo allow sellers to avoid liability for hidden defects
BTo inform buyers of known material defects in the property before purchase✓ Correct
CTo set a minimum listing price for residential properties
DTo require sellers to make all repairs before selling
Explanation
Connecticut's mandatory seller disclosure law requires sellers to complete a Residential Property Condition Disclosure Report informing buyers of known material defects, helping buyers make informed decisions.
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Key Terms to Know
Contingency
A condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
State-Specific Concepts
Disclosure Requirements
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