Connecticut Real Estate Salesperson Exam — All Questions
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In Connecticut, who is responsible for maintaining the escrow or trust account that holds client funds such as deposits?
- a.Each individual salesperson
- b.The town clerk
- c.The supervising broker✓
- d.The Department of Consumer Protection
In Connecticut the supervising broker is responsible for the brokerage's escrow or trust account. Client funds such as deposits must be placed in that account, kept separate from the broker's own funds, and properly accounted for. Commingling client funds violates Connecticut license law.
Connecticut generally requires that agency relationships between a brokerage and a client be:
- a.Oral only
- b.In writing, through a written agency or representation agreement✓
- c.Registered with the town clerk
- d.Approved individually by the Commission
Connecticut requires written agency agreements to establish a representation relationship between a brokerage and a client. A written agreement documents the relationship, duties, and terms of compensation, and helps prevent disputes over whether representation exists.