Connecticut Real Estate Practice – Key Vocabulary

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

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.

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.

Open Listing

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

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.

Multiple Listing Service (MLS)

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

Agency Disclosure Notice

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

Dual Agency Agreement

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

Exclusive Right to Represent Buyer

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

Open or Nonexclusive Buyer Agency

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

Universal Agent

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

Bilateral Contract

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

Prescriptive Easement (CT)

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

Extinguishment of Prescriptive Easement

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

Broker Record-Retention Period

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

Escrow Deposit Deadline

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

Escrow Dispute Option

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

Age of Contractual Capacity (CT)

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

Required Agency-Agreement Provisions

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

Residential Property Condition Disclosure

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

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.

Deed Requirements (CT)

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

State & Municipal Conveyance Taxes

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

Ad Valorem Tax

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

Revaluation Cycle

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

Mill Rate

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

Tax Lien Attachment Date

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

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.

Lien Priority Rule

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

Statute of Frauds (CT)

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

Consideration

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

Tenancy by the Entirety (CT)

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

Involuntary Partition

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

Common Interest Ownership Act (CIOA)

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

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.

Buyer’s Right to Cancel (Resale Docs)

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

Source of Resale Documents

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

Metes-and-Bounds

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

Licensed Land Surveyor

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

Boundary Dispute Resolution

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