Indiana State Real Estate Exam Flashcards

Indiana State Real Estate Exam Flashcards the Indiana real estate commission may do all of the following EXCEPT spend the licensee renewal fees for commission purposes to obtain a corporation license in Indiana. the corporation must have a licensed broker residing in Indiana who is an officer or employee of the corporation with the authority to bind the corporation in real estate transacctions a licensed indiana broker assigned to a principal or managing broker may be discipled by the Indiana real estate commission for representing more than one principal or managing broker at a time an individual wants to sell her own house. in order to do this legally, she is except from the licensure in Indiana which of the following person must have real estate license in order to transact business?person acting as a business broker who negotiated the sale of the entire businesses, including their stock. equipment, and building for a promised fee a person successfully completed her Indiana pre-license in order to transact business?one year from the date on completion Five liens have been recorded against a certain house, in

the following order: first mortgage, mechanic's lien, second

mortgage, real estate tax lien, special assessment lien.Which lien will be the last one to be paid from the proceeds of the sale of the house?second mortgage lien in indiana, a licensee has am agency relationship with the individual with whom the licensee is working unless he or she has written agreement to the country In Indiana, individual real estate licenses are renewedon June 30th on a triennial basis before an Indian real estate licensee can be disciplined by the commission, the licensee is entitled to a hearing before the commission Three weeks before a man begins his real estate prelicensing classes, he offers to help find a buyer for his neighbor's house. The neighbor agrees to pay the man a 5% commission. An offer is accepted while the man is taking classes and closes the day before he passes the examination and receives his salesperson's license. The neighbor refuses to pay him the agreed commission. Can the man sue to recover payment?no, the state law prohibits lawsuits to collect commissions unless the injured party was properly licensed and the license was in affect before the agreement was reached which of the following is true of a homestead? A homestead interest is a form of legal life estate the Indian recovery fund has a balance in excess of $750,000 at the end of the fiscal year. the amount in the fund over 750 will be paid to the indiana state general fund a condominium estate is distinguished by fee simple ownership of a unit and an undivided share of the common areas

an indiana licensee who has an agency relationship with a seller must disclose which of the following without the informed written consent?material facts regarding the property an the indiana real estate licensee embezzled 10,000 from consumer. a 20,000 from consumer b and 25000 from consumer c. all three consumers received payments out of the recovery fund. what monetary amount will each consumer receive?the 50,000 lifetime aggregate for a licensee will be prorated according to the loss of each comsumer when a license is convicted of a crime that has a direct bearing on the licensee's ability to practice competently, indiana license law allows the commission to require th licensee to attend a hearing on the matter under the Indiana real estate license law, a licensee becomes the limited agent when the licensee only shows the licensee's own listings A broker's unlicensed assistant worked late nights and weekends to help ensure the successful closing of a difficult transaction. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer.Largely because of the assistant's efforts, the sale went through with no problem. Now the broker wants to pay the assistant a percentage of the commission "because the assistant has really earned it." Under Texas law, the broker may not pay a commission to the assistant under the facts presented here. They are both in violation of rules regarding unlicensed assistants.when do real estate broker's licenses expire in indianaJune 30th every three years from prior renewal year a person who is not an Indiana real estate licensee cannot list and sell real estate in Indiana unless that person qualifies for an exemption under current licensee law In Indiana, a licensee who has an agency relationship with a buyer must treat all sellers honestly which of the following best describes Indian agency law?the rules of law that apply to the responsibilities of a person who acts on behold of another in dealing with third parties all of the following statements regarding the Indiana real estate commission are true EXCEPT that they can spend the interest earned from monies accrued in the recovery fund for continuing education for all licensees a valid indiana real estate license is required in order to be compensated on all of the following activities EXCEPT performing a written home inspection a person in Indiana has been offered the position of resident manager of an apartment complex. in order to take this position, the person must be salaried employee of the owner to manage the complex without a broker's license Indiana Real Estate Commission has the power to discipline a licensee broker if the broker has had disciplinary action take against him or her in another state Under Indiana real estate law, a partnership will be granted a license only if all partners are licensed brokers an Indiana broker who has an agency relationship with a buyer should advise the buyer if the listing price of the home is unrealistic which of the following ways of specializing is common in the real estate brokerage business?by type of property

if a person dies with legal heirs and has left no valid will, what happens to real property owned by that person?it is probated and passes to the tiers by laws of decent in indiana, who of the following would need a real estate broker licensee person negotiating an exchange of like properties an applicant for a real estate broker license in Indiana mustbe at least 21 year of age the purpose of the indiana real estate recovery fund isprovide a means of compensation for actual monetary losses suffered by consumers as a rest of the acts of a licensee in violating the license law a real estate license is required for all the following

EXCEPT

reselling a mobile home not on a permeant foundation the indiana real estate commission has the power to discipline a licensee who advertised his or her services in a misleading manner A listing agreement establishes a relationship betweenthe principal/managing broker and seller in order to obtain an indiana reciprocal real estate license, a person is required to comply with the continuing education requirements in Indiana Under Indiana law, any person who acts as a real property securities dealer must be registered under Indiana and federal securities laws The office manager for a local real estate firm is

responsible for the following activities: Coordinating the

flow of paperwork through the office, preparing forms and advertising copy, and hiring and supervising clerical personnel. The office manager is except from real estate licensure A property abuts a non-navigable stream. What does the owner own?underlying land to the middle of the waterway if a licensee tells a lender that the sale price on a property is something above the actual sale price in order to assist the buyer in getting a larger loan th licensee can be disciplined for material deception personal assistants in indianaMay perform clerical work, such as inserting factual information into contracts under the employing broker's supervision and approval a new partnership in Indiana recites its' license on July 1st unless renewed earlier, the license will expire in 36 months in a vein theory statethe lender records a lien while the borrower retains title to the mortgaged property In indiana, applications for any real estate license must bemade within 120 days after passing the written exam which of the following is permitted activity for an unlicensed assistant in indiana giving potential buyers information regarding price, address and geographic directions Whenever the commission is required to satisfy a claim against a licensee with money from the Indiana Real Estate Recovery Fund, the licensee must repay the full amount paid from the fund interest if his or her license is reinstated indiana real estate licensee misrepresented the age and condition of a home's furnace and air conditioner. at a disciplinary hearing, the commission probably would find that discipline was appropriate due to the misrepresentation being material deception

A retailer installs special display counters to exhibit her products. At the end of the lease term, the retailer moves to another state, leaving the counters in the store. At this point the counters are considered which of the following?real property, since the trade pictures were abandoned A licensee who allows his or her license to expire has how long to reinstate the license without monetary penalty?there is no "free" time all of the following would be grounds for disciplining licensee EXCEPT agreeing with the seller to accept a listing for more than the normal commission rate in order to receive payment from the recovery fund, an aggrieved person must obtain judgement in a court against a licensee if engaged in the sale of real estate, who of the following is exempt from Indiana real estate licensing requirements?public official performing acts authorized by law who may receive compensation form the indiana real estate recovery fund the seller who pays a commission to a broker under false pretenses which of the following is true regarding Indiana agency law?merely assisting an individual created a customer realtionship in indiana, all of the following are requirement for obtaining a broker's license EXCEPT having been actively engaged in the real estate business for 2 consecutive years the Indiana real estate commission may undertake an investigation of a licensee based on all of the following grounds EXCEPT a random selection of licensees what must non-resident license applicants for an indiana license file with the commission?irrevocable written consent to suit rules and regulations to enforce the indiana real estate license law may be enacted by the indiana real estate commission the indiana real estate commission may spend interest earned on the recovery fund for information concerning the commission activities if the indiana real estate commission is order by a court to make a payment form the recovery fund because of a licensee's actions, the commission will suspend the licensee until the fund is reimbursed with interest what is the balance in the Indiana real estate recovery fund below which licensees will be assessed an additional fee at time of renewal?

450,000

in order for a licensee to be appointed as an Indiana real estate commissioner an individual must have been licensed as a Indiana brokers for five years performance of real estate duties by an unlicensed person that require a license is considered a class A infraction how is a legal life estate created?by operation of law If an aggrieved person is awarded a judgment against a real estate licensee for violations of the Real Estate License , what right does the aggrieved party have regarding the recovery fund?a maximum award amount of 20,000 from the recovery fund can be paid including court costs and attorney fees In order to make a claim against the Indiana Real Estate Recovery Fund, an aggrieved consumer must file a suit in a court of law, obtain a judgement and exhaust all legal remedies