Indiana State Real Estate Exam Practice Test 1 Flashcards

Indiana State Real Estate Exam Practice Test 1 Flashcards Consumers must submit an application for disbursement from the Indiana real estate recovery fund within ______ after the judgment was awarded.30 daysOne yearSix monthsThree months One year Woodrow helps his neighbor sell his home in Carmel by assisting with negotiations. He receives no compensation for his assistance. Based on this one transaction, Woodrow ______.Doesn't need a real estate licenseMust have at least a broker licenseMust have at least an appraiser licenseMust have at least a negotiator license Doesn't need a real estate license Under which circumstance does the buyer in a residential transaction have the right to terminate the purchase contract and get the earnest money back?The seller didn't provide a property condition disclosure prior to accepting the buyer's offer.The seller didn't use the fillable property condition disclosure form provided on the Indiana professional licensure website.The seller marked more than 25% of the items on the property condition disclosure form as "do not know."The seller neglected to hire a professional inspector to assist with completing the property condition disclosure form.The seller didn't provide a property condition disclosure prior to accepting the buyer's offer.James is appraising a multi-tenant office building in Indiana. What appraiser license does he hold?Certified commercial appraiserCertified general appraiserLicensed commercial property appraiserLicensed real property appraiser Certified general appraiser As a buyer's agent, writing a quality offer will help your clients _______.Avoid legal troubleImprove the terms of their loanIncrease the appraised value of the propertyReceive lender approval for the loan Avoid legal trouble Reann's an Indiana broker who's also a member of the Air Force. She's six months away from her license renewal date when she's called to active duty overseas. As a result, she hasn't completed her CE and can't get her renewal application in on time. She returns home just two weeks after her license renewal date. She requests an extension based on her military service. When the commission grants her renewal extension, how much time will it give her?180 days from the date Reann was released from active duty30 days from Reann's current license renewal date365 days from Reann's current license renewal date90 days from the

date of Reann's request for an extension 180 days from the date Reann was released from active duty The commission has determined that Indiana licensee Boyd owes restitution to a seller he represented. Boyd's unable to come up with the amount of the judgment-$15,000-and can't pay the seller. What's true about this situation?Boyd can ask the commission to loan him the amount of the judgment from the Indiana Recovery Fund. He must repay the loan within two years.Boyd must apply to the Indiana Recovery Fund to pay the seller the amount of the claim. He's not responsible for reimbursing

the fund.The seller can apply for payment from the Indiana Recovery Fund, which will cover up to $20,000 per judgment.The seller can apply for payment from the Indiana Recovery Fund, which will cover up to $20,000 per judgment.In Indiana, a seller is liable for an error on the Seller's Residential Real Estate Sales Disclosure under which of these circumstances?The seller didn't investigate latent defects, resulting in an inaccuracy in the disclosure.The seller marked more than half the items as "do not know."The seller neglected to use professional services in

obtaining information about property condition.The seller was negligent in transferring information obtained from a third party.The seller was negligent in transferring information obtained from a third party.Why are Indiana licensees required to disclose personal interest in a property they are selling, leasing, or considering purchasing?Consumers have the right to cancel a brokerage agreement within three days of the