Indiana Real Estate Exam Questions and
Answers 100% Solved | Graded A+
The ____ is fully responsible for the actions preformed in the course of real
estate business by all persons licensed under ______. - ✔✔Broker, Broker
The _____ can carry out ONLY those responsbilties assigned by employing
____. - ✔✔Salesperson, broker
A salesperson can receive ______ ONLY from that broker. -
✔✔compensation
A salesperson has _______ to make contracts with or ______ from any
other party. - ✔✔no authority, receive compensation
A brokers commission is specified in the ______ with the principal. -
✔✔contract
Independent contractors must have .... - ✔✔1. Current real estate licenses
2. Licensee must have a written contract w/ broker ( Tax Reasons)
3. At least 90 % of the individuals income as a licensee must be based on
sales production and NOT on # of hours worked.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Anti-trust violations - ✔✔price-fixing, group boycotting, allocation of
customers and markets, tie-in agreements
Exclusive right to sell listing - ✔✔In this agreement, the agent gets paid no
matter who sells the property, regardless of whether it's the agent or the
seller
Exclusive agency listing - ✔✔Agents get paid in this type of agreement only
if they sell the property. No fee is earned if the owner sells the property on
his own
Open listing - ✔✔In this type of agreement, sellers have the right to use as
many brokers as they want. The seller is not, however, obligated to pay any
of them if he sells the property
Net listing - ✔✔This type of agreement is illegal in some states. The agent
gets to keep everything he can get that's more than the sale price the
owner wants
Fiduciary - ✔✔The relationship between an agent and a client
What are the fiduciary duties of a real estate agent to his/her client? -
✔✔Accounting, Care, Confidentiality, Disclosure, Loyalty, Obedience
Tenancy in severalty - ✔✔type of ownership is by a single person or a
corporation, and not being married doesn't have anything to do with it
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Tenancy in common - ✔✔Equal or unequal undivided ownership between
two or more people is what characterizes this type of ownership. If an
owner dies, the deceased person's share is conveyed to his or her heirs,
not the other owners
(Joint tenancy)The four unities that must exist for this type of ownership to
exist are: - ✔✔1.Interest: Each owner has the same interest.
2.Possession: All owners hold an undivided interest.
3.Time: All owners receive their interest at the same time.
4.Title: All owners acquire their interest with the same deed.
If one owner of a joint tenancy dies - ✔✔That owner's interest reverts to the
other owners. This right of survivor-ship may vary by state.
Tenancy by the entirety - ✔✔Available only to married couples, tenancy by
the entirety means that property may not be sold without the agreement of
both parties. The right of survivorship exists to the extent that if one spouse
dies, his/her interest reverts to the other spouse
Adverse possession - ✔✔When someone uses your property, you may end
up losing the property or having your rights to the property restricted.
Avulsion - ✔✔the sudden loss of land by an act of nature like a landslide
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Answers 100% Solved | Graded A+
The ____ is fully responsible for the actions preformed in the course of real
estate business by all persons licensed under ______. - ✔✔Broker, Broker
The _____ can carry out ONLY those responsbilties assigned by employing
____. - ✔✔Salesperson, broker
A salesperson can receive ______ ONLY from that broker. -
✔✔compensation
A salesperson has _______ to make contracts with or ______ from any
other party. - ✔✔no authority, receive compensation
A brokers commission is specified in the ______ with the principal. -
✔✔contract
Independent contractors must have .... - ✔✔1. Current real estate licenses
2. Licensee must have a written contract w/ broker ( Tax Reasons)
3. At least 90 % of the individuals income as a licensee must be based on
sales production and NOT on # of hours worked.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,Anti-trust violations - ✔✔price-fixing, group boycotting, allocation of
customers and markets, tie-in agreements
Exclusive right to sell listing - ✔✔In this agreement, the agent gets paid no
matter who sells the property, regardless of whether it's the agent or the
seller
Exclusive agency listing - ✔✔Agents get paid in this type of agreement only
if they sell the property. No fee is earned if the owner sells the property on
his own
Open listing - ✔✔In this type of agreement, sellers have the right to use as
many brokers as they want. The seller is not, however, obligated to pay any
of them if he sells the property
Net listing - ✔✔This type of agreement is illegal in some states. The agent
gets to keep everything he can get that's more than the sale price the
owner wants
Fiduciary - ✔✔The relationship between an agent and a client
What are the fiduciary duties of a real estate agent to his/her client? -
✔✔Accounting, Care, Confidentiality, Disclosure, Loyalty, Obedience
Tenancy in severalty - ✔✔type of ownership is by a single person or a
corporation, and not being married doesn't have anything to do with it
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Tenancy in common - ✔✔Equal or unequal undivided ownership between
two or more people is what characterizes this type of ownership. If an
owner dies, the deceased person's share is conveyed to his or her heirs,
not the other owners
(Joint tenancy)The four unities that must exist for this type of ownership to
exist are: - ✔✔1.Interest: Each owner has the same interest.
2.Possession: All owners hold an undivided interest.
3.Time: All owners receive their interest at the same time.
4.Title: All owners acquire their interest with the same deed.
If one owner of a joint tenancy dies - ✔✔That owner's interest reverts to the
other owners. This right of survivor-ship may vary by state.
Tenancy by the entirety - ✔✔Available only to married couples, tenancy by
the entirety means that property may not be sold without the agreement of
both parties. The right of survivorship exists to the extent that if one spouse
dies, his/her interest reverts to the other spouse
Adverse possession - ✔✔When someone uses your property, you may end
up losing the property or having your rights to the property restricted.
Avulsion - ✔✔the sudden loss of land by an act of nature like a landslide
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
