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