Practice Testing: The Indiana Real Estate Commission Exam 2024/2025 Latest Test Questions With Verified Solutions

According to Indiana law, a claimant seeking relief from the Indiana Recovery Fund must be a resident of Indiana A. True B. False - Answer-False - Although a claimant must have cause due to an Indiana Real estate transaction, the claimant is not required to be a resident of Indiana What type of agent do you think a broker is in the managing broker - agent relationship? A. Universal B. Special C. General D. Limited - Answer-C - Agents are considered to be general agents to their managing brokers. An agent would be a special agent to their client. Seller Mary signs a listing agreement with broker Bill and his firm. Mary would be termed Bill's principal. A. True B. False - Answer-True - Since Mary contracted with Bill to sell her house. Mary would be Bills principal and Bill is the agent. Sub-agency is a recognized agency relationship in Indiana A. True B. False - Answer-False - The IREC ( Indiana Real Estate Commission) and the Legislature have worked together to eliminate this confusing type of agency and is now prohibited In an "In House" transaction dual agency is always the situationA. True B. False - Answer-False - In Indiana if the buyer does not have a buyer-broker agreement in place, the buyer is only termed a customer, therefore dual agency would be an impossibility. Effective July 1 2014, a Commercial broker not residing in Indiana can carry out the functions of an Indiana Broker without being licensed in Indiana as long as he or she can show good standing in their home state and they must properly affiliate themselves with an Indiana Broker. A. True B. False - Answer-True - A condition for an out of state commercial broker to do business in Indiana without an Indiana license is to provide evidence of good standing in their home state.