Indiana Real Estate Exam Questions With
Correct Answers
The |____ |is |fully |responsible |for |the |actions |preformed |in |the |course |of |real |estate |business |
by |all |persons |licensed |under |______. |- |CORRECT |ANSWER✔✔-Broker, |Broker
The |_____ |can |carry |out |ONLY |those |responsbilties |assigned |by |employing |____. |- |CORRECT |
ANSWER✔✔-Salesperson, |broker
A |salesperson |can |receive |______ |ONLY |from |that |broker. |- |CORRECT |ANSWER✔✔-
compensation
A |salesperson |has |_______ |to |make |contracts |with |or |______ |from |any |other |party. |- |
CORRECT |ANSWER✔✔-no |authority, |receive |compensation
A |brokers |commission |is |specified |in |the |______ |with |the |principal. |- |CORRECT |ANSWER✔✔-
contract
Independent |contractors |must |have |.... |- |CORRECT |ANSWER✔✔-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.
Anti-trust |violations |- |CORRECT |ANSWER✔✔-price-fixing, |group |boycotting, |allocation |of |
customers |and |markets, |tie-in |agreements
Exclusive |right |to |sell |listing |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-The |relationship |between |an |agent |and |a |client
What |are |the |fiduciary |duties |of |a |real |estate |agent |to |his/her |client? |- |CORRECT |ANSWER✔✔-
Accounting, |Care, |Confidentiality, |Disclosure, |Loyalty, |Obedience
Tenancy |in |severalty |- |CORRECT |ANSWER✔✔-type |of |ownership |is |by |a |single |person |or |a |
corporation, |and |not |being |married |doesn't |have |anything |to |do |with |it
Tenancy |in |common |- |CORRECT |ANSWER✔✔-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: |- |
CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-That |owner's |interest |reverts |to |
the |other |owners. |This |right |of |survivor-ship |may |vary |by |state.
Tenancy |by |the |entirety |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-When |someone |uses |your |property, |you |may |end
|up |losing |the |property |or |having |your |rights |to |the |property |restricted.
Avulsion |- |CORRECT |ANSWER✔✔-the |sudden |loss |of |land |by |an |act |of |nature |like |a |landslide
Dedication |- |CORRECT |ANSWER✔✔-you |essentially |give |it |up |voluntarily |to |the |government. |
An |example |is |a |developer |giving |up |streets |in |a |subdivision.
Erosion |- |CORRECT |ANSWER✔✔-the |gradual |loss |of |land |by |an |act |of |nature, |like |property |lost
|along |the |bank |of |a |river.
Partition |- |CORRECT |ANSWER✔✔-a |legal |proceeding |to |divide |property |owned |by |two |or |
more |people.
Public |grant |- |CORRECT |ANSWER✔✔-just |the |opposite |of |dedication; |the |government |actually |
is |giving |property |to |private |individuals.
Condominium |- |CORRECT |ANSWER✔✔-owner |actually |owns |real |estate. |This |ownership |is |
usually |the |air |space |and |an |interest |as |a |tenant |in |common |of |the |land.
Correct Answers
The |____ |is |fully |responsible |for |the |actions |preformed |in |the |course |of |real |estate |business |
by |all |persons |licensed |under |______. |- |CORRECT |ANSWER✔✔-Broker, |Broker
The |_____ |can |carry |out |ONLY |those |responsbilties |assigned |by |employing |____. |- |CORRECT |
ANSWER✔✔-Salesperson, |broker
A |salesperson |can |receive |______ |ONLY |from |that |broker. |- |CORRECT |ANSWER✔✔-
compensation
A |salesperson |has |_______ |to |make |contracts |with |or |______ |from |any |other |party. |- |
CORRECT |ANSWER✔✔-no |authority, |receive |compensation
A |brokers |commission |is |specified |in |the |______ |with |the |principal. |- |CORRECT |ANSWER✔✔-
contract
Independent |contractors |must |have |.... |- |CORRECT |ANSWER✔✔-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.
Anti-trust |violations |- |CORRECT |ANSWER✔✔-price-fixing, |group |boycotting, |allocation |of |
customers |and |markets, |tie-in |agreements
Exclusive |right |to |sell |listing |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-The |relationship |between |an |agent |and |a |client
What |are |the |fiduciary |duties |of |a |real |estate |agent |to |his/her |client? |- |CORRECT |ANSWER✔✔-
Accounting, |Care, |Confidentiality, |Disclosure, |Loyalty, |Obedience
Tenancy |in |severalty |- |CORRECT |ANSWER✔✔-type |of |ownership |is |by |a |single |person |or |a |
corporation, |and |not |being |married |doesn't |have |anything |to |do |with |it
Tenancy |in |common |- |CORRECT |ANSWER✔✔-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: |- |
CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-That |owner's |interest |reverts |to |
the |other |owners. |This |right |of |survivor-ship |may |vary |by |state.
Tenancy |by |the |entirety |- |CORRECT |ANSWER✔✔-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 |- |CORRECT |ANSWER✔✔-When |someone |uses |your |property, |you |may |end
|up |losing |the |property |or |having |your |rights |to |the |property |restricted.
Avulsion |- |CORRECT |ANSWER✔✔-the |sudden |loss |of |land |by |an |act |of |nature |like |a |landslide
Dedication |- |CORRECT |ANSWER✔✔-you |essentially |give |it |up |voluntarily |to |the |government. |
An |example |is |a |developer |giving |up |streets |in |a |subdivision.
Erosion |- |CORRECT |ANSWER✔✔-the |gradual |loss |of |land |by |an |act |of |nature, |like |property |lost
|along |the |bank |of |a |river.
Partition |- |CORRECT |ANSWER✔✔-a |legal |proceeding |to |divide |property |owned |by |two |or |
more |people.
Public |grant |- |CORRECT |ANSWER✔✔-just |the |opposite |of |dedication; |the |government |actually |
is |giving |property |to |private |individuals.
Condominium |- |CORRECT |ANSWER✔✔-owner |actually |owns |real |estate. |This |ownership |is |
usually |the |air |space |and |an |interest |as |a |tenant |in |common |of |the |land.
