Indiana Real Estate Exam Questions and Answers 100% Pass

Indiana Real Estate Exam Questions and Answers 100% Pass The ____ is fully responsible for the actions preformed in the course of real estate business by all persons licensed under ______. - Answer- Broker, Broker The _____ can carry out ONLY those responsbilties assigned by employing ____. - Answer- Salesperson, broker A salesperson can receive ______ ONLY from that broker. - Answer- compensation A salesperson has _______ to make contracts with or ______ from any other party. - Answer- no authority, receive compensation A brokers commission is specified in the ______ with the principal. - Answer- contract Independent contractors must have .... - 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 - Answer- price-fixing, group boycotting, allocation of customers and markets, tie-in agreements Exclusive right to sell listing - 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 - 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 - 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 - 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 - Answer- The relationship between an agent and a client What are the fiduciary duties of a real estate agent to his/her client? - Answer- Accounting, Care, Confidentiality, Disclosure, Loyalty, Obedience Tenancy in severalty - 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 - 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: - 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 - Answer- That owner's interest reverts to the other owners. This right of survivor-ship may vary by state