Indiana Real Estate Law Flashcards

Indiana Real Estate Law Flashcards Which of the following is a requirement to become an Indiana managing broker?a. Must have held a broker license for 5 yearsb. Must have passed 30 hours of broker management educationc. Must have Indiana resident affiliated brokersd. Must be a resident of Indiana with or without Indiana resident affiliated brokers

• Must be a resident of Indiana with or without Indiana

resident affiliated brokers Which type of listing is illegal in Indiana?a. Open listingb.Exclusive agencyc. Exclusive right to selld. Net listing

• Net listing

Which of the following is NOT a type of buyer's agency agreement?a. Exclusive buyer agencyb. Net buyer agencyc. Exclusive agency buyer agencyd. Open buyer agency

• Net buyer agency

The Indiana Real Estate Commission is made up ofa. 9 congressional district members, 1 member at large, and 2 citizen membersb. 1 congressional district member, 8 members at large, and 1 citizen memberc. 11 membersd.12 members who are Indiana residents with at least 5 years of real estate business experience

• 9 congressional district members, 1 member at large,

and 2 citizen members Which of the following would not be included in a policy and procedures manual?a. Legalitiesb. Broker general responsibilitiesc. Broker commission ratesd. Ethical standards

• Broker commission rates

In addition to completing the coursework to become a licensed broker, what other education requirements must a licensee meet to become a managing broker?a. Hold a 2-year college degreeb. Complete 24 hours of broker management courseworkc. Complete 30 hours of managing broker coursework in business management and operations, employees relations, and the role of the managing brokerd. None

• Complete 24 hours of broker management coursework

To become a licensed broker in Indiana, the applicant must completea. 80 hours of approved coursework in the classroom or 90 hours onlineb. 24 hours of approved coursework in the classroom with 80% attendancec. 90 hours of approved coursework in the classroom or onlined.80 hours of approved coursework in the classroom with 90% attendance

• 90 hours of approved coursework in the classroom or

online How is a license removed from referral status?a. Complete continuing education, submit application, and pay feeb.Obtain managing brokers approval, submit application, and pay finec. Submit request to the Commission for status

changed. Retake broker licensure course and examination

• Complete continuing education, submit application, and

pay fee If substantive contact occurs during a phone call, what must the broker then do?a. Have the customer sign an

agency agreement contract as soon as possibleb. Decline to answer questions until the customer can attend a face-to-face meetingc. Make an oral disclosure and follow up with a written disclosure at the first face-to-face meetingd. Record the phone call so the disclosure is documented

• Make an oral disclosure and follow up with a written

disclosure at the first face-to-face meeting

What is the purpose of the Safe Harbor Test?a. To determine if the working environment is safe for the workerb. To determine how much compensation an employee should receivec. To determine if a worker is an independent contractor or an employeed. To determine how many hours a particular task should take to complete

• To determine if a worker is an independent contractor or

an employee Who or what sets national standards for sending commercial emails?a. NARb. The Privacy Actc. The CAN SPAM Actd. Do Not Call Registry

• The CAN SPAM Act

Improper handling of trust funds can lead toa. jail timeb. a letter of reprimandc. probationd. all of the above

• jail time

Which agency relationship does not involve a written contract?a. Non-agency relationshipb. In-house agency relationshipc. Limited agentd. Single agency

• Non-agency relationship

If the Recovery Fund's balance falls below $450,000, what happens?a. The Fund goes bankruptb. Licensees are assigned a surchargec. No claims are paid until the following yeard. Funds are borrowed from the Investigative Fund

• Licensees are assigned a surcharge

Which of the following is NOT considered an activity that requires a real estate license in Indiana?a. Showing propertyb. Seeking listings for properties for salec.Discussing listing contractsd. Conveying one's own property

• Conveying one's own property

Which of the following would exempt a broker from completing continuing education by the deadline?a. Prior active military serviceb. Inability to pay renewal feec. A minor illnessd. Engaging only in referrals

• Engaging only in referrals

If a licensee has engaged in an act that warrants discipline, how does that impact his or her license renewal?a.Renewal is automatically deniedb. Renewal may be delayed 90 days for investigationc. The licensee is automatically placed on probation and license renewal is deniedd. The license will expire and need to be reinstated

• Renewal may be delayed 90 days for investigation

Violating the Indiana Civil Rights Act is an act ofa. fraudb.unfair inducementc. incompetenced. material deception

• incompetence

A fee appraisal does NOT includea. an automated valuation modelb. a mortgage lender's price opinionc. a broker's price opiniond. a desktop evaluation

• a mortgage lender's price opinion

To reactivate an inactive license, the broker musta.complete 24 hours of courseworkb. pass the broker examination with a score of 80% on each sectionc. file a reactivation application within 6 months of course completiond. all of the above

• complete 24 hours of coursework