Real Estate Indiana Broker Exam. 100 Questions with accurate answers, 2023/2024

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Real Estate Indiana Broker Exam. 100 Questions with accurate answers, 2023/2024 1. Who selects the members of the Indiana Real Estate Commission? -✔✔-The governor of Indiana selects the com... mission members. 2. Which of the following statements is false regarding the Indiana Real Estate Commission? - ✔✔-The commission may spend the interest earned from monies accrued in the recovery fund for continuing education for all licensees. 3. Which of the following is required to be a member of the Indiana Real Estate Commission? - ✔✔-The appointee serves at the discretion of the governor 4. Which of the following persons needs a real estate license in the state of Indiana? -✔✔-Any person who negotiates the exchange of like properties. 5. Which of the following is true regarding a person in Indiana who acts as a real property securities dealer? - ✔✔-The person must be registered under Indiana and federal securities laws. 6. Which of following is not required to hold a real estate license? -✔✔-Anyone reselling a mobile home not on a permanent foundation is NOT required to hold a real estate license. 7. Mandy is an office manager for Woodside Real Estate, a local Indiana real estate firm. Her responsibilities include coordinating the flow of paperwork through the office, preparing forms and advertising copy, and hiring and supervising clerical personnel. Which of the following statements is true regarding Mandy? -✔✔-Mandy is exempt from real estate licensure. 8. Anne successfully completed her Indiana prelicense real estate education requirement on October 1, 2003. How long does she have to take the state exam before having to retake the prelicense course? -✔✔-Anne has one year from the time she completed the prelicense course to take the exam. 9. Peter offered to help his neighbor, Claire, sell her house 3 weeks before he began his prelicense real estate course. Claire agreed to pay Peter a 5 percent commission. Claire accepted an offer on the house while Peter was enrolled in the prelicense course, and the property closed the day before Peter took the state licensing exam. Claire changed her mind, however, and refused to pay Peter the 5 percent commission. May Peter sue Claire to recover payment? -✔✔-No. Indiana state law prohibits lawsuits to collect commission unless the injured party was properly licensed. 10. What must a real estate corporation do to obtain a corporation license in Indiana? -✔✔-The corporation must have at least one broker licensed in Indiana who is a shareholder. 11. Claire is the on-site property manager for Sunny Apartments. She is responsible for negotiating leases for the apartments. Craig, a licensed Indiana broker, is Claire's supervisor. Which of the following is true regarding Claire's position? -✔✔-Claire is exempt from licensing requirements. 12. Which of the following activities does not require a valid Indiana real estate license in order to be compensated? - ✔✔-Performing a written home inspection does not require a valid Indiana real estate license. 13. A partnership received its first Indiana license renewal on July 1, 2018. When will the license expire (unless renewed earlier)? -✔✔-The partnership's license will expire in 36 months. 14. Which of the following duties may an unlicensed real estate assistant NOT perform? -✔✔-an unlicensed assistant may NOT explain contract documents to prospective buyers. 15. Carol is an unlicensed assistant at Vivian's real estate firm. Carol recently worked late nights and weekends to help ensure the successful closing of a difficult transaction. Her work included calling the prospective buyers and encouraging them to accept the counteroffer. The sale went through, largely because of Carol's efforts. Vivian wants to pay Carol a commission. Which of the following statements is true regarding this situation under Indiana law? -✔✔-Vivian may not pay a commission to Carol under this situation. 16. Nelson wishes to obtain an Indiana reciprocal real estate license. Which of the following is true regarding this situation? -✔✔-Nelson may qualify because his original state has real estate laws similar to Indiana. 17. Which of the following must be filed when a nonresident files for an Indiana license? -✔✔- The nonresident must file an irrevocable written consent to suit. 18. Mandy, a licensed broker, tells a lender that the sales price of a property is something above its actual sales price in order to assist the buyer in obtaining a larger loan. Which of the following statements is true regarding Mandy's action? -✔✔-Mandy has violated Indiana real estate law, and can be disciplined for material deception. 19. Which of the following is NOT grounds for licensee disciplinary action? -✔✔-Agreeing with a seller to accept a listing for more than the normal commission rate. 20. Which of the following may be imposed on an Indiana licensee, if he or she is found guilty of a real estate violation by the Indiana Real Estate Commission? -✔✔-The commission may put the licensee on probation with an order to perform community service. 21. Which of the following organizations may enact rules and regulations to enforce the Indiana real estate license law? -✔✔-The Indiana Real Estate Commission. 22. Which of the following is an Indiana licensee entitled to before he or she can be disciplined by the commission? - ✔✔-The licensee is entitled to a hearing before the commission. 23. Which of the following refers to the performance of real estate duties by an unlicensed person? -✔✔-Class A infractions. 24. When may the Indiana Real Estate Commission issue a cease and desist order? -✔✔-When the person solicits or accepts enrollment of real estate students in a school not officially approved by the commission. 25. Which of the following persons may be disciplined by the Indiana Real Estate Commission? - ✔✔-Any licensee who advertises his or her services in a misleading manner is subject to discipline by the commission. 26. Mandy was convicted of a crime that has a direct bearing on her ability to practice her real estate duties competently. Which of the following actions is allowed by the Indiana Real Estate Commission? -✔✔-The commission must require Mandy to attend a hearing on the matter before any action may be taken 27. Stephen is an Indiana salesperson. His friend, Joe, is unlicensed, but assists Stephen in finding listings. Stephen offers Joe $200 in cash for each listing. Why is this payment illegal? -✔✔- Unlicensed persons may never be compensated for this kind of activity. 28. At the end of the state's fiscal year, the Indiana Recovery Fund has a balance of more than $750,000. The amount in excess of $750,000 will be paid to w [Show More]

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