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Connecticut Real Estate Salesperson — Requirements & Free Practice

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Real Estate Salesperson

Ordinary Connecticut salesperson license. DCP identifies active, inactive and retired statuses and expressly states that referral status is not a separate licensing status.

Licensing authority: Connecticut Department of Consumer Protection / Connecticut Real Estate Commission · Application information

Attorney education equivalency review followed by examination
Activation
Activate within two years of passing the most recent portion, with a Connecticut supervising broker, signed score reports and the applicable license and guaranty-fund fees.
Applicant
Attorney seeking approval of real-estate coursework taken at law school, a college, university or professional real estate school.
Approval
DCP approval is required before PSI registration and scheduling.
Competency And Character
Good reputation for honesty, truthfulness and fair dealing, and competency safeguarding the public under C.G.S. 20-314(a).
Documentation
Completed notarized application and original license history directly from each jurisdiction where a real estate license is or was held.
Education Review
Submit original transcripts/course certificates for approval; the attorney page states correspondence and online courses are not acceptable. If coursework is not approved DCP provides additional requirements.
Minimum Age
At least 18 under DCP initial application instructions.
Passing Window
Pass both licensing portions within one year of eligibility; reapply if that period expires.
Uniform Portion Waiver
C.G.S. 20-314(c) permits a discretionary uniform-portion waiver for a satisfactory national-testing-service examination score from another state within two years of application. This is an applicant condition; it does not remove the currently offered examination.
Reactivation of an unexpired inactive license by broker affiliation
No examination is required for this applicant pathway.
Existing License
Existing unexpired Connecticut salesperson license inactive because broker affiliation ended. An expired license is governed separately by renewal/reinstatement.
Fee
Applicable $25 transfer fee.
Future Renewal
Later renewal remains subject to ordinary CE requirements.
Supervision
Submit new supervision/transfer request; the Connecticut supervising broker must approve it in eLicense.

Official no-examination sources

Effective from 2026-09-22.

Initial licensure by examination
Activation
Activate within two years of passing the most recent portion, with a Connecticut supervising broker, signed score reports and the applicable license and guaranty-fund fees.
Application
Completed examination application and course completion certificate; application fee $80.
Approval
DCP approval is required before PSI registration and scheduling.
Competency And Character
Good reputation for honesty, truthfulness and fair dealing, and competency safeguarding the public under C.G.S. 20-314(a).
Education
Approved sixty-classroom-hour Real Estate Principles and Practices course, or equivalent experience or education approved under C.G.S. 20-314(d)(3).
Minimum Age
At least 18 under DCP initial application instructions.
Passing Window
Pass both licensing portions within one year of eligibility; reapply if that period expires.
Uniform Portion Waiver
C.G.S. 20-314(c) permits a discretionary uniform-portion waiver for a satisfactory national-testing-service examination score from another state within two years of application. This is an applicant condition; it does not remove the currently offered examination.
Late renewal within ninety days of expiration
CT Continuing Education Examination (practice unavailable)
Coursework Alternative
C.G.S. 20-319(b) permits approved courses or equivalent educational experience/study instead of the CE examination. DCP requires twelve hours in the current cycle, including one three-hour mandatory Connecticut real estate license law course and nine elective hours.
Cycle
March 1, 2026 through February 28, 2028, with the CE deadline three months before renewal.
Exemptions
DCP states no CE is due for applicants passing a Connecticut licensing examination during March 1, 2026 through February 28, 2028. Its instructions also exempt licenses reinstated or obtained by full reciprocity on or after January 1, 2028 for that cycle. These applicant exemptions do not end the CE examination version.
Fees
Renewal fee and applicable late fee.
Hardship Waiver
DCP may grant hardship waivers/extensions; submit a written explanation and verification at least sixty days before renewal.
Lapse
No more than ninety days since expiration; after that the statutory reinstatement provisions apply.
Military reinstatement before third anniversary of expiration
No examination is required for this applicant pathway.
Deadline
Apply before the third anniversary of expiration.
Education
Evidence of at least six completed CE hours, including mandatory CE, during the calendar year preceding application. The statutory completed-hour requirement is an applicant condition.
Expiration
Statute specifies the next succeeding May 31 for the reinstated salesperson license.
Fee
No reinstatement fee.
Military
License expired after entry into military service.

Official no-examination sources

Effective from 2026-09-22.

Military spouse recognition under C.G.S. 21a 11b
Background And Fees
Satisfy required background/character checks and pay required fees.
Exam Discretion
The commissioner may require all or a portion of the examinations at discretion for a military spouse; waiver is an applicant condition.
Exam Portions
C.G.S. 21a-11b(a)(F) requires all or a portion of examinations required of other applicants. Retain both identified current examinations; the department's determination of which portions must be taken or may be excused is an applicant condition.
Experience
At least four years including licensed practice, classroom education and on-the-job training.
Military Spouse
Married to an active-duty United States armed-forces member and accompanying the member under an official permanent change of station to a Connecticut installation.
Other License
Valid license in this profession in another United States jurisdiction.
Practice Level And Denial
DCP determines practice level; the commissioner may deny if in the state's best interest.
Standing
Good standing in all licensing jurisdictions; no revocation, discipline, pending unprofessional-conduct complaint/allegation/investigation, or voluntary surrender under investigation.
Supervision
Connecticut supervising broker affiliation is required for salesperson practice.
Out of state licensure requiring the Connecticut portion
CT Salesperson - State
Activation
Original PSI score reports signed by applicant and Connecticut supervising broker, and $590 activation fee.
Approval
DCP approval before PSI scheduling.
Documentation
Non-reciprocal application, fee and original histories from every jurisdiction where a license is or was held, showing how licensure was obtained.
Other License
Active real estate license in good standing in a jurisdiction whose requirements do not satisfy C.G.S. 20-317(a) recognition criteria.
Prior Exam
DCP requires prior passage of a written licensing examination in the issuing jurisdiction; it is an applicant condition.
Qualifying out of state license recognition under C.G.S. 20 317(a)
No examination is required for this applicant pathway.
Application
DCP application, original histories from all current and former licensing jurisdictions, fees and an active Connecticut supervising broker.
Current License
Current valid license and current competent real estate practice in the issuing jurisdiction.
Dcp Nonreciprocal Demand
DCP's lower-ranked non-reciprocal instructions additionally state: Have an active real estate license in good standing in another state. Passed a written real estate licensing examination in the state in which you are actively licensed. Successfully complete the state portion of the CT Real Estate Licensing Examination administered by PSI.
Dcp Reciprocal Demand
The statute directs recognition when its criteria hold. DCP's lower-ranked reciprocal instructions additionally state: All applicants applying by reciprocity from the following states: Florida, Illinois, Indiana, Ohio or applicants who have not taken the real estate licensing examination in a reciprocal state will be required to take the State Portion of the Connecticut Real Estate Examination administered by PSI. After the application is reviewed and approved, you will receive instructions to register and schedule the examination.
Discipline
No pending disciplinary proceeding or unresolved complaint.
Jurisdiction Requirements
Issuing law requires competency by written examination and licensing requirements substantially similar to or higher than Connecticut.
Prior Exam
Prior licensing examination in the issuing jurisdiction and manner of obtaining that license are applicant-history conditions. Another jurisdiction's examination is not a Connecticut leaf.

Official no-examination sources

Effective from 2026-09-22.

New license application after a lapse of at least three years
Activation
Activate within two years of passing the most recent portion, with a Connecticut supervising broker, signed score reports and the applicable license and guaranty-fund fees.
Approval
DCP approval is required before PSI registration and scheduling.
Competency And Character
Good reputation for honesty, truthfulness and fair dealing, and competency safeguarding the public under C.G.S. 20-314(a).
Education
Ordinary sixty-hour approved course or DCP-approved equivalent experience/education.
Lapse
Prior Connecticut salesperson license lapsed at least three years; statutory reinstatement is unavailable and a new license application is permitted.
Minimum Age
At least 18 under DCP initial application instructions.
Passing Window
Pass both licensing portions within one year of eligibility; reapply if that period expires.
Uniform Portion Waiver
C.G.S. 20-314(c) permits a discretionary uniform-portion waiver for a satisfactory national-testing-service examination score from another state within two years of application. This is an applicant condition; it does not remove the currently offered examination.
Reinstatement after practice while lapsed
CT Continuing Education Examination (practice unavailable)
Broker
Completed supervising broker form signed by applicant and sponsoring broker.
Coursework Alternative
C.G.S. 20-319(b) permits approved courses or equivalent educational experience/study instead of the CE examination. DCP requires twelve hours in the current cycle, including one three-hour mandatory Connecticut real estate license law course and nine elective hours.
Cycle
March 1, 2026 through February 28, 2028, with the CE deadline three months before renewal.
Discretion
Commission or department discretion. DCP says not later than three years; the higher-ranked statute requires a new license at a lapse of at least three years.
Exemptions
DCP states no CE is due for applicants passing a Connecticut licensing examination during March 1, 2026 through February 28, 2028. Its instructions also exempt licenses reinstated or obtained by full reciprocity on or after January 1, 2028 for that cycle. These applicant exemptions do not end the CE examination version.
Fees And CE
Pay all license/late fees for the lapse period and demonstrate CE for the preceding year. Statutory salesperson late fee is $285 for each year or fraction of the lapse.
Hardship Waiver
DCP may grant hardship waivers/extensions; submit a written explanation and verification at least sixty days before renewal.
Lapse
More than ninety days since expiration but less than three years lapsed under C.G.S. 20-314(f).
Practice
Applicant worked in Connecticut in the licensed profession while lapsed.
Reinstatement without practice while lapsed
CT Continuing Education Examination (practice unavailable)
Attestation
Attest no Connecticut work in the licensed occupation while lapsed.
Broker
Completed supervising broker form signed by applicant and sponsoring broker.
Coursework Alternative
C.G.S. 20-319(b) permits approved courses or equivalent educational experience/study instead of the CE examination. DCP requires twelve hours in the current cycle, including one three-hour mandatory Connecticut real estate license law course and nine elective hours.
Cycle
March 1, 2026 through February 28, 2028, with the CE deadline three months before renewal.
Discretion
Commission or department discretion. DCP says not later than three years; the higher-ranked statute requires a new license at a lapse of at least three years.
Exemptions
DCP states no CE is due for applicants passing a Connecticut licensing examination during March 1, 2026 through February 28, 2028. Its instructions also exempt licenses reinstated or obtained by full reciprocity on or after January 1, 2028 for that cycle. These applicant exemptions do not end the CE examination version.
Fees And CE
Pay current renewal fee and complete CE required for the preceding year.
Hardship Waiver
DCP may grant hardship waivers/extensions; submit a written explanation and verification at least sixty days before renewal.
Lapse
More than ninety days since expiration but less than three years lapsed under C.G.S. 20-314(f).
Biennial renewal
CT Continuing Education Examination (practice unavailable)
Coursework Alternative
C.G.S. 20-319(b) permits approved courses or equivalent educational experience/study instead of the CE examination. DCP requires twelve hours in the current cycle, including one three-hour mandatory Connecticut real estate license law course and nine elective hours.
Current License
Active salesperson license; DCP says inactive licenses are ineligible to renew without a sponsoring broker.
Cycle
March 1, 2026 through February 28, 2028, with the CE deadline three months before renewal.
Deadline And Fees
May 31 of each even-numbered year; DCP lists $578 renewal fee.
Exemptions
DCP states no CE is due for applicants passing a Connecticut licensing examination during March 1, 2026 through February 28, 2028. Its instructions also exempt licenses reinstated or obtained by full reciprocity on or after January 1, 2028 for that cycle. These applicant exemptions do not end the CE examination version.
Hardship Waiver
DCP may grant hardship waivers/extensions; submit a written explanation and verification at least sixty days before renewal.
Resident recognition under C.G.S. 21a 11b
Background And Fees
Satisfy required background/character checks and pay required fees.
Exam Portions
C.G.S. 21a-11b(a)(F) requires all or a portion of examinations required of other applicants. Retain both identified current examinations; the department's determination of which portions must be taken or may be excused is an applicant condition.
Experience
At least four years including licensed practice, classroom education and on-the-job training.
Other License
Valid license in this profession in another United States jurisdiction.
Practice Level And Denial
DCP determines practice level; the commissioner may deny if in the state's best interest.
Residency
Connecticut resident as statutorily defined; provide current driver's license, utility bill, lease agreement or property deed showing residence.
Standing
Good standing in all licensing jurisdictions; no revocation, discipline, pending unprofessional-conduct complaint/allegation/investigation, or voluntary surrender under investigation.
Supervision
Connecticut supervising broker affiliation is required for salesperson practice.
Restoration of the original license from retiree status
No examination is required for this applicant pathway.
Application And Fee
Submit restoration form and current license fee; form lists $578.
Broker
Supervising broker must sign; transfer fee is not required.
Convictions
Disclose felony convictions since the last application; attach explanation if applicable.
Dcp Documentation
C.G.S. 21a-10a(f) specifies form and fee. The DCP form additionally states: This form is to be used by any person currently holding a Real Estate Salesperson Retiree Status License.  If applicable, you may be required to provide proof of the continuing education requirement for the current renewal cycle.
Existing License
Currently hold a Connecticut Real Estate Salesperson Retiree Status License.

Official no-examination sources

Effective from 2026-09-22.

CT Continuing Education Examination

Provider
PSI Services LLC
Format
Computer-administered written examination
Exam questions
40 questions
Time limit
75 minutes
Passing score
At least 75%
Examination outline
  • I. Connecticut Buyer Agency (18 Items)
    • A. Buyer as Customer
    • A.1. Agency Disclosure Form
    • A.2. Initial Buyer Meeting
    • A.3. Working with Buyer as Customer
    • B. Buyer as Client
    • B.1. The Buyer Agency Agreement
    • B.2. Representing a Buyer: Fiduciary Duties
    • C. Buyer and Seller as Clients (Dual and Designated Agency)
    • C.1. Dual Agency and Designated Agency
    • C.2. Acting as a Dual Agent
    • C.3. Acting as a Designated Agent
    • C.4. The Dual Agency Consent Agreement
    • C.5. The Dual Agency/Designated Agency Notice and Consent Agreement
  • II. Disclosure of Material Facts (12 Items)
    • A. Duty to Disclose and Reasons for Disclosure
    • B. Definitions and Examples of Material Facts
    • C. Nonmaterial Facts
    • D. Confidentiality
    • E. Property Condition Disclosure Form (general)
    • F. Other Disclosure Issues (lead paint, off-site conditions
  • III. FAIR HOUSING (4 Items)
    • A. Exemptions
    • B. Protected Classes
    • C. Definitions and Examples
  • IV. Connecticut Legal Update (6 Items)
    • A. RE License Required to Sell Time Shares
    • B. Licensing of Mortgage and Short Sale Professionals
    • C. New Provisions of Property Condition Disclosure Form
    • D. Disclosure of Gun and Hunting Clubs
    • E. Mortgage Fraud and Foreclosure Issues
Examination sources

CT Salesperson - State

Provider
PSI Services LLC
Format
Computer-administered written examination
Exam questions
35 scored questions (35 points); experimental questions may be added
Time limit
45 minutes
Passing score
At least 70%
Examination outline
  • I. Connecticut Real Estate Licensing Requirements (Salesperson 7 items)
    • A. Real Estate Commission purpose, powers and duties
    • B. Activities requiring a license
    • C. Exemptions from licensure
    • D. License types and qualifications
    • E. License renewal, continuing education, and transfer
    • F. Real Estate Guaranty Fund
    • G. License suspension and revocation
    • H. Registrations (e.g., team(s), associate broker)
  • II. Connecticut Laws Governing the Activities of Licensees (Salesperson 11 items)
    • A. Broker/salesperson relationship
    • B. Duties to parties
    • C. Handling of deposits and other monies
    • D. Misrepresentation
    • E. Disclosure of material and nonmaterial facts
    • F. Advertising
    • G. Commissions and compensation
    • H. Unlicensed personal assistants
  • III. Connecticut Real Estate Agency (Salesperson 9 items)
    • A. Agency: the representing of a client vs. working with an unrepresented person
    • B. Agency agreements
    • C. Agency disclosure
    • D. Dual agency
    • E. Designated agency
    • F. Confidential information
    • G. Interference with agency relationship
  • IV. Connecticut-Specific Real Estate Laws (Salesperson 8 items)
    • A. Types of ownership
    • A.i. Adverse possession/prescriptive easement time
    • A.ii. Land records and recording
    • A.iii. Real property taxes and assessments
    • A.iv. Conveyance tax
    • A.v. Residential property condition disclosure
    • B. Connecticut Landlord-Tenant Act
    • C. Connecticut Common Interest Ownership Act
    • D. Connecticut fair housing law
    • E. Property specific disclosures (e.g., lead paint, crumbling foundations, carbon monoxide)
    • F. Interpreters
    • G. Connecticut Uniform Electronic Transactions Act
Examination sources

Real Estate Salesperson Examination — National Portion (Real Estate Principles and Practices)

Provider
PSI Services LLC
Format
National portion of a state real estate salesperson examination delivered by PSI; a minimum score must be achieved on each portion, and a candidate who fails one portion (state or national) retakes only that portion
Exam questions
80 scored questions (80 points), plus one to ten unscored experimental items
Examination outline
  • I. Property Ownership (Sales 10%, Broker 10%) (10%)
    • A. Real and personal property; conveyances
    • B. Land characteristics and legal descriptions: 1. Metes and bounds method of legal property description; 2. Lot and block (recorded plat) method of legal property description; 3. Government survey (rectangular survey) method of legal property description; 4. Measuring structures (linear and square footage); 5. Land measurement
    • C. Encumbrances and effects on property ownership: 1. Types of liens and their effect on the title and value of real property; 2. Easements, rights of way and licenses, including their effect on the title, value and use of real property; 3. Encroachments and their effect on the title, value and use of real property; 4. Potential encumbrances on title, such as probate, leases, or adverse possession; 5. Property rights that may be conveyed separately from use of the land surface, such as mineral and other subsurface rights, air rights, or water rights
    • D. Types of ownership: 1. Ownership in severalty/sole ownership; 2. Implications of ownership as tenants in common; 3. Implications of ownership in joint tenancy; 4. Forms of common-interest ownership, such as Timeshares, Condominiums and Co-ops; 5. Property ownership held in a trust or by an estate; 6. Ownership by business entities; 7. Life Estate ownership
  • II. Land use Controls (Sales 5%, Broker 5%) (5%)
    • A. Government rights in land: 1. Government rights to impose property taxes and special assessments; 2. Government rights to acquire land through eminent domain, condemnation and escheat
    • B. Government controls on land use
    • C. Private controls: 1. Deed conditions or restrictions on property use; 2. Subdivision covenants, conditions and restrictions (CC&Rs) on property use; 3. Condominium and owners’ associations regulations or bylaws on property use
  • III. Valuation (Sales 8%, Broker 8%) (8%)
    • A. Appraisals: 1. Appraisals for valuation of real property; 2. Situations which require appraisal by a licensed or certified appraiser and brokerage-related actions that constitute unauthorized appraisal practice; 3. General steps in appraisal process
    • B. Estimating Value: 1. Economic principles and property characteristics that affect value of real property; 2. Sales or market comparison approach to property valuation and appropriate uses; 3. Cost approach to property valuation and appropriate uses; 4. Income analysis approach to property valuation and appropriate uses
    • C. Comparative Market Analysis (CMA): 1. Competitive/Comparative Market Analysis (CMA), BPO or equivalent; 2. Automated Valuation Method (AVM), appraisal valuation and Comparative Market Analysis (CMA)
  • IV. Financing (Sales 10%, Broker 9%) (10%)
    • A. Basic Concepts and Terminology: 1. Loan financing (for example, points, LTV, PMI, interest, PITI); 2. General underwriting process (e.g., debt ratios, credit scoring and history); 3. Standard mortgage/deed of trust clauses and conditions; 4. Essential elements of a promissory note
    • B. Types of Loans: 1. Conventional loans; 2. Amortized loans, partially amortized (balloon) loans, interest-only loans; 3. Adjustable-rate mortgage (ARM) loans; 4. Government Loans (a. FHA insured loans; b. VA guaranteed loans; c. USDA/Rural Development loan programs); 5. Owner financing (for example, installment or land contract/contract for deed); 6. Reverse-mortgage loans; 7. Home equity loans and lines of credit; 8. Construction loans; 9. Rehab loans; 10. Bridge loans
    • C. Financing and Lending: 1. Real Estate Settlement Procedures Act (RESPA), including kickbacks; 2. Truth-in-Lending Act (Regulation Z), including advertising; 3. Requirements and time frames of TRID (TILA-RESPA Integrated Disclosures); 4. Equal Credit Opportunity Act; 5. Lending Process (application through loan closing); 6. Risky loan features, such as prepayment penalties and balloon payments
  • V. Contracts (Sales 19%, Broker 19%) (19%)
    • A. General Contract Law: 1. General principles of contract law; 2. Elements necessary for a contract to be valid; 3. Effect of the Statute of Frauds; 4. Offer and a contract; 5. Enforceability of contracts; 6. Void, voidable and unenforceable contracts; 7. Bilateral and unilateral contracts; 8. Nature and use of option agreements; 9. Notice, delivery, acceptance and execution of contracts; 10. Appropriate use, risks, and advantages of electronic signatures and paperless transactions; 11. Rights and obligations of the parties to a contract; 12. Possible remedies for breach or non-performance of contract; 13. Termination, rescission and cancellation of contracts
    • B. Purchase and Lease Contracts: 1. Addenda and amendments to contracts; 2. Purchase agreements; 3. Contract contingencies and methods for satisfying them; 4. Leases and rental agreements; 5. Lease-purchase agreements; 6. Types of leases
    • C. Proper handling of multiple offers and counteroffers
  • VI. Agency (Sales 13%, Broker 13%) (13%)
    • A. Agency and non-agency relationships: 1. Agency relationships and how they are established; 2. Types of listing contracts; 3. Buyer brokerage/tenant representation contracts; 4. Other brokerage relationships, including transaction brokers and facilitators; 5. Powers of attorney and other assignments of authority; 6. Conditions for termination of agency or brokerage service agreements
    • B. Agent Duties: 1. Fiduciary duties of agents; 2. Agent's duties to customers/non-clients, including honesty and good faith
    • C. Agency Disclosures: 1. Disclosure of agency/representation; 2. Disclosure of possible conflict of interest or self-interest
  • VII. Property Disclosures (Sales 7%, Broker 7%) (7%)
    • A. Property Condition: 1. Seller's property condition disclosure requirements; 2. Property conditions that may warrant inspections or a survey; 3. Red flags that warrant investigation of public or private land use controls
    • B. Environmental and Government Disclosures: 1. Environmental issues requiring disclosure; 2. Federal, state, or local disclosure requirements regarding the property
    • C. Disclosure of material facts and material defects
  • VIII. Property Management (Sales 3%, Broker 5%) — items marked (BROKER ONLY) in this area are not part of the salesperson examination (3%)
    • A. Duties and Responsibilities: 1. Procurement and qualification of prospective tenants; 2. Fair housing and ADA compliance specific to property management; 3. How to complete a market analysis to identify factors in setting rents or lease rates (items 4. Property manager responsibility for maintenance, improvements, reporting and risk management; 5. Handling landlord and tenant funds; trust accounts, reports and disbursements; and 6. Provisions of property management contracts are marked BROKER ONLY)
    • B. Landlord and tenant rights and obligations
  • IX. Transfer of Title (Sales 6%, Broker 6%) (6%)
    • A. Types of deeds
    • B. Title Insurance and Searches: 1. Title insurance policies and title searches; 2. Potential title problems and resolutions; 3. Marketable and insurable title
    • C. Closing Process: 1. When transfer of ownership becomes effective; 2. Process and importance of recordation; 3. Settlement procedures (closing) and parties involved; 4. Home and new construction warranties
    • D. Special Processes: 1. Special issues in transferring foreclosed properties; 2. Special issues in short sale transactions; 3. Special issues in probate transactions
  • X. Practice of Real Estate (Sales 12%, Broker 12%) — subsection D. Supervisory Responsibilities is marked (BROKER ONLY) and is not part of the salesperson examination (12%)
    • A. Antidiscrimination: 1. Federal Fair Housing Act general principles and exemptions; 2. Protected classes under Federal Fair Housing Act; 3. Protections against discrimination based on gender identity and sexual orientation; 4. Prohibited conduct under Federal Fair Housing Act (Redlining, Blockbusting, Steering, Disparate Treatment); 5. Fair housing advertising rules; 6. Americans with Disabilities Act (ADA) obligations pertaining to accessibility and reasonable accommodations
    • B. Legislation and Regulations: 1. Licensees’ status as employees or independent contractors; 2. Antitrust laws and types of violations, fines and penalties; 3. Do-Not-Call List rule compliance; 4. Proper use of Social Media and Internet communication and advertising
    • C. Duties and Responsibilities: 1. Protection of confidential personal information (written, verbal or electronic); 2. Duties when handling funds of others in transactions; 3. Licensee responsibility for due diligence in real estate transactions
  • XI. Real Estate Calculations (Sales 7%, Broker 6%) (7%)
    • A. Calculations for Transactions: 1. Seller’s net proceeds; 2. Buyer funds needed at closing; 3. Real property tax and other prorations; 4. Real property transfer fees; 5. PITI (Principal, Interest, Taxes and Insurance) payments estimate given loan rate and term
    • B. General Concepts: 1. Equity; 2. Rate of return/Capitalization rate; 3. Loan-to-Value ratio; 4. Discount points and loan origination fees
Examination sources