7A - Indiana Real Estate License Law
and Agency Law
A licensee whose actions represent an incompetent practice may be discovered to have
violated a state law and be issue to a sanction.
True or False - ANS-True
Affiliated Licensee - ANS-Individual licensee affiliated with a managing dealer
Agent - ANS-Any licensee who has an enterprise dating with a main
Anthony obtained very last acceptance of an offer to buy. What option does Anthony have with
reference to depositing the earnest cash? Select all accurate responses.
A. Deposit it within the account of the individual specified in the purchase agreement
B. Deposit it into the listing broking's escrow-believe account
C. Deposit it into the vendor broking's account
D. Deposit it itno a third-birthday party account - ANS-A & B. The list broking have to on or
before the following banking days after final reputation of the provide to buy, deposit all money
into the list dealer's escrow-trust account, or deposit money to whoever is indicated in the
purchase agreement to receive the deposit.
Any entity that is paid to offer services inside the shopping for or promoting of actual property in
Indiana must be licensed to do so.
True or False - ANS-True
Any real property-associated transaction can be precise as an exception to the Indiana
licensure requirement with the express written consent of the Indiana Real Estate Commission.
True or false - ANS-True - the Indiana Legislature precise that IREC may authorize exceptions
to the Indiana Licensure requirement by way of imparting with the explicit written consent of the
Indiana Real Estate Commission.
Brent supplied his patron a $50 gift card as an incentive to listing, and he disclosed this to all
events inside the transaction. Is this an appropriate practice?
Yes or No - ANS-sure
Broker - ANS-One who has a broking's license
Broker Company - ANS-A business certified as a dealer to practice actual property and hold the
licenses of affiliated licensees.
, Broker Listing Cooperative (BLC) - ANS-A list carrier developed by means of the Metropolitan
Indianapolis Board of REALTORS (MIBOR), that is a country wide enterprise brand owned and
controlled with the aid of REALTORS which can be adopted by using collaborating member a
couple of listing services (MLS).
Broker Price Opinion (BPO) - ANS-The envisioned cost of a property as determined by way of a
actual estate broking or different certified person or corporation.
Can the Indiana Real Estate Commission (IREC) reinstate a suspended license early?
Yes or No - ANS-Yes - IREC may additionally reinstate a suspended license early if they're glad
that the licensee can now interact in in a position exercise, however the reinstatement may
additionally encompass disciplinary or corrective measures.
Closing Statement - ANS-Document prepared by the ultimate agent listing all expenses and
charges paid by the customer and dealer to close the actual property transaction. Also called a
Settlement Statement, or HUD-1
Commercial Real Estate - ANS-A parcel of actual estate apart from actual property containing
one to four residential devices.
Consideration - ANS-Something of fee given to some other as compensation for stepping into a
agreement.
Danielle exceeded the state examination. What is Danielle required to do while she applies for a
dealer license? Select all correct responses.
A. Apply within a 12 months of passing the nation examination
B. Consist of proof of passing the pre-licensing path
C. Consist of evidence of passing the nation examination
D. Pay the applicable expenses - ANS-ABC&D - all are required
Earnest Money - ANS-Refers to escrow money, whether within the shape of private tests,
cashiers tests moeny orders coins or another styles of legal tender.
Earnest Money Deposit - ANS-Money given via a customer upon signing a sales contract,
displaying the customers goal to carry out the terms of the settlement.
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) - ANS-A congressional
Act surpassed in 1989 as a complete savings and mortgage bailout and preventive measure
against future S&L insolvency.
Generally, handiest a dealer is authorized to control a assets for a charge, until the person is a
complete-time worker of the assets owner.
True or False - ANS-True
and Agency Law
A licensee whose actions represent an incompetent practice may be discovered to have
violated a state law and be issue to a sanction.
True or False - ANS-True
Affiliated Licensee - ANS-Individual licensee affiliated with a managing dealer
Agent - ANS-Any licensee who has an enterprise dating with a main
Anthony obtained very last acceptance of an offer to buy. What option does Anthony have with
reference to depositing the earnest cash? Select all accurate responses.
A. Deposit it within the account of the individual specified in the purchase agreement
B. Deposit it into the listing broking's escrow-believe account
C. Deposit it into the vendor broking's account
D. Deposit it itno a third-birthday party account - ANS-A & B. The list broking have to on or
before the following banking days after final reputation of the provide to buy, deposit all money
into the list dealer's escrow-trust account, or deposit money to whoever is indicated in the
purchase agreement to receive the deposit.
Any entity that is paid to offer services inside the shopping for or promoting of actual property in
Indiana must be licensed to do so.
True or False - ANS-True
Any real property-associated transaction can be precise as an exception to the Indiana
licensure requirement with the express written consent of the Indiana Real Estate Commission.
True or false - ANS-True - the Indiana Legislature precise that IREC may authorize exceptions
to the Indiana Licensure requirement by way of imparting with the explicit written consent of the
Indiana Real Estate Commission.
Brent supplied his patron a $50 gift card as an incentive to listing, and he disclosed this to all
events inside the transaction. Is this an appropriate practice?
Yes or No - ANS-sure
Broker - ANS-One who has a broking's license
Broker Company - ANS-A business certified as a dealer to practice actual property and hold the
licenses of affiliated licensees.
, Broker Listing Cooperative (BLC) - ANS-A list carrier developed by means of the Metropolitan
Indianapolis Board of REALTORS (MIBOR), that is a country wide enterprise brand owned and
controlled with the aid of REALTORS which can be adopted by using collaborating member a
couple of listing services (MLS).
Broker Price Opinion (BPO) - ANS-The envisioned cost of a property as determined by way of a
actual estate broking or different certified person or corporation.
Can the Indiana Real Estate Commission (IREC) reinstate a suspended license early?
Yes or No - ANS-Yes - IREC may additionally reinstate a suspended license early if they're glad
that the licensee can now interact in in a position exercise, however the reinstatement may
additionally encompass disciplinary or corrective measures.
Closing Statement - ANS-Document prepared by the ultimate agent listing all expenses and
charges paid by the customer and dealer to close the actual property transaction. Also called a
Settlement Statement, or HUD-1
Commercial Real Estate - ANS-A parcel of actual estate apart from actual property containing
one to four residential devices.
Consideration - ANS-Something of fee given to some other as compensation for stepping into a
agreement.
Danielle exceeded the state examination. What is Danielle required to do while she applies for a
dealer license? Select all correct responses.
A. Apply within a 12 months of passing the nation examination
B. Consist of proof of passing the pre-licensing path
C. Consist of evidence of passing the nation examination
D. Pay the applicable expenses - ANS-ABC&D - all are required
Earnest Money - ANS-Refers to escrow money, whether within the shape of private tests,
cashiers tests moeny orders coins or another styles of legal tender.
Earnest Money Deposit - ANS-Money given via a customer upon signing a sales contract,
displaying the customers goal to carry out the terms of the settlement.
Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) - ANS-A congressional
Act surpassed in 1989 as a complete savings and mortgage bailout and preventive measure
against future S&L insolvency.
Generally, handiest a dealer is authorized to control a assets for a charge, until the person is a
complete-time worker of the assets owner.
True or False - ANS-True
