Indiana Real Estate Exam Questions & Correct Answers
1. The is fully responsible for the actions preformed in the course of real
estate business by all persons licensed under .
Answer> Broker, Broker
2. The can carry out ONLY those responsbilties assigned by employing
.
Answer> Salesperson, broker
3. A salesperson can receive ONLY from that broker.
Answer> compensation
4. A salesperson has to make contracts with or from any other
party.
Answer> no authority, receive compensation
5. A brokers commission is specified in the with the principal.
Answer> contract
6. 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.
7. Anti-trust violations
Answer> price-fixing, group boycotting, allocation of customers and markets, tie-in
agreements
8. 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
9. 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
10. 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
11. 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
12. Fiduciary
, Answer> The relationship between an agent and a client
13. What are the fiduciary duties of a real estate agent to his/her client?
Answer> Ac- counting, Care, Confidentiality, Disclosure, Loyalty, Obedience
14. 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
15. 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
16. (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.
17. 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.
1. The is fully responsible for the actions preformed in the course of real
estate business by all persons licensed under .
Answer> Broker, Broker
2. The can carry out ONLY those responsbilties assigned by employing
.
Answer> Salesperson, broker
3. A salesperson can receive ONLY from that broker.
Answer> compensation
4. A salesperson has to make contracts with or from any other
party.
Answer> no authority, receive compensation
5. A brokers commission is specified in the with the principal.
Answer> contract
6. 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.
7. Anti-trust violations
Answer> price-fixing, group boycotting, allocation of customers and markets, tie-in
agreements
8. 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
9. 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
10. 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
11. 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
12. Fiduciary
, Answer> The relationship between an agent and a client
13. What are the fiduciary duties of a real estate agent to his/her client?
Answer> Ac- counting, Care, Confidentiality, Disclosure, Loyalty, Obedience
14. 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
15. 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
16. (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.
17. 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.
