Practice Testing: The Indiana Real Estate
Commission Exam Q&A 100% Pass
According to Indiana law, a claimant seeking relief from the Indiana
Recovery Fund must be a resident of Indiana
A. True
B. False - ✔✔False - Although a claimant must have cause due to an
Indiana Real estate transaction, the claimant is not required to be a
resident of Indiana
What type of agent do you think a broker is in the managing broker - agent
relationship?
A. Universal
B. Special
C. General
D. Limited - ✔✔C - Agents are considered to be general agents to their
managing brokers. An agent would be a special agent to their client.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Seller Mary signs a listing agreement with broker Bill and his firm. Mary
would be termed Bill's principal.
A. True
B. False - ✔✔True - Since Mary contracted with Bill to sell her house. Mary
would be Bills principal and Bill is the agent.
Sub-agency is a recognized agency relationship in Indiana
A. True
B. False - ✔✔False - The IREC ( Indiana Real Estate Commission) and the
Legislature have worked together to eliminate this confusing type of agency
and is now prohibited
In an "In House" transaction dual agency is always the situation
A. True
B. False - ✔✔False - In Indiana if the buyer does not have a buyer-broker
agreement in place, the buyer is only termed a customer, therefore dual
agency would be an impossibility.
Effective July 1 2014, a Commercial broker not residing in Indiana can
carry out the functions of an Indiana Broker without being licensed in
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Commission Exam Q&A 100% Pass
According to Indiana law, a claimant seeking relief from the Indiana
Recovery Fund must be a resident of Indiana
A. True
B. False - ✔✔False - Although a claimant must have cause due to an
Indiana Real estate transaction, the claimant is not required to be a
resident of Indiana
What type of agent do you think a broker is in the managing broker - agent
relationship?
A. Universal
B. Special
C. General
D. Limited - ✔✔C - Agents are considered to be general agents to their
managing brokers. An agent would be a special agent to their client.
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, Seller Mary signs a listing agreement with broker Bill and his firm. Mary
would be termed Bill's principal.
A. True
B. False - ✔✔True - Since Mary contracted with Bill to sell her house. Mary
would be Bills principal and Bill is the agent.
Sub-agency is a recognized agency relationship in Indiana
A. True
B. False - ✔✔False - The IREC ( Indiana Real Estate Commission) and the
Legislature have worked together to eliminate this confusing type of agency
and is now prohibited
In an "In House" transaction dual agency is always the situation
A. True
B. False - ✔✔False - In Indiana if the buyer does not have a buyer-broker
agreement in place, the buyer is only termed a customer, therefore dual
agency would be an impossibility.
Effective July 1 2014, a Commercial broker not residing in Indiana can
carry out the functions of an Indiana Broker without being licensed in
2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
