Indiana Real Estate Commission Statutes and Rules Quiz (in class)

Indiana Real Estate Commission Statutes and Rules Quiz (in class) The Indiana Real Estate Commission consists of A. 12 district real estate commissioners B. 9 district commissioner and 3 citizen at-large commissioners C. 10 district commissioners and 2 citizen at-large commissioners D. 9 district commissioners, 2 citizen members at-large, and 1 real estate member at-large ️D. 9 district commissioners, 2 citizen members at-large, and 1 real estate member at-large To obtain an Indiana broker's license, an individual must A. be at least 19 years of age before applying for a license B. have successfully completed a 48 hour broker course C. have successfully completed a 90 hour broker course and pass a written state examination D. have successfully completed a 54 hour broker course, pass a written state examination, and have a sponsoring real estate broker ️C. have successfully completed a 90 hour broker course and pass a written state examination A broker A. may be associated with only one managing broker B. has the right, when transferring to a new managing broker, to take any listings they have with them C. when terminating their relationship with their managing broker, must have their license returned to the state within seven (7) business days D. may maintain an internet website without referencing their managing broker ️A. may be associated with only one managing broker In the event of the death of an individual managing broker, a broker associated with that managing broker A. may continue to take listings and close sales for up to 90 days B. must associate with a new managing broker within 90 days C. may continue to carry out business contracted for before the death of the managing broker for a maximum of 90 days, but must associate with a new managing broker before entering into any new business (listings or sales) D. must immediately associate with a new managing broker and transfer all business under contract to the new broker ️C. may continue to carry out business contracted for before the death of the managing broker for a maximum of 90 days, but must associate with a new managing broker before entering into any new business (listings or sales) A licensee who is convicted of a crime A. must report the conviction to the real estate commission when they renew their license B. must send a copy of the complaint or other information describing the crime to the commission within 30 days after the date of the conviction C. need only report serious convictions to the commission within 30 days after the date of the conviction D. must testify before the commission within 90 days regarding the nature of the conviction ️B. must send a copy of the complaint or other information describing the crime to the commission within 30 days after the date of the conviction Regarding the Real Estate Recovery Fund, the Real Estate Commission will assess a surcharge on license applications or renewals if the amount of money in the fund, on June 30 of odd-numbered years, drops below A. $400,000 B. $450,000 C. $600,000 D. $750,000 ️B. $450,000 An agency relationship involving two or more clients who are represented by different licensees within the same real estate firm is called A. a limited agency B. an exclusive agency C. an in-house agency relationship D. a cooperative agency ️C. an in-house agency relationship Which of the following sellers would not be required to complete a Residential Real Estate Sales Disclosure Form? A. The owner of a 4-unit residential building B. A builder selling a newly constructed single-family home C. A seller who is selling their home without the use of a real estate agent D. An out-of-state seller who is selling a house that has been rented for more than three years ️B. A builder selling a newly constructed single-family home Which of the following activities are allowed to be performed by an unlicensed real estate assistant? A. Telephone canvassing for listings B. Open houses C. Showing homes listed by their supervising licensee D. Preparing real estate flyers that are reviewed and approved by their supervising licensee ️D. Preparing real estate flyers that are reviewed and approved by their supervising licensee Which of the following is true about real estate commissioners? A. All commissioners are appointed by the Governor B. Real estate commissioners serve six year terms C. The Chairman of the commission is the Executive Director D. There must be nine commissioners present at a meeting to transact business ️A. All commissioners