Indiana Real Estate Broker Exam — All Questions

All Property Ownership Land Use Controls and Regulations Valuation and Market Analysis Financing Contracts Agency Property Disclosures Transfer of Title Practice of Real Estate Property Management Real Estate Calculations Indiana License Law (IC 25-34.1)Indiana Agency Indiana Practice Indiana Requirements

2 questions

Indiana Practice

Earnest money and other client funds received in an Indiana transaction must be deposited into the:

a.Escrow or trust account maintained by the company or managing broker✓
b.Individual broker's personal account
c.Indiana Real Estate Commission's account
d.Seller's personal account

Indiana requires client funds such as earnest money to be held in a properly maintained escrow or trust account, the responsibility of the managing broker. Commingling client funds with personal or business operating money is prohibited.

Indiana Practice

Under Indiana law, a licensee who fails to disclose their agency relationship to the consumers involved may face:

a.No consequence
b.Disciplinary action by the Indiana Real Estate Commission✓
c.An automatic license upgrade
d.A required commission increase

Indiana requires licensees to disclose their agency status to consumers. Failing to make required agency disclosures, or misrepresenting whom the licensee represents, can result in disciplinary action by the Commission, including fines or license sanctions.