2025-2026 Indiana Real Estate Exam
Test Questions with All Correct
Answers 2025-2026 Update.
The ____ is fully responsible for the actions preformed in the course of real estate business by
all persons licensed under ______. - Answer Broker, Broker
The _____ can carry out ONLY those responsibilities assigned by employing ____. - Answer
Salesperson, broker
A salesperson can receive ______ ONLY from that broker. - Answer compensation
A salesperson has _______ to make contracts with or ______ from any other party. - Answer
no authority, receive compensation
A broker’s commission is specified in the ______ with the principal. - Answer contract
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 individual’s income as a licensee must be based on sales production and
NOT on # of hours worked.
Anti-trust violations - Answer price-fixing, group boycotting, allocation of customers and
markets, tie-in agreements
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
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
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
, Fiduciary - Answer The relationship between an agent and a client
What are the fiduciary duties of a real estate agent to his/her client? - Answer Accounting,
Care, Confidentiality, Disclosure, Loyalty, Obedience
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
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
(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.
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.
Tenancy by the entirety - Answer Available only to married couples, tenancy by the entirety
means that property may not be sold without the agreement of both parties. The right of
survivorship exists to the extent that if one spouse dies, his/her interest reverts to the other
spouse
Adverse possession - Answer When someone uses your property, you may end up losing the
property or having your rights to the property restricted.
Avulsion - Answer the sudden loss of land by an act of nature like a landslide
Dedication - Answer you essentially give it up voluntarily to the government. An example is a
developer giving up streets in a subdivision.
Erosion - Answer the gradual loss of land by an act of nature, like property lost along the bank
Test Questions with All Correct
Answers 2025-2026 Update.
The ____ is fully responsible for the actions preformed in the course of real estate business by
all persons licensed under ______. - Answer Broker, Broker
The _____ can carry out ONLY those responsibilities assigned by employing ____. - Answer
Salesperson, broker
A salesperson can receive ______ ONLY from that broker. - Answer compensation
A salesperson has _______ to make contracts with or ______ from any other party. - Answer
no authority, receive compensation
A broker’s commission is specified in the ______ with the principal. - Answer contract
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 individual’s income as a licensee must be based on sales production and
NOT on # of hours worked.
Anti-trust violations - Answer price-fixing, group boycotting, allocation of customers and
markets, tie-in agreements
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
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
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
, Fiduciary - Answer The relationship between an agent and a client
What are the fiduciary duties of a real estate agent to his/her client? - Answer Accounting,
Care, Confidentiality, Disclosure, Loyalty, Obedience
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
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
(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.
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.
Tenancy by the entirety - Answer Available only to married couples, tenancy by the entirety
means that property may not be sold without the agreement of both parties. The right of
survivorship exists to the extent that if one spouse dies, his/her interest reverts to the other
spouse
Adverse possession - Answer When someone uses your property, you may end up losing the
property or having your rights to the property restricted.
Avulsion - Answer the sudden loss of land by an act of nature like a landslide
Dedication - Answer you essentially give it up voluntarily to the government. An example is a
developer giving up streets in a subdivision.
Erosion - Answer the gradual loss of land by an act of nature, like property lost along the bank
