Connecticut Real Estate Practice – Key Vocabulary

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Vocabulary flashcards derived from Connecticut real-estate lecture notes to help you master key licensing and property concepts.

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39 Terms

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Exclusive Right-to-Sell Listing

A listing in which one broker has the sole right to market the property and earn a commission no matter who finds the buyer.

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Exclusive Agency Listing

A listing that gives one broker the exclusive right to market the property, but the owner retains the right to sell without owing a commission.

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Open Listing

A non-exclusive listing allowing multiple brokers (or the owner) to find a buyer; only the procuring cause earns commission.

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Net Listing (Connecticut)

An illegal or non-recognized listing in which the broker’s commission is everything above a ‘net’ price; Connecticut license law forbids it.

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Multiple Listing Service (MLS)

A cooperative database through which member brokers share listing data and compensation offers.

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Agency Disclosure Notice

Written form provided to a consumer identifying whom the licensee represents before any substantive discussion of property.

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Dual Agency Agreement

Written consent allowing one brokerage to represent both buyer and seller in the same transaction.

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Exclusive Right to Represent Buyer

A buyer-broker agreement in which the broker earns compensation no matter who locates the property purchased.

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Open or Nonexclusive Buyer Agency

A buyer may work with several brokers; only the broker who is procuring cause gets paid.

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Universal Agent

An agent authorized to act for the principal in all matters; rarely used in real estate brokerage.

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Bilateral Contract

A contract in which both parties make promises (e.g., listing and buyer-agency agreements).

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Prescriptive Easement (CT)

A right acquired after 15 years of open, visible, continuous, and adverse use of another’s land.

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Extinguishment of Prescriptive Easement

Occurs if the owner regains open and continuous control of the property for 15 years.

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Broker Record-Retention Period

Connecticut brokers must keep files such as offers, contracts, and escrow records for 7 years.

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Escrow Deposit Deadline

Client/customer funds must be placed in escrow within three banking days of receipt.

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Escrow Dispute Option

A broker may interplead and deposit contested funds with the court until resolution.

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Age of Contractual Capacity (CT)

An individual becomes legally competent to contract at 18 years old.

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Required Agency-Agreement Provisions

Must be in writing and include property identification, compensation, term dates, and a fair-housing statement.

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Residential Property Condition Disclosure

Seller-provided form describing property defects; not required for newly constructed residential real estate.

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Failure to Provide Disclosure

Seller owes a $500 credit to the buyer at closing if the notice is not delivered before the buyer’s offer.

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Deed Requirements (CT)

Must be in writing, signed by the grantor, witnessed by two persons, and acknowledged; grantee signature is not required.

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State & Municipal Conveyance Taxes

Seller-paid transfer taxes calculated as a percentage of the selling price; both state and town portions apply.

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Ad Valorem Tax

A tax ‘according to value’; Connecticut property taxes are levied by local municipalities based on market value.

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Revaluation Cycle

Towns must revalue property every 5 years by analysis, with a physical inspection at least every 10 years.

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Mill Rate

Tax rate expressed per $1,000 of assessed value; e.g., 25 mills = $25 per $1,000.

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Tax Lien Attachment Date

Property tax becomes a lien from the date of assessment, generally October 1.

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Tax Lien Recording Limit

The taxing authority must record a lien within two years of the tax due date; liens generally last up to 15 years.

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Lien Priority Rule

Recorded liens are prioritized by recording date; earlier recordings are paid before later ones.

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Statute of Frauds (CT)

All contracts involving real estate—and all contracts for goods over $500—must be in writing to be enforceable.

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Consideration

Something of value exchanged in a contract; valid consideration is required for enforceability.

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Tenancy by the Entirety (CT)

Not automatic upon marriage; individually owned property remains separate unless retitled.

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Involuntary Partition

Court action to divide or sell co-owned property; the court may appoint a committee and grant equitable relief.

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Common Interest Ownership Act (CIOA)

Connecticut statute governing condominiums, cooperatives, and PUDs, including resale-document requirements.

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Resale Certificate (Condo/Co-op)

Disclosure package from the association; must be furnished within 10 business days of request and may cost $125 plus 5¢ per page.

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Buyer’s Right to Cancel (Resale Docs)

Purchaser may cancel a contract within 5 business days after receiving resale documents.

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Source of Resale Documents

Sellers obtain condominium resale disclosures directly from the association (or its manager).

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Metes-and-Bounds

The primary method of property legal description used in Connecticut, describing boundaries by distances and directions.

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Licensed Land Surveyor

Must hold a license issued by the Connecticut Department of Consumer Protection, Division of Land Surveyors & Professional Engineers.

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Boundary Dispute Resolution

Handled by the Superior Court, which may appoint a committee and rely on a licensed surveyor’s work.