Indiana Real Estate Exam 2025
Indiana Real Estate Exam 2026 Practice Questions, Answers, and Study Guide for Licensing Success
Study online at https://quizlet.com/_hjc7v0
1. What is a limited agent? a licensee who is representing both the seller
and the buyer (or landlord and tenant) in a trans-
action. All parties to the transaction must give
written informed consent to the limited agency.
2. What is a sub-agent? A sub-agent is a broker who's acting on behalf
of another broker who is representing a client.
Sub-agency is prohibited in Indiana. Licensees
may not offer sub-agency through the MLS or
agree to it in any other way.
3. What is a universal agent? An agent who is authorized to act for and repre-
sent a principal in all matters. This level of au-
thority is typically granted through a power of
attorney, and it's a rare form of agency in real
estate.
4. What is a stigmatized property? A property where:
An individual died.
A felony was committed.
Criminal organization activity occurred.
A firearm was discharged in a situation involving
law enforcement.
A controlled substance was illegally manufac-
tured or distributed.
5. How many feet are in an acre? 43,560 square feet
6. If a managing broker is no longer able Indiana Real Estate Commission
to manage trust accounts due to death,
incapacitation, or loss of license, who
takes over the escrow account(s)?
Page 1
, Indiana Real Estate Exam 2025
Indiana Real Estate Exam 2026 Practice Questions, Answers, and Study Guide for Licensing Success
Study online at https://quizlet.com/_hjc7v0
7. How do Indiana Real Estate Commis- Indiana Real Estate Commission members are
sion members get chosen? appointed by the Governor of Indiana.
8. How many members are on the Indiana 12. 9 are licensed brokers from each of Indi-
Real Estate Commission (IREC)? ana's nine congressional districts. Additionally,
there are three at-large members, two of whom
are "citizen members" representing the general
public and not involved in the real estate industry.
9. What is the maximum payout of the In- The fund is administered by the Indiana Real Es-
diana Real Estate Recovery Fund? tate Commission and has a maximum payout of
$20,000 per transaction and a lifetime aggregate
of $50,000 per licensee.
10. Which of the following costs are eligible B. The claimant's actual losses
for disbursement from the Indiana real
estate recovery fund?
A. Damages for pain and suffering
B. The claimant's actual losses
C. The claimant's administrative ex-
penses
D. The claimant's attorney fees
11. What is USPAP? USPAP stands for Uniform Standards of Profes-
sional Appraisal Practice. It provides guidelines
for conducting and reporting an appraisal.
12. Which of these methods of valuation A. Broker price opinion
falls under Indiana's definition of an ap-
praisal?
A. Broker price opinion
B. Comparative market analysis
Page 2
Indiana Real Estate Exam 2026 Practice Questions, Answers, and Study Guide for Licensing Success
Study online at https://quizlet.com/_hjc7v0
1. What is a limited agent? a licensee who is representing both the seller
and the buyer (or landlord and tenant) in a trans-
action. All parties to the transaction must give
written informed consent to the limited agency.
2. What is a sub-agent? A sub-agent is a broker who's acting on behalf
of another broker who is representing a client.
Sub-agency is prohibited in Indiana. Licensees
may not offer sub-agency through the MLS or
agree to it in any other way.
3. What is a universal agent? An agent who is authorized to act for and repre-
sent a principal in all matters. This level of au-
thority is typically granted through a power of
attorney, and it's a rare form of agency in real
estate.
4. What is a stigmatized property? A property where:
An individual died.
A felony was committed.
Criminal organization activity occurred.
A firearm was discharged in a situation involving
law enforcement.
A controlled substance was illegally manufac-
tured or distributed.
5. How many feet are in an acre? 43,560 square feet
6. If a managing broker is no longer able Indiana Real Estate Commission
to manage trust accounts due to death,
incapacitation, or loss of license, who
takes over the escrow account(s)?
Page 1
, Indiana Real Estate Exam 2025
Indiana Real Estate Exam 2026 Practice Questions, Answers, and Study Guide for Licensing Success
Study online at https://quizlet.com/_hjc7v0
7. How do Indiana Real Estate Commis- Indiana Real Estate Commission members are
sion members get chosen? appointed by the Governor of Indiana.
8. How many members are on the Indiana 12. 9 are licensed brokers from each of Indi-
Real Estate Commission (IREC)? ana's nine congressional districts. Additionally,
there are three at-large members, two of whom
are "citizen members" representing the general
public and not involved in the real estate industry.
9. What is the maximum payout of the In- The fund is administered by the Indiana Real Es-
diana Real Estate Recovery Fund? tate Commission and has a maximum payout of
$20,000 per transaction and a lifetime aggregate
of $50,000 per licensee.
10. Which of the following costs are eligible B. The claimant's actual losses
for disbursement from the Indiana real
estate recovery fund?
A. Damages for pain and suffering
B. The claimant's actual losses
C. The claimant's administrative ex-
penses
D. The claimant's attorney fees
11. What is USPAP? USPAP stands for Uniform Standards of Profes-
sional Appraisal Practice. It provides guidelines
for conducting and reporting an appraisal.
12. Which of these methods of valuation A. Broker price opinion
falls under Indiana's definition of an ap-
praisal?
A. Broker price opinion
B. Comparative market analysis
Page 2
