Real Estate Exam

post licensing education in Indiana may be completed by new brokers as one large course or a series of ___ courses

5

Simone have her client a closing statement. How long does the law require to retain a copy of this statement for her records?

5 years

The Indiana Real estate commission may impose an emergency suspension of a brokers license, which lasts for how long?

90 days

Indiana listing agent is completing one of her legal duties to her client when she provides her with

A closing statement itemizing all the fun she handled for her as a part of the transaction

Which of these properties is a certified residential appraiser in Indiana qualifies to independently appraise?

A duplex

Non-residents filing broker applications in Indiana must affiliate with

An Indiana broker company

Woodrow helps his neighbor sell his home by assisting with negotiations. He receives no compensation for his assistance. Based on this one transaction, Woodrow _____

Doesn't need a real estate license

Ryan recently landed an inside sales jobs selling cemetery plots. in Indiana ryan is ____

Exempt from real estate licensing requirements

if you work for a______ you don't have to have a real estate license to perform a comparative market analysis

Financial institution

Jimbo doesn't yes have his real estate license. What is he legally allowed to preform without one?

Give advice to a friend who is negotiating a purchase of a house

Derek is having postcards printed to advertise his services as an indiana real estate broker. He'll use his name, Derek Dibbley, on the card. What else do Indiana real estate advertising rules require him to include?

The company name of his associating brokerage, as it appears on the company's license.

A managing brokers place of real estate business is always

The company's main office

Rihanna doesn't feel that her Indiana listing agent acted ethically would marketing her house. To whom should she file a complaint

The consumer protection division

What is true about a new Indiana broker who leaves a broker company and files and application to be unassigned?

The licensee can't practice real estate until reassigned.

Indiana affiliated broker Larry is in trouble with the commission for a possible license law violation. Larry works from one of the atlas realities seven branch offices. Who bears responsibility for Larry's actions and may be disciplined by the commission along with Larry?

The managing broker at Atlas reality

When you're designing your business cards as an Indiana broker, what information must you include with your name?

The name of the brokerage with which you're associated

Steve is an Indiana real estate broker. He's agreed to perform a fee appraisal on a property. This is legal in Indiana as long as_____

The properties value falls below federal limits requiring a licensed or certified appraiser

If the Indiana recovery fund exceeds $750,000 balance, what does the commission do with the excess funds?

Transfers the excess to the state general fund

Prudence is applying for a Indiana brokers license but hasn't yet found a broker with who she'll affiliate with. What status will her license be issued?

Unassigned

If an Indiana broker wishes to file a complaint against another licensee, where will the broker file?

With the Office of the Attorney General

The Butlers have countered an offer from Conner, but then they receive an even better offer from Audrey. What should the Butlers do before accepting Audrey's offer?

Withdraw their counter-offer to Conner.

In Indiana, representing both parties in a transaction, with _____, is called limited agency

Written informed consent

Shonda is an Indiana broker who's been designated by her broker company to oversee transactions and other licensees. What is her role?

Managing Broker

Mitchell is an Indiana licensee who misrepresented the property he listed. Will his client be held responsible?

Mitchell's client won't be held liable for the misrepresentation if she didn't know of it.

Nathan assisted with the purchase of a commercial building that will be used as a community center. He doesn't hold an Indiana real estate license, yet his actions didn't violate any license laws. What must be true about Nathan's situation?

Nathan is a public official whose salaried duties include real estate transactions

A true conflict of fiduciary duties

Nikki seller client has instructed her not to present offers that are less than the listing price. This is a conflict of Nikis duty of disclosure which requires her to present all offers in her duty of obedience

When are Indiana agency disclosures required be given to prospective clients?

Prior to receiving any confidential information from the consumer

What is USPAP

Provided guidelines for conducting a reporting an appraisal

Buyer Chris has asked Indiana licensee Kelly to help him make an offer on a property, but he doesn't want her to act as his agent. They enter into a written agreement stating that she's not his agent. What statutory duties does Kelly owe Chris?

Providing assistance in negotiating, completing forms, and presenting his offers.

Reginald has just written a check out of the brokerage escrow account to pay a home inspector he hired on behalf of his buyer client. What must he do?

Record the check number, date, name of the payee, purpose of the disbursement, and the amount paid in the escrow account journal

An Indiana broker requests to be assigned to a managing broker for a referral company. Her license will be put on ___ status, and she won't be allowed to actively work with real estate transactions

Referral

Maggie and her family are moving across town, but she doesn't want to change her affiliation with All Star Realty. However, she'll be working from home more and going into the office less. How does this affect what the commission needs to know about her place of business?

She'll keep the address of All Star Realty as her place of business

Rose, an Indiana broker, tells her buyer client, "that property is a steal at that price. I can guarantee you'll make a profit when you resell" Has Rose violated Indiana's professional standard practice?

Yes, it's unlawful for a licensee to guarantee future profits buyers may realize when they resell a property they're considering purchasing

Sophie had an ethical difference of opinion with her managing broker, and they've agreed to terminate her association with the brokerage. Sophie hasn't yet agreed to associate with another brokerage. What happens to sophie's license?

Sophie's license will be unassigned and inactive when she and her current broker notify the commission of the termination, which must be done within five days

If a broker is fined and doesn't pay the fine, how will the commission follow up?

Suspend the brokers license

The Indiana Real Estate Commission has the legal right to do which of the following

Suspend, Deny or revoke real estate license.

You emily unlicensed assistant, Ruby. You instruct her to host an open house for you while you're busy as a closing for another client. What could happen?

You may face disciplinary action for allowing your unlicensed assistant preform tasks requiring a real estate license

you're representing buyer Clancy who has made an offer on a home in Bloomington. The seller would like you to verify Clancy's claim that he has enough money in the bank to pay cash for the property. Which response is consistent with your agency duties as outlined in the Indiana code

Your clients ability to pay cash isn't something you required to investigate or verified for the seller

The Indiana code makes it a real estate license is Judy to ____ when representing a seller or landlord and a transaction

exercise reasonable care and skill

a supervising broker discovers that one of her licenses his place an advertisement that could violate fair housing laws. What is the brokers responsibility in the situation

explain the violation to the licensee and provide training to ensure the air isn't repeated

why are Indiana license is required to disclose personal interest in a property they are selling leasing or considering purchasing

holding a license is considered an unfair advantage in a real estate transaction so others must be made aware of the fact

Scott is licensed in Michigan and Ohio and lives in North Canton. He also wants to sell real estate in Indiana where his in-laws live. Which of these actions is not required for the Indiana real estate commission to allow him to practice real estate in Indiana as a nonresident licensee

humus join the Indiana Association of realtors

Natasha is conducting an appraisal of a five bedroom single home but must be supervised while doing so. Which level of Indiana appraiser license does she hold

licensed appraiser Trainee

John is the ____ at ABC Realty in Indiana so he's responsible to the real estate commission for everything that happens at the company

managing broker

can a licensee affiliate with more than one broker at a time

no

when you representing a property owner what must you do before you're allowed to advertise or offer the property for sale

obtain written permission from the property owner

Don has excepted an offer on her Indiana home from Ron. a week after excepting Ron's offer, Don's dog destroys some of the woodwork in the living room Dan's agent delivers an amended disclosure to Ron's agent noting the new damage. Ron now has a right to terminate the contract in writing but he must do it___

within two business days

Charles is a licensed real estate broker in Kentucky. He is representing the buyer in the sale of a commercial building located in Bloomington Indiana. It's a complex transaction in Charles is working in conjunction with Indiana broker Bev to complete it. Is Charles acting legally?

yes because he is working in cooperation with an Indiana broker who seen proof of Charles Kentucky's brokers license

an Indiana broker who is also a member of the Air Force is six months away from her license renewal date when she's called to active duty's overseas. As a result she hasn't completed her CE and can't get her renewal application in time she returns home just two weeks after her license renewal date. She request an extension based on her military service. When the commission grants for renewal extension how much time will he give her?

180 days from the date she was released from active duty

you're representing buyer Carrie who's looking for a small home to call her own for which one of these properties should you expect to review a sellers residential real estate sales disclosure form with her

A single-family Home the current occupant has listed as for sale by owner

which of these Indiana properties requires a seller to complete the sellers residential real estate sales disclosure

A single-family home on 5 acres

consent to limited agency in Indiana requires both parties to sign a form that includes_______

A statement explaining that the limited agent represents parties who's interest in the transaction are different or even adverse

When fulfilling your duties as a buyers agent, the Indiana code requires you to

Account for all funds or property receives from the client

You're representing a buyer client. To whine must you disclose this fact?

All parties in the transaction

Lorraine is an unlicensed assistant. Which of the following tasks is she permitted to preform for her broker?

Assemble closing documents

The Indiana real estate commission will NOT issue a brokers license to which business structure?

Association

Georgia has been practicing real estate for 15 years as a broker at Bar None Real Estate. She decides she'd rather open her own sole proprietorship and practice independently. What must she do?

Become licensed as a managing broker

James is appeasing a multi tenant office building in Indiana. What appraiser license does he hold?

Certified general appraiser

A brokerage agreement to share commission with cooperating brokerages is known as a

Co brokerage split

If an Indiana licensee wants to reactivate an expired license within three years of expiration, the broker has to pay the renewal fee and

Complete all continuing education requirements for the current licensing period

Marcus earned his brokers license almost two years ago and has been happily practicing real waste ever since. What does he need to do soon in order to comply with commission requirements as an initial licensee?

Complete his post licensing education

Describes the Indiana Real Estate Comission

Composed of nine licensed brokers (one from each congressional district), one broker at large, and two consumer members. All are appointed to four- year terms by Indiana's governor.

Licensees in Indiana may not ___ in a real estate transaction

Cooperate with a sub- agent

What form of property valuation considered an acceptable form of appraisal under Indiana law includes data collection an interpretation but no physical inspection of the property

Desktop evaluation

If Steve, an Indiana real estate broker, preforms an appraisal for a fee, which of these actions must he take?

He must follow USPAP in his appraisal and report

You've just received an offer from a potential buyer for a property you listed. When should you present the offer to your client

Immediately

Sam is representing buyer Dean. Deans friend Jasmine also needs to sell her house, so she entered into an agency relationship with Sam's managing broker, Cas. What type of agency relationship is this?

In- House Agency

which physical characteristic of land addresses the concept that while improvements may deteriorate over time the land itself cannot be destroyed

Indestructibility

An Indiana licensee representing a buyer must preform the duties described for this agency relationship in the

Indiana Code

which body of law contains the rules governing the relationship between a real estate professional and the person being represented

Law of Agency

Brittany is preparing to sit for her broker licensing exam in Indiana, but one day she was speeding and ended up with a ticket. Now she's worried she'll be denied her license. Should she be worried?

No, The real estate commission may only deny a license for crimes that could affect an individuals ability to safely practice real estate.

When representing a buyer in Indiana, one of your statutory duties is to

Seek a property with a price and terms satisfactory to the client

Which document should you advice your buyer client to review before they make an offer?

Sellers Residential Real Estate Sales Disclosure form

You're representing a seller. What must you disclose?

That you'll share your compensation with brokerage that procures the buyer.

Who sets a brokers license renewal date in Indiana?

The Indiana Real Estate Commission

When managing broker Donald died suddenly who took over the brokerage trust accounts

The Indiana real estate commission

A brokerage company receives notice that the Indiana Real Estate Commission wants to inspect the brokerage records. What must the brokerage provide?

The brokerage is obligated to produce its records upon request by the comission

Eligible for disbursement from the Indiana real estate recovery fund

The claimants actual losses

What entity licenses appraisers in Indiana

The real estate appraiser licensure and certification board

Who is expected to sign the sellers residential real estate sales disclosure in Indiana

The seller and the buyer

The commission has determined that Indiana license avoid owes restitution to a seller he represented. Voids an able to come up with the amount of the judgment $15,000 and can't pay the seller. What's true about the situation

The seller can apply for payment from the Indiana recovery fund which will cover up to $20,000 per judgment

in Indiana a seller is liable for an error on the sellers residential real estate sales disclosure under which of these circumstances

The seller was negligent in transferring information obtained from a third-party

What are Indiana real estate licensees required to disclose to their potential clients?

Their brokerages written policy regarding allowed agency relationships

What does Indiana law require licensees to disclose to potential clients?

Their brokerages written policy regarding allowed agency relationships

The most common type of buyer representation agreement

exclusive right to represent agreement

Five consumers won a judgment against a licensee for a total of $65,000. The consumers applied to the recovery fund, and they discovered that they won't each receive full payment since the fund liability is limited to $50,000 per licensee. How will they be paid?

When losses exceed the liability, consumers are paid in a rate proportional to their losses.

Indiana brokers can avoid sub agency by

acting as a cooperating broker

The policies and procedures manual is designed to

be a reference for all for members

USPAP requires appraisers to

be competent to appraise the subject party

A real estate ad that doesn't identify broker or company, and uses only phone number and address is known as?

blind ad

which of these methods valuation falls under Indiana's definition of an appraisal

broker price opinion

when must Indiana sellers deliver the sellers residential real estate sales disclosure form to prospective buyers

prior to excepting an offer

The UETA makes it legal and binding for contracts to be

signed electronically

in Indiana an emergency suspension is also known as a

summary suspension

Janet hasn't paid the first quarter water bill on her property. It was due on April 1. She's closing with the buyer Jason on April 1. What type of expenses and how well it appear on the settlement statement

this is an accurate expense and will appear as a seller debit and a buyer credit

license renewal in Indiana occurs every __ years

three

if the Indiana real estate recovery fund exceeds A $750,000 balance what does the commission do with the excess funds

transfers the access to the state general fund

New Indiana licenses have their continuing education requirements waived for ____ well they complete their post licensing education

two years

if an Indiana broker wishes to file a complaint against another licensee where will the broker file

with the office of the Attorney General

you've listed a 1918 craftsman with some significant foundation issues so significant that the buyers walked away after the inspection. They provided you and your sellers with a copy of the inspection report which also points out some wiring concerns. At today's open house a prospective buyer asked to see a copy of any inspections done on the property. What should your response be

you should disclose any adverse material facts but you don't have to provide the report