Which of the following statements about real estate advertisements in Indiana is true

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Below are eight free Indiana real estate practice exam questions that will closely resemble your licensing exam. Review these questions and see what you know! The answers are provided beneath the question set.

1. The Indiana Real Estate Commission has the legal right to do which of the following?

1. Impose a civil penalty of as much as $50,000.
2. Indict licensees guilty of criminal matters.
3. Recommend jail time for licensees who commit crimes.
4. Suspend, deny, or revoke a real estate license.

2. Indiana listing agent Simone gave her client a closing statement. How long does the law require Simone to retain a copy of this statement for her records?

1. Five years
2. One year
3. Seven years
4. Three years

3. Sheperton Realty, an Indiana brokerage company, receives notice that the Indiana Real Estate Commission wants to inspect the brokerage records. Which of these is a true statement?

1. "The brokerage is obligated to produce its records upon request by the commission.
2. The brokerage must convey copies of all its records to the offices of the Indiana Real Estate Commission within five business days.
3. The brokerage must notify all clients of the audit prior to submitting any records for review by the commission.
4. The brokerage must provide its records for inspection within 24 hours.

4. Regal Realty has two branch offices along with its main office. Managing broker Trish may manage ______.

1. "Only the main office
2. The main office and any one of the branch offices
3. The main office and any or all of the branch offices
4. The main office and the closest branch office

5. When advertising real estate, which of these actions is required of an Indiana licensee?

1. Identifying clearly that the property advertised for sale is being offered by someone licensed in real estate, not a private party
2. Including the licensee’s name, photo, license number, and the address of the associated broker company in all ads
3. Providing contact information for the Indiana Real Estate Commission
4. Using a “blind” ad when advertising rental property

6. What is true about an Indiana licensee’s affiliation with a broker company?

1. "A licensee can transfer companies as often as desired without approval from anyone.
2. A licensee may affiliate with more than one broker company as long as the licensee has a managing broker designation.
3. A licensee may affiliate with more than one broker company as long as the managing brokers consent.
4. A licensee may only affiliate with one broker company at a time in Indiana.

7. Which one of these individuals needs an Indiana real estate license?

1. "An appraiser who is appraising real estate
2. An attorney who is assisting a client in understanding a sales contract
3. An individual selling his own home
4. Someone performing real estate services for others for a fee

8. In Indiana, which one of these scenarios would require a real estate license?

1. Henry is an attorney who's helping his clients, the Smiths, negotiate a short sale of their home.
2. 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.
3. Peter is unlicensed but assists his employer Debbie, who's a licensed broker, by finding tenants for units in the apartment building she manages.
4. Ron is acting as executor of his uncle's estate, which includes selling his uncle's property.

Answers: 1. D, 2. A, 3. A, 4. C, 5. A, 6. D, 7. D, 8. B

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