Indiana State Law Real Estate Flashcards

Indiana State Law Real Estate Flashcards

• 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.Notify Indiana real estate commission within 5 days.]

• Under Indiana Real Estate License Law, the definition

of a psychologically affected home includes a homeA.where a person died.B.that is publicized in the community as being haunted.C. that was previously sold at foreclosure.D. that is on the historic register.A.where a person died.

• Broker company upon request must provide what

commissionA. Employee listB. Financial record of business acctsC. Summary of escrow accountD. Continuing education for brokers

• Summary of escrow account
• Operate Indiana property management firm outside of

broker company what is correct?A. Broker me do with formal approval of original managing brokerB. If management fees are paid to brokers managing brokerC.not permitted broker only affiliated with one companyD.Conducted if separate escrow account for tenant deposits

• Broker me do with formal approval of original managing

broker

• Broker A discovered a former buyer client of his listed

the home with Broker B. Broker A tells his former buyer client to cancel the relationship with broker B and come back to list it with him since he previously worked with the buyer before. This is called?Allowed because of previous agencyIncompetent practiceBreach of contractAllowed because seller should have the choice to choose which broker is best.Incompetent practice What statement is correct about the company's office policy?Must state compensation creates agency relationshipFurnished to buyer clients onlyFurnished to seller clients onlyPermit or reject limited agency Permit or reject limited agency

• A broker has a listing agreement to deliver to his

out-of-town. To property secure this listing, the agreementMust have original ink signatureMust be retained in the broker's files for three yearsMay be in electronic formatMay be an oral agreement May be in electronic format

• The responsibility of retaining continuing education

completion certificates for a broker falls to theA. continuing education provider.B. broker.C. Indiana Real Estate

Commission.D. instructor.

• broker.

Valid listing with Broker H. Broker M tells them to cancel and list with Broker MM's license can be revoked or

suspendedM forfeit commission to HH&M split commissionSeller pay M commission M's license can be revoked or suspended

Prior to placing a "For Sale" sign on a lawn. Licensee must haveA. Oral consent of sellerB. Open listing contractC.Written consent of seller . Written consent of seller

• Sarah has passed her broker exam and applied for

licensure. What activities can she not perform?Make copies for open houseProvides direction to an open house or brokers office.Explain amortization tableReconcile broker escrow money/account.Reconcile broker escrow money/account.

• 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 regulationsRequires comparable sales information to support the claim of future valueIs an acceptable professional practice if the property is properly zonedConstitutes failure to engage in competent practice under the real estate rules and regulations Constitutes failure to engage in competent practice under the real estate rules and regulations

• 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 feeConduct open houses on behalf of the other licenseesAppraise real estate for a feeWaive requirements for continuing education Waive requirements for continuing education

• Listing agreement should be delivered to ownerA.

Three business daysB. Five daysC. Upon SigningD.Triplicate Upon Signing

• A broker company must provide to the real estate

commission upon requestA.a list of all employees.B.financial records of their business account.C.a detailed summary of their escrow account.D.continuing education certificates from all associated brokers.C.a detailed summary of their escrow account.

• Which of the following would constitute an "incompetent

practice" by a licensee?Failing to advertise listingsPaying a disclosed referral fee to a party to the transactionActing as the agent for the seller and signing document with power of attorneyFailing to account for documents belonging to the client that have come into the licensee's possession Failing to account for documents belonging to the client that have come into the licensee's possession

• An individual has been convicted of selling drugs and

has served a three-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 mustAutomatically deny the license due to seriousness of the crimeConsider the offense to determine if it will have a direct bearing on the individual's ability to practice