Indiana Real Estate Exam| 165 Questions And Answers!

The ____ is fully responsible for the actions preformed in the course of real estate business by all persons licensed under ______. - ANSWERSBroker, Broker The _____ can carry out ONLY those responsbilties assigned by employing ____. - ANSWERSSalesperson, broker A salesperson can receive ______ ONLY from that broker. - ANSWERScompensation A salesperson has _______ to make contracts with or ______ from any other party. - ANSWERSno authority, receive compensation A brokers commission is specified in the ______ with the principal. - ANSWERScontract Independent contractors must have .... - ANSWERS1. 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 - ANSWERSprice-fixing, group boycotting, allocation of customers and markets, tie-in agreements Exclusive right to sell listing - ANSWERSIn 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 - ANSWERSAgents 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