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CONNECTICUT REAL ESTATE EXAM ACTUAL
300 CORRECT QUESTIONS WITH VERIFIED
ANSWERS
Question 1: The seller and the buyer finally agreed to a purchase
price of $203,500 with the closing to occur on June 15. The taxes for the year in the amount of $2,500 have not been paid by the seller. (Taxes are paid in arrears). How much would the tax proration amount to, and how would it appear on a full settlement statement? Base your answer on a 365 day year, and the buyer is responsible for the day of settlement.
CORRECT ANSWER : $1,130.14 debit the seller and credit the
buyer
Question 2: The Pickets are purchasing a home for $780,000 and
the lender is giving them a 90% loan at 5% interest, plus a 2% loan origination fee. How much is the loan origination fee?
CORRECT ANSWER : $14,040
Question 3: The sellers listed their property for six months on
February 26 for $522,500. They agreed to pay the listing broker a 7% commission at closing on the agreed upon sale price. A buyer made an offer on the property on March 29 for $510,000.The seller countered the offer on April 1 at $517,500, and the
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buyer accepted the counter offer with the closing to occur on June 15. How much commission did the seller owe the listing broker, and how would it appear on the settlement statement?
CORRECT ANSWER : $36,225. Debit the seller.
Question 4: The buyer and seller agreed to a purchase price of
$310,500. The buyer received an 80% loan. How much was the buyer's loan and how did it appear on the settlement statement?
CORRECT ANSWER : $248,400. Credit the buyer only.
Question 5: The buyer and seller agreed to a purchase price of
$310,500. The buyer received an 80% loan. How much was the buyer's loan and how did it appear on the settlement statement?
CORRECT ANSWER : $248,400. Credit the buyer only.
Question 6: A tenant leased 3,000 square feet at $10 per square
foot and 8% of gross income. The total annual rent she paid was $60,000. What was the gross income on which she paid percentage rent?
CORRECT ANSWER : $375,000
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Question 7: On a $500,000 loan the borrower is required to pay
two points. How much does the borrower have to pay the lender?
CORRECT ANSWER : $510,000
Question 8: Salesperson applicant Katherine is nervous about
her upcoming real estate exam. What is the minimum score she needs in order to pass?
CORRECT ANSWER : 0.7
Question 9: California Code requires that if a seller knows that
his or her residential property is located within _____ of a former military training site, the seller must inform the potential buyer in writing that the ordnance site may contain ammunition or explosives.
CORRECT ANSWER : 1 mile
Question 10: An aggrieved party with a Fair Housing violation
claim has how long to file a complaint with the Department of Housing and Urban Development?
CORRECT ANSWER : 1 year
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Question 11: What is the minimum period for license
revocation?
CORRECT ANSWER: 1 year
Question 12: Allison has just qualified for her salesperson's
license. How much time does she have to file her application to practice?
CORRECT ANSWER : 1 year of her passing the exam
Question 13: What is the maximum amount allowed as security
deposit for an unfurnished apartment under California law?
CORRECT ANSWER : 2 months rent
Question 14: Sara is a newly licensed broker and has just opened
her own office. How long must she keep transaction records?
CORRECT ANSWER : 3 years
Question 15: A house sold for $420,000. The buyer made a 20%
down payment. Monthly interest on the loan was $1,400. What was the interest rate on the loan?