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State Real Estate Exam Questions Already Graded A+ 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 investigati on 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 ✔️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 ✔️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 Managin g 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 r equest 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 ✔️The listing Managing Broker or a licensed associate i s 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 ✔️Two or more clients represented by different licensees associated wi th 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 ✔️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 crim e 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 ✔️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 l icensee 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 ✔️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?