36270277
Description
Quiz by christy schriefer, updated more than 1 year ago
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Created by christy schriefer
about 2 years ago
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Question 1
Question
Tom, 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?
Answer
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Tom must apply for an Indiana broker's license and fulfill any other requirements
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Tom must receive permission from the Illinois real estate commission
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Tom can apply to the Indiana real estate commission for written permission to sell the property
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The action is legal if Tom does not come to Indiana
Question 2
Question
The attorney general may do which of the following?
Answer
-
Place a broker on probation
-
Subpoena documents for the investigation
-
Order a broker to crease practicing
-
Order a broker to amend advertising
Question 3
Question
Which of the following is the proper way to split commission?
Answer
-
The agreed amount discussed between broker company
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Only agreed amount to selling broker
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35% of total fee to broker company
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50% of total fee to selling broker
Question 4
Question
Licensee acting on behalf of an out of town seller receives an offer from buyer licensee may accept offer.
Answer
-
Licensee has the managing brokers authority
-
Verbal approval of seller via phone
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Only if licensee has written authority as POA from seller
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As agent as principal
Question 5
Question
Prior to placing a "For Sale" sign on a lawn. Licensee must have
Answer
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Oral consent of seller
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Open listing contract
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Written consent of seller
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Any form of listing contract
Question 6
Question
A consummation of transaction, listing broker is required to deliver closing statement to
Answer
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Seller
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Buyer
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Seller's Broker
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Buyer's broker
Question 7
Question
What statement is correct about the company's office policy?
Answer
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Must state compensation creates agency relationship
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Furnished to buyer clients only
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Furnished to seller clients only
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Permit or reject limited agency
Question 8
Question
A person without a valid Real Estate license cannot list or sell for consideration unless that person
Answer
-
over 18
-
Received license from Attorney General
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Falls under exemption from licensing in Indiana Real Estate law
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Held licensure in another state for 10 years
Question 9
Question
Licensee representing a seller has duty to present all written offer to purchase from cooperating broker
Answer
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Within 24 hours of receiving offer
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Immediately upon request or offer
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When buyer's broker is unavailable for presentation
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Until offer is accepted
Question 10
Question
Upon request broker company must provide CE certificates for brokerage-this falls too
Answer
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CE provider
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Commission
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Broker
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Instructor
Question 11
Question
In Indiana Real Estate Commission may delay the renewal of a broker's license if the
Answer
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Broker owes past multiple listing service (MLS) fees
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Commission is completing an investigation that will verify whether the licensee has committed an act that requires discipline
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Managing broker has failed to provide the Commission with copies of the broker's continuing education certifications.
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Licensee has not successfully completed the latest Uniform Standards of Professional Appraisal Practice (USPAP) update
Question 12
Question
Inducements allowed
Answer
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Free home warranty w/o seller knowledge
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$100 gift card on FB for referral
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Donate to charity of buyer/seller's choice with approval
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Rebate portion of commission
Question 13
Question
Valid listing with Broker Henry. Broker Mary tells them to cancel and list with Broker Mary
Answer
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Mary's license can be revoked or suspended
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Mary forfeit commission to Henry
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Henry & Mary split commission
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Seller pay Mary commission
Question 14
Question
To qualify for commission
Answer
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Resident for 10 years
-
Elected state official
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Resident of district appointed to represent
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RE national associate member
Question 15
Question
Seller Yolanda's sight is failing. They can't fill out the Residential Real Estate Disclosure form
Answer
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Inform seller Yolanda that it can be waived
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Complete form of the best of brokers knowledge
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Inform Yolanda it is her responsibility
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Complete form and have seller Yolanda sign it
Question 16
Question
Advertises open house with drawing for free TV. Broker must disclose to
Answer
-
Seller
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Potential buyer only
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All parties
-
Commission
Question 17
Question
Broker Zak is a member of an LLC that buys and sells investment properties. LLC lists property with Broker Quinton at another firm. Broker Zak
Answer
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Doesn't have to disclose since interest in company is less than 5%
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Must disclose in writing Zak's interest to all parties
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Must disclose in writing only when selling property listed with managing broker
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Does not need to disclose interest in LLC since it is own separate legal entity
Question 18
Question
Must do 30 post licensing education
Answer
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within 3 years
-
within 2 years
Question 19
Question
Sarah has passed her broker exam and applied for licensure. What activities can she not perform?
Answer
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Make copies for her open house
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Provides direction to an open house or brokers office
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Explain amortization table
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Reconcile broker escrow money/account
Question 20
Question
A limited agent may disclose which of the following
Answer
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Septic tank
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Seller is getting divorce
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Buyer will pay full price
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Seller reject higher offers
Question 21
Question
A broker in Indiana resides in the state of Michigan and is licensed as a real estate broker in Indiana. In this situation, the broker
Answer
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Act as a broker associated with a managing broker in Indiana
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Be associated with 2 different managing broker in Indiana
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Manage the broker's own real estate company in Indiana
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Only list property in Michigan
Question 22
Question
Broker hires an inactive broker to conduct open house
Answer
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Broker must obtain management broker approval
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The broker must compensate the inactive broker
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Broker may compensate the inactive broker at closing
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The broker may face disciplinary action for incompetent practice
Question 23
Question
An individual must have a broker license to conduct which of the followings
Answer
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Rent rooms for lodging
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Sell commercial real estate that owned by the person negotiating the sale
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Negotiate the exchange of real property
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Conduct the sale of real property
Question 24
Question
A broker has been hired to appraise a property being offered for sale. The broker must
Answer
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Arrive at the same estimated market value as the certified real estate appraiser
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Adhere to the uniform standards of professional appraising practice
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Accept a fee only if the estimated value is the same or higher as the purchase agreement price
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Notify the lender immediately if the value reached is lower than the purchase price
Question 25
Question
Broker 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.
Answer
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Allowed because of previous agency
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Incompetent practice
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Breach of contract
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Allowed because seller should have the choice to choose which broker is best
Question 26
Question
An unlicensed person sends a prospect to a real estate firm. Should that person be compensated?
Answer
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Receive finder's fee
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Receive a gift of less than $25
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Receive fee from broker only
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May not/never receive any sort of fees
Question 27
Question
A 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
Answer
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Lawful Practice
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A fraudulent act
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an ethical violation
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Incompetent practice
Question 28
Question
In order for broker to transfer from one broker to another, what must the broker do?
Answer
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Become a managing broker until new pocket card are issued
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Have the former broker send broker's pocket card and transfer the request to the new broker
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Notify Indiana real estate commission within 5 days
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Notify real estate commission within 60 days
Question 29
Question
Which 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?
Answer
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The selling managing broker must be present if the seller is not present
-
the listing managing broker or a licensee associate is not required to attend
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the selling managing broker must request a copy of the closing statement and then retain it for at least 7 years.
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The listing managing broker must request a copy of the closing statement and then retain it for at least 10 years.
Question 30
Question
Which of the following would constitute an "incompetent practice" by a licensee?
Answer
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Failing to advertise listing
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Paying a disclosed referral fee to a party to the transaction
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Acting as the agent for the seller and signing document with power of attorney
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Failing to account for documents belonging to the client that have come into the licensee possession
Question 31
Question
A broker has a listing agreement to deliver to his out of town. To property secure this listing, the agreement
Answer
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Must have original ink signature
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Must be retained in the brokers files for 3 years
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May be in electric format
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May be an oral agreement
Question 32
Question
An 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
Answer
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Automatically deny the license due to seriousness of the crime
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Consider the offense to determine if it will have a direct bearing on the individual's ability to practice competently
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Require that the individual submit documentation that rehabilitation has occurred
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Issue a probationary license and have the individual report to the executive director the probationary period
Question 33
Question
Working 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?
Answer
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Maybe unethical but is not violation of the real estate rules and regulations
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Requires comparable sales information to support the claim of future value
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Is an acceptable professional practice if the property is properly zoned
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Constitutes failure to engage in competent practice under the real estate rules and regulations
Question 34
Question
A broker hires an inactive broker to conduct open houses. Which of the following statements about this situation is correct?
Answer
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The broker must obtain managing broker approval
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The broker may compensate the inactive broker at closing
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The broker may face disciplinary action for incompetent practice
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The broker must compensate the inactive broker on an hourly basis
Question 35
Question
To participate in a referral service, a broker company musts
Answer
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Be a member of a franchise
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be a licensed in the state to which they are sending the referral to
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Have a written agreement with the cooperating broker
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Place their license in a referral status with the Indiana Real Estate Commission
Question 36
Question
A broker with a license in inactive status is permitted to do which of the following?
Answer
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Refer listing to the broker's previous managing broker for a fee
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Conduct open houses on behalf of the other licensees
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Appraise real estate for a fee
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Waive requirements for continuing education
Question 37
Question
A broker's license expired two days ago. In order to reinstate the license, the broker must?
Answer
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Retake the examination
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Retake the broker's course and pass the examination
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Petition the Indiana real estate commission for reinstatement
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Pay all unpaid license fees along with the required reinstatement fee
Question 38
Question
A broker listed a home. The listing agreement must be delivered to the owner
Answer
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Within 3 business days
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In triplicate
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Within 5 business days
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Upon signing the agreement
Question 39
Question
A 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?
Answer
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The broker company needs to give the broker a copy of all the listing files
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The broker shall turn over to the broker company all the names of their clients unless they have a written agreement to the contrary
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The broker shall turn over to the broker company any listing obtained unless they have a written agreement to the contrary
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The broker company needs to collect all the yard signs from the broker
Question 40
Question
Licensed broker acting is appraiser excepts appraisals assignment based on predetermined value broker may be:
Answer
-
License revocation and suspension
-
See depending on amount of value
-
Required to disclose fact to listing broker
-
Advertise future assignments based on practice
Question 41
Question
Operate Indiana property management firm outside of broker company what is correct?
Answer
-
Broker me do with formal approval of original managing broker
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If management fees are paid to brokers managing broker
-
Not permitted broker only affiliated with one company
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Conducted if separate escrow account for tenant deposits
Question 42
Question
Listing agreement should be delivered to owner
Answer
-
3 business days
-
5 days
-
Upon signing
-
Triplicate
Question 43
Question
Managing broker must keep closing statements records up to
Answer
-
5 years
-
7 years
-
8 years
-
10 years
Question 44
Question
Commission revoked license. How many years to reapply
Answer
-
7
-
5
-
2
-
1
Question 45
Question
Broker company upon request must provide what commission
Answer
-
Employee list
-
Financial record of business accounts
-
Summary of escrow account
-
Continuing education for brokers
Question 46
Question
Consent to limited agency must be given
Answer
-
Voluntarily by seller and buyer
-
All cooperative and transactions
-
Both listing and selling agents
-
Orally at first then in writing
Question 47
Question
Not psychologically affected if
Answer
-
Reputation of haunted ghost
-
Armed robbery
-
Gang activity
-
Shooting of suspected prowler by police
Question 48
Question
The responsibility of retaining continuing education completion certificates for a broker falls to the
Answer
-
Continuing education provider
-
Broker
-
Indiana Real Estate Commission
-
Instructor
Question 49
Question
A newly licensed broker must take and pass 30 hours of post licensing education
Answer
-
Within 3 years after the license was issued
-
Before applying as a managing broker
-
Before the broker applies for renewal
-
Within 2 years after the license was issued
Question 50
Question
A 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?
Answer
-
0
-
$20,000
-
$50,000
-
$80,000
Question 51
Question
An 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
Answer
-
March 4, 2019
-
March 9, 2019
-
March 11, 2019
-
March 30, 2019
Question 52
Question
Every broker company shall be directed, supervised and managed by an individual broker. The individual broker
Answer
-
May not act as a branch manager
-
Must maintain an Errors and Omissions (E&O) insurance policy
-
Shall be primarily responsible for the broker company's actions
-
Must have been a managing broker for a minimum of 3 years
Question 53
Question
All advertising submitted by a broker must be within the direct supervisory control of the
Answer
-
Indiana Real Estate Commission.
-
Property owner
-
Indiana Association of REALTORS
-
Managing broker
Question 54
Question
In general, the office of the Attorney General may do which of the following during an investigation?
Answer
-
Order a broker to cease practicing
-
Subpoena documents related to the investigation
-
Order a broker to amend advertising
-
Place a broker on probation
Question 55
Question
The Indiana Real Estate Commission's general powers under Indiana law include
Answer
-
Delegating rulemaking authority to the Indiana Association of REALTORS
-
A directing the Office of the Attorney General to file specific charges against a broker
-
Adopting rules defining incompetent practice of real estate
-
Revoking a license and prohibiting the person from ever applying for a new license
Question 56
Question
A 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:
Answer
-
Deemed a breach of contract
-
Deemed incompetent practice
-
Allowed because of the former agency relationship
-
Allowable because the seller should have the choice as to who will represent them
Question 57
Question
How many continuing education hours are required for each CE year
Answer
-
36
-
24
-
16
-
12
Question 58
Question
Under Indiana Real Estate License Law, the definition of a psychologically home includes a home
Answer
-
where a person died
-
that is publicized in the community as being haunted
-
that was previously sold at foreclosure
-
that is on the historic register
Question 59
Question
A broker company must provide to the real estate commission upon request
Answer
-
A list of all employees
-
Financial records of their business account
-
A detailed summary of their escrow account
-
Continuing education certificates from all associated brokers
Question 60
Question
A broker resides in the state of Michigan and is licensed as a real estate broker in Indiana. In this situation, the broker may
Answer
-
Act as a broker associated with a managing broker in Indiana
-
Be associated with two different managing brokers in Indiana
-
Manage the broker's own real estate company in Indiana
-
Only list property in Michigan
Question 61
Question
If the Indiana Real Estate Commission denies a person's license application, the person may appeal the denial by
Answer
-
Filing a formal appeal with the Indiana Attorney General's office
-
Petitioning the Commission for review
-
Filing for review by the Indiana Association of REALTORS
-
Completing 6 hours of continuing education
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