Real Estate Indiana Broker Exam Questions With
Correct Answers
Who |selects |the |members |of |the |Indiana |Real |Estate |Commission? |- |CORRECT |ANSWER✔✔-
The |governor |of |Indiana |selects |the |commission |members.
Which |of |the |following |statements |is |false |regarding |the |Indiana |Real |Estate |Commission? |- |
CORRECT |ANSWER✔✔-The |commission |may |spend |the |interest |earned |from |monies |accrued |
in |the |recovery |fund |for |continuing |education |for |all |licensees.
Which |of |the |following |is |required |to |be |a |member |of |the |Indiana |Real |Estate |Commission? |- |
CORRECT |ANSWER✔✔-The |appointee |serves |at |the |discretion |of |the |governor
Which |of |the |following |persons |needs |a |real |estate |license |in |the |state |of |Indiana? |- |CORRECT |
ANSWER✔✔-Any |person |who |negotiates |the |exchange |of |like |properties.
Which |of |the |following |is |true |regarding |a |person |in |Indiana |who |acts |as |a |real |property |
securities |dealer? |- |CORRECT |ANSWER✔✔-The |person |must |be |registered |under |Indiana |and |
federal |securities |laws.
Which |of |following |is |not |required |to |hold |a |real |estate |license? |- |CORRECT |ANSWER✔✔-
Anyone |reselling |a |mobile |home |not |on |a |permanent |foundation |is |NOT |required |to |hold |a |
real |estate |license.
Mandy |is |an |office |manager |for |Woodside |Real |Estate, |a |local |Indiana |real |estate |firm. |Her |
responsibilities |include |coordinating |the |flow |of |paperwork |through |the |office, |preparing |
forms |and |advertising |copy, |and |hiring |and |supervising |clerical |personnel. |Which |of |the |
following |statements |is |true |regarding |Mandy? |- |CORRECT |ANSWER✔✔-Mandy |is |exempt |
from |real |estate |licensure.
, Anne |successfully |completed |her |Indiana |prelicense |real |estate |education |requirement |on |
October |1, |2003. |How |long |does |she |have |to |take |the |state |exam |before |having |to |retake |the |
prelicense |course? |- |CORRECT |ANSWER✔✔-Anne |has |one |year |from |the |time |she |completed |
the |prelicense |course |to |take |the |exam.
Peter |offered |to |help |his |neighbor, |Claire, |sell |her |house |3 |weeks |before |he |began |his |
prelicense |real |estate |course. |Claire |agreed |to |pay |Peter |a |5 |percent |commission. |Claire |
accepted |an |offer |on |the |house |while |Peter |was |enrolled |in |the |prelicense |course, |and |the |
property |closed |the |day |before |Peter |took |the |state |licensing |exam. |Claire |changed |her |mind, |
however, |and |refused |to |pay |Peter |the |5 |percent |commission. |May |Peter |sue |Claire |to |recover |
payment? |- |CORRECT |ANSWER✔✔-No. |Indiana |state |law |prohibits |lawsuits |to |collect |
commission |unless |the |injured |party |was |properly |licensed.
What |must |a |real |estate |corporation |do |to |obtain |a |corporation |license |in |Indiana? |- |CORRECT |
ANSWER✔✔-The |corporation |must |have |at |least |one |broker |licensed |in |Indiana |who |is |a |
shareholder.
Claire |is |the |on-site |property |manager |for |Sunny |Apartments. |She |is |responsible |for |
negotiating |leases |for |the |apartments. |Craig, |a |licensed |Indiana |broker, |is |Claire's |supervisor. |
Which |of |the |following |is |true |regarding |Claire's |position? |- |CORRECT |ANSWER✔✔-Claire |is |
exempt |from |licensing |requirements.
Which |of |the |following |activities |does |not |require |a |valid |Indiana |real |estate |license |in |order |
to |be |compensated? |- |CORRECT |ANSWER✔✔-Performing |a |written |home |inspection |does |not |
require |a |valid |Indiana |real |estate |license.
A |partnership |received |its |first |Indiana |license |renewal |on |July |1, |2018. |When |will |the |license |
expire |(unless |renewed |earlier)? |- |CORRECT |ANSWER✔✔-The |partnership's |license |will |expire |
in |36 |months.
Correct Answers
Who |selects |the |members |of |the |Indiana |Real |Estate |Commission? |- |CORRECT |ANSWER✔✔-
The |governor |of |Indiana |selects |the |commission |members.
Which |of |the |following |statements |is |false |regarding |the |Indiana |Real |Estate |Commission? |- |
CORRECT |ANSWER✔✔-The |commission |may |spend |the |interest |earned |from |monies |accrued |
in |the |recovery |fund |for |continuing |education |for |all |licensees.
Which |of |the |following |is |required |to |be |a |member |of |the |Indiana |Real |Estate |Commission? |- |
CORRECT |ANSWER✔✔-The |appointee |serves |at |the |discretion |of |the |governor
Which |of |the |following |persons |needs |a |real |estate |license |in |the |state |of |Indiana? |- |CORRECT |
ANSWER✔✔-Any |person |who |negotiates |the |exchange |of |like |properties.
Which |of |the |following |is |true |regarding |a |person |in |Indiana |who |acts |as |a |real |property |
securities |dealer? |- |CORRECT |ANSWER✔✔-The |person |must |be |registered |under |Indiana |and |
federal |securities |laws.
Which |of |following |is |not |required |to |hold |a |real |estate |license? |- |CORRECT |ANSWER✔✔-
Anyone |reselling |a |mobile |home |not |on |a |permanent |foundation |is |NOT |required |to |hold |a |
real |estate |license.
Mandy |is |an |office |manager |for |Woodside |Real |Estate, |a |local |Indiana |real |estate |firm. |Her |
responsibilities |include |coordinating |the |flow |of |paperwork |through |the |office, |preparing |
forms |and |advertising |copy, |and |hiring |and |supervising |clerical |personnel. |Which |of |the |
following |statements |is |true |regarding |Mandy? |- |CORRECT |ANSWER✔✔-Mandy |is |exempt |
from |real |estate |licensure.
, Anne |successfully |completed |her |Indiana |prelicense |real |estate |education |requirement |on |
October |1, |2003. |How |long |does |she |have |to |take |the |state |exam |before |having |to |retake |the |
prelicense |course? |- |CORRECT |ANSWER✔✔-Anne |has |one |year |from |the |time |she |completed |
the |prelicense |course |to |take |the |exam.
Peter |offered |to |help |his |neighbor, |Claire, |sell |her |house |3 |weeks |before |he |began |his |
prelicense |real |estate |course. |Claire |agreed |to |pay |Peter |a |5 |percent |commission. |Claire |
accepted |an |offer |on |the |house |while |Peter |was |enrolled |in |the |prelicense |course, |and |the |
property |closed |the |day |before |Peter |took |the |state |licensing |exam. |Claire |changed |her |mind, |
however, |and |refused |to |pay |Peter |the |5 |percent |commission. |May |Peter |sue |Claire |to |recover |
payment? |- |CORRECT |ANSWER✔✔-No. |Indiana |state |law |prohibits |lawsuits |to |collect |
commission |unless |the |injured |party |was |properly |licensed.
What |must |a |real |estate |corporation |do |to |obtain |a |corporation |license |in |Indiana? |- |CORRECT |
ANSWER✔✔-The |corporation |must |have |at |least |one |broker |licensed |in |Indiana |who |is |a |
shareholder.
Claire |is |the |on-site |property |manager |for |Sunny |Apartments. |She |is |responsible |for |
negotiating |leases |for |the |apartments. |Craig, |a |licensed |Indiana |broker, |is |Claire's |supervisor. |
Which |of |the |following |is |true |regarding |Claire's |position? |- |CORRECT |ANSWER✔✔-Claire |is |
exempt |from |licensing |requirements.
Which |of |the |following |activities |does |not |require |a |valid |Indiana |real |estate |license |in |order |
to |be |compensated? |- |CORRECT |ANSWER✔✔-Performing |a |written |home |inspection |does |not |
require |a |valid |Indiana |real |estate |license.
A |partnership |received |its |first |Indiana |license |renewal |on |July |1, |2018. |When |will |the |license |
expire |(unless |renewed |earlier)? |- |CORRECT |ANSWER✔✔-The |partnership's |license |will |expire |
in |36 |months.
