INDIANA REAL ESTATE EXAM QUESTIONS AND 100% CORRECT ANSWERS|LATEST 2025/2026|GRADED A+|VERIFIED

INDIANA REAL ESTATE EXAM QUESTIONS AND
100% CORRECT ANSWERS|LATEST
2025/2026|GRADED A+|VERIFIED

The ____ is fully responsible for the actions preformed in the course of real estate business by
B B B B B B B B B B B B B B B B B



all persons licensed under ______. - ANSWER
B B B B B B Broker, Broker B




The _____ can carry out ONLY those responsbilties assigned by employing ____. -
B B B B B B B B B B B B



B ANSWER Salesperson, broker B




A salesperson can receive ______ ONLY from that broker. - ANSWER
B B B B B B B B B B compensation



A salesperson has _______ to make contracts with or ______ from any other party. -
B B B B B B B B B B B B B B



B ANSWER no authority, receive compensation
B B B




A brokers commission is specified in the ______ with the principal. - ANSWER
B B B B B B B B B B B B contract



Independent contractors must have .... - ANSWER B B B B B B 1. Current real estate licenses
B B B B




2. Licensee must have a written contract w/ broker ( Tax Reasons)
B B B B B B B B B B B B




3. At least 90 % of the individuals income as a licensee must be based on sales production and
B B B B B B B B B B B B B B B B B B B



NOT on # of hours worked.
B B B B B




Anti-trust violations - ANSWER price-
B B B



fixing, group boycotting, allocation of customers and markets, tie-in agreements
B B B B B B B B B




Exclusive right to sell listing - B B B B B



ANSWER
B In this agreement, the agent gets paid no matter who sells the property, regar
B B B B B B B B B B B B B



dless of whether it's the agent or the seller
B B B B B B B B




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,Exclusive agency listing - B B B



BANSWER Agents get paid in this type of agreement only if they sell the property. No fee B B B B B B B B B B B B B B B B



is earned if the owner sells the property on his own
B B B B B B B B B B




Open listing - B B



ANSWER
B In this type of agreement, sellers have the right to use as many brokers as the
B B B B B B B B B B B B B B B



y want. The seller is not, however, obligated to pay any of them if he sells the property
B B B B B B B B B B B B B B B B B




Net listing -
B B



ANSWER
B This type of agreement is illegal in some states. The agent gets to keep everyt
B B B B B B B B B B B B B B



hing he can get that's more than the sale price the owner wants
B B B B B B B B B B B B




Fiduciary - ANSWER B B The relationship between an agent and a client
B B B B B B B




What are the fiduciary duties of a real estate agent to his/her client? -
B B B B B B B B B B B B B



B ANSWER Accounting, Care, Confidentiality, Disclosure, Loyalty, Obedience
B B B B B




Tenancy in severalty - B B B



ANSWER
B type of ownership is by a single person or a corporation, and not being marrie B B B B B B B B B B B B B B



d doesn't have anything to do with it
B B B B B B B




Tenancy in common - B B B



ANSWER
B Equal or unequal undivided ownership between two or more people is what c B B B B B B B B B B B B



haracterizes this type of ownership. If an owner dies, the deceased person's share is conveyed
B B B B B B B B B B B B B B



to his or her heirs, not the other owners
B B B B B B B B B




(Joint tenancy)The four unities that must exist for this type of ownership to exist are: -
B B B B B B B B B B B B B B B



B ANSWER 1.Interest: Each owner has the same interest. B B B B B B




2.Possession: All owners hold an undivided interest. B B B B B B




3.Time: All owners receive their interest at the same time.
B B B B B B B B B




4.Title: All owners acquire their interest with the same deed.
B B B B B B B B B




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, If one owner of a joint tenancy dies -
B B B B B B B B



ANSWER
B That owner's interest reverts to the other owners. This right of survivor- B B B B B B B B B B B



ship may vary by state.
B B B B




Tenancy by the entirety - B B B B



ANSWER
B Available only to married couples, tenancy by the entirety means that propert B B B B B B B B B B B



y may not be sold without the agreement of both parties. The right of survivorship exists to th
B B B B B B B B B B B B B B B B B



e extent that if one spouse dies, his/her interest reverts to the other spouse
B B B B B B B B B B B B B




Adverse possession - B B



ANSWER
B When someone uses your property, you may end up losing the property or ha B B B B B B B B B B B B B



ving your rights to the property restricted.
B B B B B B




Avulsion - ANSWER B B the sudden loss of land by an act of nature like a landslide
B B B B B B B B B B B B




Dedication - B



ANSWER
B you essentially give it up voluntarily to the government. An example is a develB B B B B B B B B B B B B



oper giving up streets in a subdivision.
B B B B B B




Erosion - B



BANSWER the gradual loss of land by an act of nature, like property lost along the bank o
B B B B B B B B B B B B B B B B



f a river.
B B




Partition - B



B ANSWER a legal proceeding to divide property owned by two or more people.
B B B B B B B B B B B




Public grant - B B



ANSWER
B just the opposite of dedication; the government actually is giving property to B B B B B B B B B B B B



private individuals. B




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