IN: 90-Hour Broker Course State Exam Flashcards

IN: 90-Hour Broker Course State Exam Flashcards

You plan to run advertisements promoting yourself as an Indiana broker on your favorite radio station. What must happen before the ad you wrote can be submitted to the station for recording and Broadcast?Your managing broker must review and approve it.The Indiana Code makes it a real estate licensee's duty to ______ when representing a seller or landlord in a transaction.Exercise reasonable care and skill If an Indiana broker wishes to file a complaint against another licensee, where will the broker file?With the Office of the Attorney General Who is expected to sign the Seller's Residential Real Estate Sales Disclosure in Indiana?The seller and the buyer Which of these is an example of funds given to a broker that should NOT be deposited in the brokerage escrow account?Security deposits from a rental property the broker owns and manages Indiana licensee Maggie offered prospective buyers a $500 gift certificate to a local home improvement store if they made an accepted offer. She made sure her seller client and everyone else involved in the transaction was aware of the gift. Is Maggie's action legal?Yes, because Indiana allows financial incentives that are fully disclosed to all parties in the transaction.After you sign a listing agreement with an Indiana seller, you have ______ to provide the seller with a copy of the signed document.Three business days Shenandoah can't wait to get her broker's license and start practicing real estate in Indiana. Which of these might prevent her from starting to live her dream?She's only 17.When you're representing a seller client, which of these actions does the Indiana Code require you to take?Account for all money and property received from the client.Which of the following are Indiana real estate licensees required to disclose to their potential clients?Their brokerage's written policy regarding allowed agency relationships Natasha is conducting an appraisal of a five-bedroom single family home but must be supervised while doing so.Which Indiana appraiser license does she hold?Appraiser trainee An Indiana listing agreement must include ______. An agreement expiration date Sophie's had an ethical difference of opinion with her managing broker, and they've agreed to terminate her association with the brokerage. Sophie hasn't yet agreed to associate with another brokerage. What happens to Sophie's license?Sophie's license will be unassigned and inactive when she and her current broker notify the commission of the termination, which must be done within five days.Indiana licensee Damien represents buyer Elsa. Elsa wants to keep chickens in her back yard, and Damien assures her that city code allows this, although he knows it isn't true.

Neither the seller nor the seller's agent, Karen, is aware of Elsa's plans for chicken keeping. Who can be held liable for the misrepresentation in this situation?Only Damien, Elsa's agent At brokerage companies in Indiana, what is the managing broker's role?Oversee office procedures and ensure that all licensees at the firm adhere to the laws, rules, and policies required of

them.

When you're representing a buyer and presenting an offer on your buyer client's behalf, which of these actions is considered best practice?Retain exact and complete copies of all documents related to the offer and transaction.Which of these statements about Indiana branch offices is true?Branch offices must be registered with the real estate commission prior to opening.You're representing Sally in the sale of her older home.Which of these is your legal duty as her agent, according to the Indiana code?Advise her to seek expert advice regarding matters outside your scope of practice.Indiana licensee Fred represents Sharon, a seller. To whom is Fred required to disclose the fact that he represents Sharon?All parties in the transaction What is true about an Indiana licensee's affiliation with a broker company?A licensee may only affiliate with one broker company at a time in Indiana.You're representing a seller in a transaction. Which of these must you disclose to your client?That you'll share your compensation with the brokerage that procures the buyer Which offers must a licensee present to a seller client?All offers Ryan recently landed an inside sales job selling cemetery plots. In Indiana, Ryan is ______.Exempt from real estate licensing requirements When working with buyer clients, which offers must a licensee present to the seller or seller's agent?Those that the buyer wishes to make A managing broker in Indiana opening an escrow account must use ______.A federally insured financial institution James is performing real estate activities under an Indiana court's order, so he is ______.Not required to have a real estate license If an Indiana licensee wants to reactivate an expired license within three years of expiration, the broker has to pay the renewal fee and ______.Complete all continuing education requirements for the current licensing period In Indiana, which one of these scenarios would require a real estate license?Janice is searching for a new home for a friend moving into town. After the friend buys a property, Janice will receive 2% of the sales price for her time.If a broker is fined by the Indiana Real Estate Commission and doesn't pay the fine, how will the commission likely follow up?Suspend the broker's license.Mandy's license is up for renewal. Which of these is NOT an action she'll take to renew her license?Pass the license renewal exam by scoring at least 70% Wilma plans to become a managing broker, but her application was denied. Which of these is the most likely reason the commission denied her application?She's had five years of experience working in a real estate office. She's been licensed for one year.Refusing to draft a written offer for your buyer client or submit a written offer to a seller on your buyer client's behalf is ______.Prohibited The commission is holding a disciplinary hearing regarding a complaint against licensee Roxanne. What's NOT true about the possible outcomes of this hearing?If the commission decides Roxanne hasn't committed a violation, it will impose a fine on the complainant.