Indiana Real Estate-State Exam

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 1

Tom must apply for an Indiana broker's license and fulfill any other requirements

Answer 2

Tom must receive permission from the Illinois real estate commission

Answer 3

Tom can apply to the Indiana real estate commission for written permission to sell the property

Answer 4

The action is legal if Tom does not come to Indiana

Answer 5

Place a broker on probation

Answer 6

Subpoena documents for the investigation

Answer 7

Order a broker to crease practicing

Answer 8

Order a broker to amend advertising

Answer 9

The agreed amount discussed between broker company

Answer 10

Only agreed amount to selling broker

Answer 11

35% of total fee to broker company

Answer 12

50% of total fee to selling broker

Answer 13

Licensee has the managing brokers authority

Answer 14

Verbal approval of seller via phone

Answer 15

Only if licensee has written authority as POA from seller

Answer 16

As agent as principal

Answer 17

Oral consent of seller

Answer 18

Open listing contract

Answer 19

Written consent of seller

Answer 20

Any form of listing contract

Answer 21

Seller's Broker

Answer 22

Buyer's broker

Answer 23

Must state compensation creates agency relationship

Answer 24

Furnished to buyer clients only

Answer 25

Furnished to seller clients only

Answer 26

Permit or reject limited agency

Answer 27

Received license from Attorney General

Answer 28

Falls under exemption from licensing in Indiana Real Estate law

Answer 29

Held licensure in another state for 10 years

Answer 30

Within 24 hours of receiving offer

Answer 31

Immediately upon request or offer

Answer 32

When buyer's broker is unavailable for presentation

Answer 33

Until offer is accepted

Answer 34

CE provider

Answer 35

Commission

Answer 36

Instructor

Answer 37

Broker owes past multiple listing service (MLS) fees

Answer 38

Commission is completing an investigation that will verify whether the licensee has committed an act that requires discipline

Answer 39

Managing broker has failed to provide the Commission with copies of the broker's continuing education certifications.

Answer 40

Licensee has not successfully completed the latest Uniform Standards of Professional Appraisal Practice (USPAP) update

Answer 41

Free home warranty w/o seller knowledge

Answer 42

$100 gift card on FB for referral

Answer 43

Donate to charity of buyer/seller's choice with approval

Answer 44

Rebate portion of commission

Answer 45

Mary's license can be revoked or suspended

Answer 46

Mary forfeit commission to Henry

Answer 47

Henry & Mary split commission

Answer 48

Seller pay Mary commission

Answer 49

Resident for 10 years

Answer 50

Elected state official

Answer 51

Resident of district appointed to represent

Answer 52

RE national associate member

Answer 53

Inform seller Yolanda that it can be waived

Answer 54

Complete form of the best of brokers knowledge

Answer 55

Inform Yolanda it is her responsibility

Answer 56

Complete form and have seller Yolanda sign it

Answer 57

Potential buyer only

Answer 58

All parties

Answer 59

Commission

Answer 60

Doesn't have to disclose since interest in company is less than 5%

Answer 61

Must disclose in writing Zak's interest to all parties

Answer 62

Must disclose in writing only when selling property listed with managing broker

Answer 63

Does not need to disclose interest in LLC since it is own separate legal entity

Answer 64

within 3 years

Answer 65

within 2 years

Answer 66

Make copies for her open house

Answer 67

Provides direction to an open house or brokers office

Answer 68

Explain amortization table

Answer 69

Reconcile broker escrow money/account

Answer 70

Septic tank

Answer 71

Seller is getting divorce

Answer 72

Buyer will pay full price

Answer 73

Seller reject higher offers

Answer 74

Act as a broker associated with a managing broker in Indiana

Answer 75

Be associated with 2 different managing broker in Indiana

Answer 76

Manage the broker's own real estate company in Indiana

Answer 77

Only list property in Michigan

Answer 78

Broker must obtain management broker approval

Answer 79

The broker must compensate the inactive broker

Answer 80

Broker may compensate the inactive broker at closing

Answer 81

The broker may face disciplinary action for incompetent practice

Answer 82

Rent rooms for lodging

Answer 83

Sell commercial real estate that owned by the person negotiating the sale

Answer 84

Negotiate the exchange of real property

Answer 85

Conduct the sale of real property

Answer 86

Arrive at the same estimated market value as the certified real estate appraiser

Answer 87

Adhere to the uniform standards of professional appraising practice

Answer 88

Accept a fee only if the estimated value is the same or higher as the purchase agreement price

Answer 89

Notify the lender immediately if the value reached is lower than the purchase price

Answer 90

Allowed because of previous agency

Answer 91

Incompetent practice

Answer 92

Breach of contract

Answer 93

Allowed because seller should have the choice to choose which broker is best

Answer 94

Receive finder's fee

Answer 95

Receive a gift of less than $25

Answer 96

Receive fee from broker only

Answer 97

May not/never receive any sort of fees

Answer 98

Lawful Practice

Answer 99

A fraudulent act

Answer 100

an ethical violation

Answer 101

Incompetent practice

Answer 102

Become a managing broker until new pocket card are issued

Answer 103

Have the former broker send broker's pocket card and transfer the request to the new broker

Answer 104

Notify Indiana real estate commission within 5 days

Answer 105

Notify real estate commission within 60 days

Answer 106

The selling managing broker must be present if the seller is not present

Answer 107

the listing managing broker or a licensee associate is not required to attend

Answer 108

the selling managing broker must request a copy of the closing statement and then retain it for at least 7 years.

Answer 109

The listing managing broker must request a copy of the closing statement and then retain it for at least 10 years.

Answer 110

Failing to advertise listing

Answer 111

Paying a disclosed referral fee to a party to the transaction

Answer 112

Acting as the agent for the seller and signing document with power of attorney

Answer 113

Failing to account for documents belonging to the client that have come into the licensee possession

Answer 114

Must have original ink signature

Answer 115

Must be retained in the brokers files for 3 years

Answer 116

May be in electric format

Answer 117

May be an oral agreement

Answer 118

Automatically deny the license due to seriousness of the crime

Answer 119

Consider the offense to determine if it will have a direct bearing on the individual's ability to practice competently

Answer 120

Require that the individual submit documentation that rehabilitation has occurred

Answer 121

Issue a probationary license and have the individual report to the executive director the probationary period

Answer 122

Maybe unethical but is not violation of the real estate rules and regulations

Answer 123

Requires comparable sales information to support the claim of future value

Answer 124

Is an acceptable professional practice if the property is properly zoned

Answer 125

Constitutes failure to engage in competent practice under the real estate rules and regulations

Answer 126

The broker must obtain managing broker approval

Answer 127

The broker may compensate the inactive broker at closing

Answer 128

The broker may face disciplinary action for incompetent practice

Answer 129

The broker must compensate the inactive broker on an hourly basis

Answer 130

Be a member of a franchise

Answer 131

be a licensed in the state to which they are sending the referral to

Answer 132

Have a written agreement with the cooperating broker

Answer 133

Place their license in a referral status with the Indiana Real Estate Commission

Answer 134

Refer listing to the broker's previous managing broker for a fee

Answer 135

Conduct open houses on behalf of the other licensees

Answer 136

Appraise real estate for a fee

Answer 137

Waive requirements for continuing education

Answer 138

Retake the examination

Answer 139

Retake the broker's course and pass the examination

Answer 140

Petition the Indiana real estate commission for reinstatement

Answer 141

Pay all unpaid license fees along with the required reinstatement fee

Answer 142

Within 3 business days

Answer 143

In triplicate

Answer 144

Within 5 business days

Answer 145

Upon signing the agreement

Answer 146

The broker company needs to give the broker a copy of all the listing files

Answer 147

The broker shall turn over to the broker company all the names of their clients unless they have a written agreement to the contrary

Answer 148

The broker shall turn over to the broker company any listing obtained unless they have a written agreement to the contrary

Answer 149

The broker company needs to collect all the yard signs from the broker

Answer 150

License revocation and suspension

Answer 151

See depending on amount of value

Answer 152

Required to disclose fact to listing broker

Answer 153

Advertise future assignments based on practice

Answer 154

Broker me do with formal approval of original managing broker

Answer 155

If management fees are paid to brokers managing broker

Answer 156

Not permitted broker only affiliated with one company

Answer 157

Conducted if separate escrow account for tenant deposits

Answer 158

3 business days

Answer 159

Upon signing

Answer 160

Triplicate

Answer 161

Employee list

Answer 162

Financial record of business accounts

Answer 163

Summary of escrow account

Answer 164

Continuing education for brokers

Answer 165

Voluntarily by seller and buyer

Answer 166

All cooperative and transactions

Answer 167

Both listing and selling agents

Answer 168

Orally at first then in writing

Answer 169

Reputation of haunted ghost

Answer 170

Armed robbery

Answer 171

Gang activity

Answer 172

Shooting of suspected prowler by police

Answer 173

Continuing education provider

Answer 174

Indiana Real Estate Commission

Answer 175

Instructor

Answer 176

Within 3 years after the license was issued

Answer 177

Before applying as a managing broker

Answer 178

Before the broker applies for renewal

Answer 179

Within 2 years after the license was issued

Answer 180

March 4, 2019

Answer 181

March 9, 2019

Answer 182

March 11, 2019

Answer 183

March 30, 2019

Answer 184

May not act as a branch manager

Answer 185

Must maintain an Errors and Omissions (E&O) insurance policy

Answer 186

Shall be primarily responsible for the broker company's actions

Answer 187

Must have been a managing broker for a minimum of 3 years

Answer 188

Indiana Real Estate Commission.

Answer 189

Property owner

Answer 190

Indiana Association of REALTORS

Answer 191

Managing broker

Answer 192

Order a broker to cease practicing

Answer 193

Subpoena documents related to the investigation

Answer 194

Order a broker to amend advertising

Answer 195

Place a broker on probation

Answer 196

Delegating rulemaking authority to the Indiana Association of REALTORS

Answer 197

A directing the Office of the Attorney General to file specific charges against a broker

Answer 198

Adopting rules defining incompetent practice of real estate

Answer 199

Revoking a license and prohibiting the person from ever applying for a new license

Answer 200

Deemed a breach of contract

Answer 201

Deemed incompetent practice

Answer 202

Allowed because of the former agency relationship

Answer 203

Allowable because the seller should have the choice as to who will represent them

Answer 204

where a person died

Answer 205

that is publicized in the community as being haunted

Answer 206

that was previously sold at foreclosure

Answer 207

that is on the historic register

Answer 208

A list of all employees

Answer 209

Financial records of their business account

Answer 210

A detailed summary of their escrow account

Answer 211

Continuing education certificates from all associated brokers

Answer 212

Act as a broker associated with a managing broker in Indiana

Answer 213

Be associated with two different managing brokers in Indiana

Answer 214

Manage the broker's own real estate company in Indiana

Answer 215

Only list property in Michigan

Answer 216

Filing a formal appeal with the Indiana Attorney General's office

Answer 217

Petitioning the Commission for review

Answer 218

Filing for review by the Indiana Association of REALTORS

Answer 219

Completing 6 hours of continuing education

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Indiana Real Estate-State Exam

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