Quiz
Indiana Real Estate-State Exam
Fragen in diesem Quiz (61)
1Tom, a licensee from Illinois has been retained by the probate court to sell all the real estate in John's estate. One of the properties is located in Indiana. If Tom wants to sell the property in Indiana. In this situation, which of the following statements is correct?
- ATom must apply for an Indiana broker's license and fulfill any other requirements
- BTom must receive permission from the Illinois real estate commission
- CTom can apply to the Indiana real estate commission for written permission to sell the property
- DThe action is legal if Tom does not come to Indiana
2The attorney general may do which of the following?
- APlace a broker on probation
- BSubpoena documents for the investigation
- COrder a broker to crease practicing
- DOrder a broker to amend advertising
3Which of the following is the proper way to split commission?
- AThe agreed amount discussed between broker company
- BOnly agreed amount to selling broker
- C35% of total fee to broker company
- D50% of total fee to selling broker
4Licensee acting on behalf of an out of town seller receives an offer from buyer licensee may accept offer.
- ALicensee has the managing brokers authority
- BVerbal approval of seller via phone
- COnly if licensee has written authority as POA from seller
- DAs agent as principal
5Prior to placing a "For Sale" sign on a lawn. Licensee must have
- AOral consent of seller
- BOpen listing contract
- CWritten consent of seller
- DAny form of listing contract
6A consummation of transaction, listing broker is required to deliver closing statement to
- ASeller
- BBuyer
- CSeller's Broker
- DBuyer's broker
7What statement is correct about the company's office policy?
- AMust state compensation creates agency relationship
- BFurnished to buyer clients only
- CFurnished to seller clients only
- DPermit or reject limited agency
8A person without a valid Real Estate license cannot list or sell for consideration unless that person
- Aover 18
- BReceived license from Attorney General
- CFalls under exemption from licensing in Indiana Real Estate law
- DHeld licensure in another state for 10 years
9Licensee representing a seller has duty to present all written offer to purchase from cooperating broker
- AWithin 24 hours of receiving offer
- BImmediately upon request or offer
- CWhen buyer's broker is unavailable for presentation
- DUntil offer is accepted
10Upon request broker company must provide CE certificates for brokerage-this falls too
- ACE provider
- BCommission
- CBroker
- DInstructor
11In Indiana Real Estate Commission may delay the renewal of a broker's license if the
- ABroker owes past multiple listing service (MLS) fees
- BCommission is completing an investigation that will verify whether the licensee has committed an act that requires discipline
- CManaging broker has failed to provide the Commission with copies of the broker's continuing education certifications.
- DLicensee has not successfully completed the latest Uniform Standards of Professional Appraisal Practice (USPAP) update
12Inducements allowed
- AFree home warranty w/o seller knowledge
- B$100 gift card on FB for referral
- CDonate to charity of buyer/seller's choice with approval
- DRebate portion of commission
13Valid listing with Broker Henry. Broker Mary tells them to cancel and list with Broker Mary
- AMary's license can be revoked or suspended
- BMary forfeit commission to Henry
- CHenry & Mary split commission
- DSeller pay Mary commission
14To qualify for commission
- AResident for 10 years
- BElected state official
- CResident of district appointed to represent
- DRE national associate member
15Seller Yolanda's sight is failing. They can't fill out the Residential Real Estate Disclosure form
- AInform seller Yolanda that it can be waived
- BComplete form of the best of brokers knowledge
- CInform Yolanda it is her responsibility
- DComplete form and have seller Yolanda sign it
16Advertises open house with drawing for free TV. Broker must disclose to
- ASeller
- BPotential buyer only
- CAll parties
- DCommission
17Broker Zak is a member of an LLC that buys and sells investment properties. LLC lists property with Broker Quinton at another firm. Broker Zak
- ADoesn't have to disclose since interest in company is less than 5%
- BMust disclose in writing Zak's interest to all parties
- CMust disclose in writing only when selling property listed with managing broker
- DDoes not need to disclose interest in LLC since it is own separate legal entity
18Must do 30 post licensing education
- Awithin 3 years
- Bwithin 2 years
19Sarah has passed her broker exam and applied for licensure. What activities can she not perform?
- AMake copies for her open house
- BProvides direction to an open house or brokers office
- CExplain amortization table
- DReconcile broker escrow money/account
20A limited agent may disclose which of the following
- ASeptic tank
- BSeller is getting divorce
- CBuyer will pay full price
- DSeller reject higher offers
21A broker in Indiana resides in the state of Michigan and is licensed as a real estate broker in Indiana. In this situation, the broker
- AAct as a broker associated with a managing broker in Indiana
- BBe associated with 2 different managing broker in Indiana
- CManage the broker's own real estate company in Indiana
- DOnly list property in Michigan
22Broker hires an inactive broker to conduct open house
- ABroker must obtain management broker approval
- BThe broker must compensate the inactive broker
- CBroker may compensate the inactive broker at closing
- DThe broker may face disciplinary action for incompetent practice
23An individual must have a broker license to conduct which of the followings
- ARent rooms for lodging
- BSell commercial real estate that owned by the person negotiating the sale
- CNegotiate the exchange of real property
- DConduct the sale of real property
24A broker has been hired to appraise a property being offered for sale. The broker must
- AArrive at the same estimated market value as the certified real estate appraiser
- BAdhere to the uniform standards of professional appraising practice
- CAccept a fee only if the estimated value is the same or higher as the purchase agreement price
- DNotify the lender immediately if the value reached is lower than the purchase price
25Broker Anthony discovered a former buyer client of his listed the home with Broker Brian. Broker Anthony tells his former buyer client to cancel the relationship with Broker Brian and come back to list it with him since the previously worked with the buyer before. This is called.
- AAllowed because of previous agency
- BIncompetent practice
- CBreach of contract
- DAllowed because seller should have the choice to choose which broker is best
26An unlicensed person sends a prospect to a real estate firm. Should that person be compensated?
- AReceive finder's fee
- BReceive a gift of less than $25
- CReceive fee from broker only
- DMay not/never receive any sort of fees
27A broker is affiliated with broker company XYZ. The broker opens a limited liability company (LLC) on the side to practice property management for third parties for consideration. This is a example of
- ALawful Practice
- BA fraudulent act
- Can ethical violation
- DIncompetent practice
28In order for broker to transfer from one broker to another, what must the broker do?
- ABecome a managing broker until new pocket card are issued
- BHave the former broker send broker's pocket card and transfer the request to the new broker
- CNotify Indiana real estate commission within 5 days
- DNotify real estate commission within 60 days
29Which of the following statements about the events surrounding a closing on a commercial property that is listed with a managing broker and sold by another agency's licensee is correct?
- AThe selling managing broker must be present if the seller is not present
- Bthe listing managing broker or a licensee associate is not required to attend
- Cthe selling managing broker must request a copy of the closing statement and then retain it for at least 7 years.
- DThe listing managing broker must request a copy of the closing statement and then retain it for at least 10 years.
30Which of the following would constitute an "incompetent practice" by a licensee?
- AFailing to advertise listing
- BPaying a disclosed referral fee to a party to the transaction
- CActing as the agent for the seller and signing document with power of attorney
- DFailing to account for documents belonging to the client that have come into the licensee possession
31A broker has a listing agreement to deliver to his out of town. To property secure this listing, the agreement
- AMust have original ink signature
- BMust be retained in the brokers files for 3 years
- CMay be in electric format
- DMay be an oral agreement
32An individual has been convicted of selling drugs and has served a 3 year sentence in prison. The individual has satisfied all the requirements for licensure and applies for a broker's license. The Indiana real estate commission must
- AAutomatically deny the license due to seriousness of the crime
- BConsider the offense to determine if it will have a direct bearing on the individual's ability to practice competently
- CRequire that the individual submit documentation that rehabilitation has occurred
- DIssue a probationary license and have the individual report to the executive director the probationary period
33Working to convince a potential buyer that a single-family house near a university could be converted to student housing, a broker guarantees the buyer that a future suit in a substantial profit. Such a guarantee?
- AMaybe unethical but is not violation of the real estate rules and regulations
- BRequires comparable sales information to support the claim of future value
- CIs an acceptable professional practice if the property is properly zoned
- DConstitutes failure to engage in competent practice under the real estate rules and regulations
34A broker hires an inactive broker to conduct open houses. Which of the following statements about this situation is correct?
- AThe broker must obtain managing broker approval
- BThe broker may compensate the inactive broker at closing
- CThe broker may face disciplinary action for incompetent practice
- DThe broker must compensate the inactive broker on an hourly basis
35To participate in a referral service, a broker company musts
- ABe a member of a franchise
- Bbe a licensed in the state to which they are sending the referral to
- CHave a written agreement with the cooperating broker
- DPlace their license in a referral status with the Indiana Real Estate Commission
36A broker with a license in inactive status is permitted to do which of the following?
- ARefer listing to the broker's previous managing broker for a fee
- BConduct open houses on behalf of the other licensees
- CAppraise real estate for a fee
- DWaive requirements for continuing education
37A broker's license expired two days ago. In order to reinstate the license, the broker must?
- ARetake the examination
- BRetake the broker's course and pass the examination
- CPetition the Indiana real estate commission for reinstatement
- DPay all unpaid license fees along with the required reinstatement fee
38 A broker listed a home. The listing agreement must be delivered to the owner
- AWithin 3 business days
- BIn triplicate
- CWithin 5 business days
- DUpon signing the agreement
39A broker notifies their broker company that they are moving to another firm at the end of the month. Which of the following statements is true?
- AThe broker company needs to give the broker a copy of all the listing files
- BThe broker shall turn over to the broker company all the names of their clients unless they have a written agreement to the contrary
- CThe broker shall turn over to the broker company any listing obtained unless they have a written agreement to the contrary
- DThe broker company needs to collect all the yard signs from the broker
40Licensed broker acting is appraiser excepts appraisals assignment based on predetermined value broker may be:
- ALicense revocation and suspension
- BSee depending on amount of value
- CRequired to disclose fact to listing broker
- DAdvertise future assignments based on practice
41Operate Indiana property management firm outside of broker company what is correct?
- ABroker me do with formal approval of original managing broker
- BIf management fees are paid to brokers managing broker
- CNot permitted broker only affiliated with one company
- DConducted if separate escrow account for tenant deposits
42Listing agreement should be delivered to owner
- A3 business days
- B5 days
- CUpon signing
- DTriplicate
43Managing broker must keep closing statements records up to
- A5 years
- B7 years
- C8 years
- D10 years
44Commission revoked license. How many years to reapply
- A7
- B5
- C2
- D1
45Broker company upon request must provide what commission
- AEmployee list
- BFinancial record of business accounts
- CSummary of escrow account
- DContinuing education for brokers
46Consent to limited agency must be given
- AVoluntarily by seller and buyer
- BAll cooperative and transactions
- CBoth listing and selling agents
- DOrally at first then in writing
47Not psychologically affected if
- AReputation of haunted ghost
- BArmed robbery
- CGang activity
- DShooting of suspected prowler by police
48The responsibility of retaining continuing education completion certificates for a broker falls to the
- AContinuing education provider
- BBroker
- CIndiana Real Estate Commission
- DInstructor
49A newly licensed broker must take and pass 30 hours of post licensing education
- AWithin 3 years after the license was issued
- BBefore applying as a managing broker
- CBefore the broker applies for renewal
- DWithin 2 years after the license was issued
50A seller of real estate, who does not have a real estate license, swindles a buyer out of $60,000. How much at a maximum might the buyer recover from the Indiana Real Estate recovery fund?
- A0
- B$20,000
- C$50,000
- D$80,000
51An offered to purchases is written Monday, March 2. The offer is accepted on Monday, March 9. The closing takes place on Monday, March 30. The broker should deposit the earnest money
- AMarch 4, 2019
- BMarch 9, 2019
- CMarch 11, 2019
- DMarch 30, 2019
52Every broker company shall be directed, supervised and managed by an individual broker. The individual broker
- AMay not act as a branch manager
- BMust maintain an Errors and Omissions (E&O) insurance policy
- CShall be primarily responsible for the broker company's actions
- DMust have been a managing broker for a minimum of 3 years
53All advertising submitted by a broker must be within the direct supervisory control of the
- AIndiana Real Estate Commission.
- BProperty owner
- CIndiana Association of REALTORS
- DManaging broker
54In general, the office of the Attorney General may do which of the following during an investigation?
- AOrder a broker to cease practicing
- BSubpoena documents related to the investigation
- COrder a broker to amend advertising
- DPlace a broker on probation
55The Indiana Real Estate Commission's general powers under Indiana law include
- ADelegating rulemaking authority to the Indiana Association of REALTORS
- BA directing the Office of the Attorney General to file specific charges against a broker
- CAdopting rules defining incompetent practice of real estate
- DRevoking a license and prohibiting the person from ever applying for a new license
56A broker discovers that a former buyer client has listed their home with another broker. The broker calls the former client and suggests that they try to get out of the contract and list with them. This call is:
- ADeemed a breach of contract
- BDeemed incompetent practice
- CAllowed because of the former agency relationship
- DAllowable because the seller should have the choice as to who will represent them
57How many continuing education hours are required for each CE year
- A36
- B24
- C16
- D12
58Under Indiana Real Estate License Law, the definition of a psychologically home includes a home
- Awhere a person died
- Bthat is publicized in the community as being haunted
- Cthat was previously sold at foreclosure
- Dthat is on the historic register
59A broker company must provide to the real estate commission upon request
- AA list of all employees
- BFinancial records of their business account
- CA detailed summary of their escrow account
- DContinuing education certificates from all associated brokers
60A broker resides in the state of Michigan and is licensed as a real estate broker in Indiana. In this situation, the broker may
- AAct as a broker associated with a managing broker in Indiana
- BBe associated with two different managing brokers in Indiana
- CManage the broker's own real estate company in Indiana
- DOnly list property in Michigan
61If the Indiana Real Estate Commission denies a person's license application, the person may appeal the denial by
- AFiling a formal appeal with the Indiana Attorney General's office
- BPetitioning the Commission for review
- CFiling for review by the Indiana Association of REALTORS
- DCompleting 6 hours of continuing education
Informationen
- Beschreibung
- questions that will help you pass the Indiana State Real Estate Exam
- Autor
- christy schriefer
- Sprache
- English
- Aufrufe
- 381
- Schlagwörter
- Bewertung
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