36270277
Descripción
Test por christy schriefer, actualizado hace más de 1 año
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Creado por christy schriefer
hace más de 2 años
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Pregunta 1
Pregunta
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?
Respuesta
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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
Pregunta 2
Pregunta
The attorney general may do which of the following?
Respuesta
-
Place a broker on probation
-
Subpoena documents for the investigation
-
Order a broker to crease practicing
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Order a broker to amend advertising
Pregunta 3
Pregunta
Which of the following is the proper way to split commission?
Respuesta
-
The agreed amount discussed between broker company
-
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
Pregunta 4
Pregunta
Licensee acting on behalf of an out of town seller receives an offer from buyer licensee may accept offer.
Respuesta
-
Licensee has the managing brokers authority
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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
Pregunta 5
Pregunta
Prior to placing a "For Sale" sign on a lawn. Licensee must have
Respuesta
-
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
Pregunta 6
Pregunta
A consummation of transaction, listing broker is required to deliver closing statement to
Respuesta
-
Seller
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Buyer
-
Seller's Broker
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Buyer's broker
Pregunta 7
Pregunta
What statement is correct about the company's office policy?
Respuesta
-
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
Pregunta 8
Pregunta
A person without a valid Real Estate license cannot list or sell for consideration unless that person
Respuesta
-
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
Pregunta 9
Pregunta
Licensee representing a seller has duty to present all written offer to purchase from cooperating broker
Respuesta
-
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
Pregunta 10
Pregunta
Upon request broker company must provide CE certificates for brokerage-this falls too
Respuesta
-
CE provider
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Commission
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Broker
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Instructor
Pregunta 11
Pregunta
In Indiana Real Estate Commission may delay the renewal of a broker's license if the
Respuesta
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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
Pregunta 12
Pregunta
Inducements allowed
Respuesta
-
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
Pregunta 13
Pregunta
Valid listing with Broker Henry. Broker Mary tells them to cancel and list with Broker Mary
Respuesta
-
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
Pregunta 14
Pregunta
To qualify for commission
Respuesta
-
Resident for 10 years
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Elected state official
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Resident of district appointed to represent
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RE national associate member
Pregunta 15
Pregunta
Seller Yolanda's sight is failing. They can't fill out the Residential Real Estate Disclosure form
Respuesta
-
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
Pregunta 16
Pregunta
Advertises open house with drawing for free TV. Broker must disclose to
Respuesta
-
Seller
-
Potential buyer only
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All parties
-
Commission
Pregunta 17
Pregunta
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
Respuesta
-
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
Pregunta 18
Pregunta
Must do 30 post licensing education
Respuesta
-
within 3 years
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within 2 years
Pregunta 19
Pregunta
Sarah has passed her broker exam and applied for licensure. What activities can she not perform?
Respuesta
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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
Pregunta 20
Pregunta
A limited agent may disclose which of the following
Respuesta
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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
Pregunta 21
Pregunta
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
Respuesta
-
Act as a broker associated with a managing broker in Indiana
-
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
Pregunta 22
Pregunta
Broker hires an inactive broker to conduct open house
Respuesta
-
Broker must obtain management broker approval
-
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
Pregunta 23
Pregunta
An individual must have a broker license to conduct which of the followings
Respuesta
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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
Pregunta 24
Pregunta
A broker has been hired to appraise a property being offered for sale. The broker must
Respuesta
-
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
Pregunta 25
Pregunta
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.
Respuesta
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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
Pregunta 26
Pregunta
An unlicensed person sends a prospect to a real estate firm. Should that person be compensated?
Respuesta
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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
Pregunta 27
Pregunta
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
Respuesta
-
Lawful Practice
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A fraudulent act
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an ethical violation
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Incompetent practice
Pregunta 28
Pregunta
In order for broker to transfer from one broker to another, what must the broker do?
Respuesta
-
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
Pregunta 29
Pregunta
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?
Respuesta
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The selling managing broker must be present if the seller is not present
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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.
Pregunta 30
Pregunta
Which of the following would constitute an "incompetent practice" by a licensee?
Respuesta
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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
Pregunta 31
Pregunta
A broker has a listing agreement to deliver to his out of town. To property secure this listing, the agreement
Respuesta
-
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
Pregunta 32
Pregunta
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
Respuesta
-
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
Pregunta 33
Pregunta
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?
Respuesta
-
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
Pregunta 34
Pregunta
A broker hires an inactive broker to conduct open houses. Which of the following statements about this situation is correct?
Respuesta
-
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
Pregunta 35
Pregunta
To participate in a referral service, a broker company musts
Respuesta
-
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
Pregunta 36
Pregunta
A broker with a license in inactive status is permitted to do which of the following?
Respuesta
-
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
Pregunta 37
Pregunta
A broker's license expired two days ago. In order to reinstate the license, the broker must?
Respuesta
-
Retake the examination
-
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
Pregunta 38
Pregunta
A broker listed a home. The listing agreement must be delivered to the owner
Respuesta
-
Within 3 business days
-
In triplicate
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Within 5 business days
-
Upon signing the agreement
Pregunta 39
Pregunta
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?
Respuesta
-
The broker company needs to give the broker a copy of all the listing files
-
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
Pregunta 40
Pregunta
Licensed broker acting is appraiser excepts appraisals assignment based on predetermined value broker may be:
Respuesta
-
License revocation and suspension
-
See depending on amount of value
-
Required to disclose fact to listing broker
-
Advertise future assignments based on practice
Pregunta 41
Pregunta
Operate Indiana property management firm outside of broker company what is correct?
Respuesta
-
Broker me do with formal approval of original managing broker
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If management fees are paid to brokers managing broker
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Not permitted broker only affiliated with one company
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Conducted if separate escrow account for tenant deposits
Pregunta 42
Pregunta
Listing agreement should be delivered to owner
Respuesta
-
3 business days
-
5 days
-
Upon signing
-
Triplicate
Pregunta 43
Pregunta
Managing broker must keep closing statements records up to
Respuesta
-
5 years
-
7 years
-
8 years
-
10 years
Pregunta 44
Pregunta
Commission revoked license. How many years to reapply
Respuesta
-
7
-
5
-
2
-
1
Pregunta 45
Pregunta
Broker company upon request must provide what commission
Respuesta
-
Employee list
-
Financial record of business accounts
-
Summary of escrow account
-
Continuing education for brokers
Pregunta 46
Pregunta
Consent to limited agency must be given
Respuesta
-
Voluntarily by seller and buyer
-
All cooperative and transactions
-
Both listing and selling agents
-
Orally at first then in writing
Pregunta 47
Pregunta
Not psychologically affected if
Respuesta
-
Reputation of haunted ghost
-
Armed robbery
-
Gang activity
-
Shooting of suspected prowler by police
Pregunta 48
Pregunta
The responsibility of retaining continuing education completion certificates for a broker falls to the
Respuesta
-
Continuing education provider
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Broker
-
Indiana Real Estate Commission
-
Instructor
Pregunta 49
Pregunta
A newly licensed broker must take and pass 30 hours of post licensing education
Respuesta
-
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
Pregunta 50
Pregunta
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?
Respuesta
-
0
-
$20,000
-
$50,000
-
$80,000
Pregunta 51
Pregunta
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
Respuesta
-
March 4, 2019
-
March 9, 2019
-
March 11, 2019
-
March 30, 2019
Pregunta 52
Pregunta
Every broker company shall be directed, supervised and managed by an individual broker. The individual broker
Respuesta
-
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
Pregunta 53
Pregunta
All advertising submitted by a broker must be within the direct supervisory control of the
Respuesta
-
Indiana Real Estate Commission.
-
Property owner
-
Indiana Association of REALTORS
-
Managing broker
Pregunta 54
Pregunta
In general, the office of the Attorney General may do which of the following during an investigation?
Respuesta
-
Order a broker to cease practicing
-
Subpoena documents related to the investigation
-
Order a broker to amend advertising
-
Place a broker on probation
Pregunta 55
Pregunta
The Indiana Real Estate Commission's general powers under Indiana law include
Respuesta
-
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
Pregunta 56
Pregunta
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:
Respuesta
-
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
Pregunta 57
Pregunta
How many continuing education hours are required for each CE year
Respuesta
-
36
-
24
-
16
-
12
Pregunta 58
Pregunta
Under Indiana Real Estate License Law, the definition of a psychologically home includes a home
Respuesta
-
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
Pregunta 59
Pregunta
A broker company must provide to the real estate commission upon request
Respuesta
-
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
Pregunta 60
Pregunta
A broker resides in the state of Michigan and is licensed as a real estate broker in Indiana. In this situation, the broker may
Respuesta
-
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
Pregunta 61
Pregunta
If the Indiana Real Estate Commission denies a person's license application, the person may appeal the denial by
Respuesta
-
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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