Indiana Real Estate Exam Questions
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, The____is fully responsible for the actions Broker, Broker
preformed in the course of real estate business
by all persons licensed under _.
The_____can carry out ONLY those responsbilties Salesperson, broker
assigned by employing____.
A salesperson can receive______ONLY from that compensation
broker.
A salesperson has______to make contracts with or no authority, receive compensation
_____from any other party.
A brokers commission is specified in the_____with contract
the principal.
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.
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 Accounting, Care, Confidentiality, Disclosure, Loyalty, Obedience
to his/her client?
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
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 1. Interest: Each owner has the same interest.
this type of ownership to exist are: 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.
Verified and Provided with Complete A+
Graded Answers Latest Updated 2026
, The____is fully responsible for the actions Broker, Broker
preformed in the course of real estate business
by all persons licensed under _.
The_____can carry out ONLY those responsbilties Salesperson, broker
assigned by employing____.
A salesperson can receive______ONLY from that compensation
broker.
A salesperson has______to make contracts with or no authority, receive compensation
_____from any other party.
A brokers commission is specified in the_____with contract
the principal.
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.
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 Accounting, Care, Confidentiality, Disclosure, Loyalty, Obedience
to his/her client?
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
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 1. Interest: Each owner has the same interest.
this type of ownership to exist are: 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.
