Indiana Real Estate Broker Exam — All Questions
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Indiana law permits a licensee to represent both the buyer and the seller in the same transaction as a limited agent only with the:
- a.Consent of the managing broker alone
- b.Written consent of both parties✓
- c.Verbal consent of one party
- d.Approval of the Commission
Indiana's agency statute allows limited agency (representing both sides) only when both the buyer and seller give written consent after disclosure. Without informed written consent, a licensee may not act as a limited agent for opposing parties.
Under Indiana agency law, a licensee representing a client owes duties that include loyalty, confidentiality, and:
- a.Guaranteeing the client the lowest price
- b.Disclosing adverse material facts about the property✓
- c.Representing the other party's interests
- d.Setting the commission rate by law
An Indiana agent owes the client statutory duties such as loyalty, confidentiality, obedience to lawful instructions, accounting, reasonable care, and disclosure of adverse material facts about the property that the licensee knows. The licensee cannot guarantee price or represent opposing interests without proper consent.