Indiana State Real Estate Exam Questions & Answers Solved 100%

In Indiana Real Estate Commission may delay the renewal of a broker's license if the A. Broker owes past Multiple Listing Service (MLS) fees B. Commission is completing an investigation that will verify whether the licensee has committed an act that requires discipline C. Managing Broker has failed to provide the Commission with copies of the broker's continuing education certifications D. Licensee has not successfully completed the latest Uniform Standards of Professional Appraisal Practice (USPAP) update - Answer Licensee has not successfully completed the latest Uniform Standards of Professional Appraisal Practice (USPAP) update Broker Z is affiliated with XYZ Brokerage Company but works remotely from home. Broker Z A. Must have XYZ Brokerage Company's sign on his house B. May not work remotely from home C. May not advertise that his home address is his place of business D. Must obtain separate Errors and Omissions (E&O) insurance - Answer May not advertise that his home address is his place of business Which of the following statements about the events surrounding a closing on a commercial property that is listed with a Managing Broker and sold by another agency's licensee is CORRECT? A. The selling Managing Broker must be present if the seller is not present B. The listing Managing Broker or a licensed associate is not required to attend C. The selling Managing Broker must request a copy of the closing statement and then retain it for at least seven years D. The listing Managing Broker must request a copy of the closing statement and then retain it for at least 10 years - Answer The listing Managing Broker or a licensed associate is not required to attend Which of the following transactions would constitute an in-house agency relationship? A. Two or more clients represented by the same licensee B. One licensee representing another licensee in the sale of a personal residence C. Two or more customers represented by the same licensee in the purchase of a property D. Two or more clients represented by different licensees associated with the same real estate firm - Answer Two or more clients represented by different licensees associated with the same real estate firm A broker's license expired 2 days ago. In order to reinstate the license, the broker must A. Retake the examination B. Retake the broker's course and pass the examination C. Petition the Indiana Real Estate Commission for reinstatement D. Pay all unpaid license fees along with the required reinstatement fee - Answer Pay all unpaid license fees along with the required reinstatement fee An individual has been convicted of selling drugs and has served a 3-year sentence in prison. The individual has satisfied all the requirements for licensure and appplies for a broker's license. The Indiana Real Estate Commission must A. Automatically deny the license due to seriousness of the crime B. Consider the offense to determine if it will have a direct bearing on the individual's ability to practice competently C. Require that the individual submit documentation that rehabilitation has occured D. Issue a probationary license and have the individual repoert to executive director the probationary period - Answer Consider the offense to determine if it will have a direct bearing on the individual's ability to practice competently Which of the following would constitute "incompetent practice" by a licensee A. Failing to advertise listings B. Paying a disclosed referral fee to a party to the transaction C. Acting as the agent for the seller and signing document with power of attorney D. Failing to account for documents belonging to the client that have come into the licesee's possession - Answer Failing to account for documents belonging to the client that have come into the licesee's possession T, a licensee from Illinois has been retained by the probate court to sell all real estate in J's estate. One of the properties is located in Indiana. T wants to sell the property located in Indiana. In this situation, which of the following statements is CORRECT? A. T must apply for an Indiana brokers license and fulfill any other requirements B. T must receive permission from the Illinois Real Estate Commission C. T can apply to the Indiana Real Estate Commission for written permission to sell the property D. The action is legal is T does not come to Indiana - Answer T can apply to the Indiana Real Estate Commission for written permission to sell the property The attorney general must do may do which of the following? A. Place a broker on probation B. Subpoena documents for the investigation C. Order a broker to cease practicing D. Order a broker to amend advertising - Answer Subpoena documents for the investigation Which of the following is the proper way to split commission? A. The agreed amount discussed between the broker company B. Only the agreed amount to the selling broker company C. 35% of the total fee to the selling broker company D. 50% of the total fee to the selling selling company. - Answer The agreed amount discussed between the broker company Prior to placing a "For Sale" sign on the lawn, the licensee must have A. Oral consent of seller B. Open listing contract C. Written consent of seller D. Any form of listing contract - Answer Written consent of seller Licensee acting on behalf of an out of town seller receives an offer from buyer. What should the licensee do? A. Licensee has the managing broker authority B. Verbal approval of seller via phone C. Only if licensee has written authority as POA from seller D. As agent as principal - Answer Only if licensee has written authority as POA from seller T, a licensee from Illinois, has been retained by the probate court to sell all the real estate in J's estate. One of the properties located in INDIANA. If T wants to sell the property located in INDIANA. In this situation, which of the following statements is correct? A. T must apply for an Indiana broker's license and fulfill any other requirements. B. T must receive permission from the Illinois real estate commission C. T can apply to the Indiana real estate commission for written permission to sell the property D. The action is legal if T does not come to Indiana. - Answer T must receive permission from the Illinois real estate commission A consummation of transaction, listing broker is required to deliver closing statement to A. Seller B. Buyer C. Seller's Broker D. Buyer's broker - Answer Seller A person without a valid Real Estate license cannot list or sell for consideration unless that person A. Over 18 B. Received license from Attorney General C. Falls under exemption from licensing in Indiana Real Estate law D. Held licensure in another state for 10 years - Answer Falls under exemption from licensing in Indiana Real Estate law Inducements allowed A. Free home warranty w/o seller knowledge B. $100 gift card on FB for referral C. Donate to charity of buyer/seller's choice with approval D. Rebate portion of commission - Answer Donate to charity of buyer/seller's choice with approva