7A - Indiana Real Estate License Law and Agency Law questions and answers 100% guaranteed success.

7A - Indiana Real Estate License Law and Agency Law questions and answers 100% guaranteed success. Affiliated Licensee - correct answer. Individual licensee affiliated with a managing broker Agent - correct answer. Any licensee who has an agency relationship with a principal Broker - correct answer. One who has a broker's license Broker Company - correct answer. A business licensed as a broker to practice real estate and hold the licenses of affiliated licensees. Broker Price Opinion (BPO) - correct answer. The estimated value of a property as determined by a real estate broker or other qualified individual or firm. Consideration - correct answer. Something of value given to another as compensation for entering into a contract. Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) - correct answer. A congressional Act passed in 1989 as a comprehensive savings and loan bailout and preventive measure against future S&L insolvency. Licensee - correct answer. Anyone who has a real estate license, regardless of type or status. Limited Agent - correct answer. A licensee who works with both parties to a transaction (i.e., buyer and seller) and legally can do this only with written "informed consent" of all parties. Listing Broker - correct answer. A broker who specifically represents the seller or landlord. Managing Broker - correct answer. One who practices individually and/or holds another's license and becomes responsible for all acts performed under their license. A managing broker is the only party who can be paid directly by the public or other cooperating brokers Principal - correct answer. 1) A person who grants another person (an agent) authority to represent him or her in dealings with third parties. 2) one of the parties to a transaction (such as a broker). Also called a Client. 3) With regarding to a loan, the amount originally borrowed, as opposed to the interest. Responsible Party - correct answer. The managing broker who is primarily responsible to the Commission in a brokerage that operates under a corporate partnership or LLC license. Seller's Agent - correct answer. An agent who represents the seller of real property. Selling Broker - correct answer. An agent who represents the buyer or tenant, often as a cooperating agent through the MLS/BLC. Also called a Selling Agent. USPAP (Uniform Standards of Professional Appraisal Practice) - correct answer. Professional appraisal standards developed by the Appraisal Foundation and recognized throughout the United States as accepted standards of appraisal practice. Which individual does NOT require licensure? Select all correct responses. A. agent selling a commercial property B. executor of an estate C. owner/manager renting apartments on a property with 12 units or less D. Tax official conducting a tax sale - correct answer. B, C and D Any entity that is paid to provide services in the buying or selling of real estate in Indiana must be licensed to do so. True or False - correct answer. True Which statement about the Indiana Real Estate Commission is FALSE? Select all correct responses. A. The IREC maintains official records and files on all licenses and licensees. B. The IREC processes license application/renewals and collects all fees C. The IREC safeguards the public interest D. The IREC schedules and provides notice of all IREC Meetings, hearings and investigations. - correct answer. A, B and D. All are false except for C. The commission's primary purpose is to safeguard the public interest by encouraging and requiring a high standard of knowledge and ethical practice on the part of licensees. Generally, only a broker is authorized to manage a property for a fee, unless the individual is a full-time employee of the property owner. True or False - correct answer. True The Indiana Real Estate Commission has authority for which of the following? Select all correct responses. A. administer and enforce license law B. approve courses of study and continuing education courses C. inspect licensees records D. resolve disputes between licensees over fees. - correct answer. A, B and C. The IREC does not have authority for issues over licensees fees; those would be handled through arbitration or the courts. Any real estate-related transaction may be designated as an exception to the Indiana licensure requirement with the express written consent of the Indiana Real Estate Commission. True or false - correct answer. True - the Indiana Legislature specified that IREC may authorize exceptions to the Indiana Licensure requirement by providing with the express written consent of the Indiana Real Estate Commission. Commercial Real Estate - correct answer. A parcel of real estate other than real estate containing one to four residential units. Danielle passed the state exam. What is Danielle required to do when she applies for a broker license? Select all correct responses. A. apply within a year of passing the state exam B. include evidence of passing the pre-licensing course C. include evidence of passing the state exam D. pay the applicable fees - correct answer. ABC&D - all are required Under Indiana law, which activity is an exception that does NOT require licensure? Select all correct responses. A. activities involving one's own real property B. trustee carrying out the terms of a trust C. public auction by a licensed auctioneer D. referral by a licensed broker in Ohio to an Indiana broker - correct answer. A, B, C & D - The Indiana Legislature designated all of these activities as exceptions to licensure requirements.