Brokers Exam Only
Area V is 8 of the 45 state items and appears on the broker examination only — the salesperson exam has no equivalent. The bulletin prints its eight subtopics: record keeping, escrow accounts, the broker's lien, notice of commission rights in commercial transactions, referrals and cooperation with out-of-state brokers, supervision, mortgage brokerage fees charged by brokers, and the custodial broker.
Records, Escrow and the Broker's Lien
Sec. 20-325m requires the broker to keep purchase contracts, leases, options, written offers and counteroffers, the listing or representation agreement with its amendments and the Sec. 20-325a to 20-325l disclosures, and all canceled checks, unused checks, chequebooks and bank statements for the trust account, for not less than seven years after the later of the closing, the disbursement of escrowed funds, or the expiry of the agreement — kept electronically unless that is commercially impractical, and produced to the department on request. On escrow, Sec. 20-324k requires the separate account, allows the commission to examine and audit it at will, and in subsection (d) lets the court, on motion, order the broker to deposit the funds with the court and dismiss any claim resting solely on the broker's stakeholder role. Sec. 20-325a(e) gives the broker a lien on the property for the agreed compensation, but subsection (f) requires the claim for lien to be recorded with the town clerk before the actual conveyance or lease, subsection (r) requires written notice to the owner and prospective buyer at least three days before the conveyance, and subsection (k)(2) extinguishes the lien unless foreclosure is commenced within one year of recording. Every written contract for compensation relating to real property must carry the statement that the broker may be entitled to lien rights under Sec. 20-325a.
Commercial Commission Rights and Out-of-State Brokers
Sec. 20-325k lets a commission agreement in a commercial lease bind the landlord's or tenant's grantees, successors and assigns, provided the broker records a notice of commission rights, in the statutory form, in the town clerk's land records not later than sixty days after the latest of the lease's execution, the tenant's occupancy, or the rent commencement date. Subsection (c) requires a recordable termination statement within thirty days of final payment, and subsection (d) says the section creates no lien on the property. Sec. 20-325l lets an out-of-state broker work a Connecticut commercial transaction only in cooperation with a Connecticut broker, under a written agreement stating the terms of cooperation and any compensation, on proof of out-of-state licensure, with escrow money held as Sec. 20-324k requires. Advertising must name the Connecticut broker, and the out-of-state licensee may not accompany a prospective buyer at the site. Subsection (e) allows an out-of-state licensee to be paid for referring a prospective party into Connecticut.
Supervision, Mortgage Fees and the Custodial Broker
Sec. 20-312c governs supervision of associate brokers: no associate broker may engage in the real estate business unless the supervising licensee knows of and has consented to it; the supervising licensee is responsible for the associate broker to the same extent as for a salesperson; the associate broker must notify the department within fourteen calendar days of the end of an affiliation; and every advertisement must name the supervising licensee prominently. Sec. 20-325c allows a licensee who earns a commission on a residential sale to also take a mortgage brokerage fee on that sale only after the prescribed boldface disclosure, and only where the fee is related to services actually performed, is not imposed for referring the buyer to a lender, and is paid directly by the buyer rather than out of the loan proceeds at closing; no lender may refuse to close because the buyer has not paid such a fee. Sec. 20-329hh provides for the custodial broker: on application by the executor or another person legally authorized to act for a deceased or incapacitated broker, the department appoints a custodial broker for a term of up to 180 days, extendable on a hardship application, to preserve the financial interests of the broker or the estate. A business entity may not engage in the real estate business while its designated broker is deceased or incapacitated unless a custodial broker has been appointed, and the same is true for salespersons and team members under a deceased or incapacitated supervising licensee.
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State-specific details
State exam facts
- State regulator
- Connecticut Real Estate Commission (DCP)
- Exam vendor
- PSI
- Passing score
- 75%
- Scored questions
- 120
- Time limit
- 180 minutes
Who regulates real estate brokers in Connecticut?
The Connecticut Real Estate Commission, within the Department of Consumer Protection (DCP), licenses brokers and salespersons. The Commission contracts with PSI to deliver its exams.
What experience do I need before the Connecticut broker exam?
C.G.S. § 20-314(d) requires three years actively engaged as a licensed Connecticut salesperson under a supervising licensee, at least 1,500 hours in the business, and at least four closed transactions in those three years, plus 120 classroom hours: 60 in Real Estate Principles and Practices, 15 in Legal Compliance, 15 in Real Estate Brokerage Principles and Practices and two 15-hour electives. DCP waives the electives for an applicant with 20 transactions in the previous five years.
How is the Connecticut broker exam structured?
PSI bulletin 1007 gives the broker exam as 75 general questions in 120 minutes plus 45 Connecticut state questions in 60 minutes — 120 questions in 3 hours — and says "In order to pass the Broker examinations, you must receive a score of at least 75%." The 70% printed in the same bulletin is the salesperson standard, not the broker one.
Sources: https://portal.ct.gov/dcp/license-services-division/all-license-applications/real-estate-brokers, https://test-takers.psiexams.com/api/content/bulletin/1007
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