COLIBRI SCHOOL FULL SOLUTION VIEW
AHEAD QUESTIONS AND ANSWERS STUDY
COMPANION
●● Chapter 1:
conditions affecting the property title
deposit or down payment procedures
riders
type of deed to be conveyedWhich is typically an element of a pre-
printed purchase contract? Select all correct responses.
Answer: conditions affecting the property title
deposit or down payment procedures
riders
type of deed to be conveyedWhich is typically an element of a pre-
printed purchase contract? Select all correct responses.
●● A simple formula that leads to rapport with clients is
Answer: Watch + Listen + Match.
●● The Indiana Legislature granted IREC exclusive authority for which
function? Select all correct responses.
Answer: adopt standards of competent practice and rules of behavior
,censure, deny, issue, revoke, or suspend licenses and/or licensees
conduct hearings to investigate complaints against licensees
take action in circuit court to enforce license law
●● Julia contracts with Joe to create the lace wedding dress she
designed. Joe shows up at the first fitting with a pink satin dress,
although the design is similar. Joe demands the full $8,200 indicated in
the contract. Julia refuses to pay. He sues, and the court rules that Julia
owes him nothing because this was
Answer: a material breach.
●● Attorney David is serving as executor of an estate that includes
Indiana real estate. Is David allowed to sell the property?
Answer: Yes
●● Who is required to receive a copy of the Indiana Residential Sales
Disclosure Form?
Answer: buyer prior to acceptance of their offer
●● At closing, who signs the new deed?
Answer: the seller only
,●● Senate Bill 275 changed real estate licensing to a single licensure
structure with brokers and managing brokers having the same experience
and education requirements.
Answer: False
●● Adam and Jenny enter into an agreement wherein Adam will buy
Jenny's house at the asking price if Jenny will install a new roof and if
Adam can qualify for a loan sufficient to cover the purchase. Until the
roof is installed and the financing obtained, the contract is said to be
Answer: executory.
●● Upon termination, a licensee must turn over all listings and exclusive
buyer agency agreements to the managing broker.
Answer: True
●● An agreement in which the buyer is "open" to work with an
unlimited number of brokers, and only the broker who locates the
property that the buyer purchases is paid compensation is a(n)
Answer: non-exclusive buyer agency agreement.
●● Who receives a copy of the purchase offer? Select all correct
responses.
Answer: managing broker
prospective purchasers
, sellers
●● All advertising listing a property must display the name of the
managing broker or firm.
Answer: True
●● Which act(s) is designated as a Class A infraction of real estate laws
and regulations? Select all correct responses.
Answer: attempting to obtain a license through fraud or deception
committing acts in another state resulting in disciplinary action
engaging in false advertising
practicing with a license that is inactive or unassigned
●● Which of the following is designated as an incompetent real estate
practice under Indiana real estate regulations? Select all correct
responses.
Answer: acting in dual capacity of licensee and undisclosed client in any
transaction
offering real property on any terms other than those authorized by the
owner
representing a managing broker other than the one with whom the
licensee is associated
AHEAD QUESTIONS AND ANSWERS STUDY
COMPANION
●● Chapter 1:
conditions affecting the property title
deposit or down payment procedures
riders
type of deed to be conveyedWhich is typically an element of a pre-
printed purchase contract? Select all correct responses.
Answer: conditions affecting the property title
deposit or down payment procedures
riders
type of deed to be conveyedWhich is typically an element of a pre-
printed purchase contract? Select all correct responses.
●● A simple formula that leads to rapport with clients is
Answer: Watch + Listen + Match.
●● The Indiana Legislature granted IREC exclusive authority for which
function? Select all correct responses.
Answer: adopt standards of competent practice and rules of behavior
,censure, deny, issue, revoke, or suspend licenses and/or licensees
conduct hearings to investigate complaints against licensees
take action in circuit court to enforce license law
●● Julia contracts with Joe to create the lace wedding dress she
designed. Joe shows up at the first fitting with a pink satin dress,
although the design is similar. Joe demands the full $8,200 indicated in
the contract. Julia refuses to pay. He sues, and the court rules that Julia
owes him nothing because this was
Answer: a material breach.
●● Attorney David is serving as executor of an estate that includes
Indiana real estate. Is David allowed to sell the property?
Answer: Yes
●● Who is required to receive a copy of the Indiana Residential Sales
Disclosure Form?
Answer: buyer prior to acceptance of their offer
●● At closing, who signs the new deed?
Answer: the seller only
,●● Senate Bill 275 changed real estate licensing to a single licensure
structure with brokers and managing brokers having the same experience
and education requirements.
Answer: False
●● Adam and Jenny enter into an agreement wherein Adam will buy
Jenny's house at the asking price if Jenny will install a new roof and if
Adam can qualify for a loan sufficient to cover the purchase. Until the
roof is installed and the financing obtained, the contract is said to be
Answer: executory.
●● Upon termination, a licensee must turn over all listings and exclusive
buyer agency agreements to the managing broker.
Answer: True
●● An agreement in which the buyer is "open" to work with an
unlimited number of brokers, and only the broker who locates the
property that the buyer purchases is paid compensation is a(n)
Answer: non-exclusive buyer agency agreement.
●● Who receives a copy of the purchase offer? Select all correct
responses.
Answer: managing broker
prospective purchasers
, sellers
●● All advertising listing a property must display the name of the
managing broker or firm.
Answer: True
●● Which act(s) is designated as a Class A infraction of real estate laws
and regulations? Select all correct responses.
Answer: attempting to obtain a license through fraud or deception
committing acts in another state resulting in disciplinary action
engaging in false advertising
practicing with a license that is inactive or unassigned
●● Which of the following is designated as an incompetent real estate
practice under Indiana real estate regulations? Select all correct
responses.
Answer: acting in dual capacity of licensee and undisclosed client in any
transaction
offering real property on any terms other than those authorized by the
owner
representing a managing broker other than the one with whom the
licensee is associated
