Connecticut Real Estate Salesperson - State Portion

Joint tenancy includes the right of survivorship so a deceased owner's interest passes to surviving owners, while tenancy in common has no survivorship right and each owner's interest passes to their heirs.

An easement appurtenant benefits a specific parcel of land (dominant estate) and runs with the land, while an easement in gross benefits a specific person or entity (such as a utility company) with no dominant estate.

A general warranty deed warrants against all title defects in the entire chain of title regardless of when they occurred, while a special warranty deed only warrants against defects that arose during the grantor's period of ownership.

An owner's policy protects the buyer's equity interest up to the purchase price, while a lender's policy protects the lender's security interest only up to the outstanding loan amount.

A CMA is an opinion-of-value tool prepared by a real estate agent, while a formal appraisal must be performed by a licensed or certified appraiser following USPAP standards and can be used for lending purposes.

A promissory note is the borrower's written promise to repay the debt (evidence of the debt), while a deed of trust is the security instrument that gives the lender a lien on the property as collateral.

A bilateral contract requires mutual promises from both parties (promise for a promise), while a unilateral contract involves a promise from one party that can only be accepted through performance by the other party.

A client has a fiduciary agency relationship with the broker and is owed full fiduciary duties, while a customer has no agency relationship and is owed only honest and fair dealing.

An exclusive agency listing allows the seller to sell the property themselves without paying a commission, while an exclusive right-to-sell listing requires the broker be paid a commission regardless of who sells the property.

An addendum adds terms to a contract before it is fully executed (signed by all parties), while an amendment modifies an existing contract after all parties have signed it.

A fixed-rate mortgage maintains a constant interest rate for the entire loan term, while an ARM has an interest rate that can fluctuate during the loan term based on market conditions.

Price fixing is a competitor agreement to charge the same commission rate, while market allocation is a competitor agreement to divide geographic areas or customer segments—both are antitrust violations.