Re u2 ch12-13

list five of many ways the Real Estate Commission protects consumers.

list 5 of several types of provisions covered in Title 876 of the Indiana Real Estate law.

list 5 duties or responsibilities of the Professional Licensing Agency.

License law found in Title 876 of the Indiana Administrative Code.
Intent of license law:
______public interest
Ensure licensee____
Ensure licensee follows laws, rules, and professional standards

Creation of Indiana Real Estate Commission:
____license law
Enact ___and regulations to support the law

Members of the Commission: numbers
__district members
__member from real estate industry
__members from general public
Appointed by_______
__year term

Commission organization:
____select chairman and vice chairman
____is simple majority
Commission is provided an executive____
Commission meets when called by chairman or requested by__ members

The primary purpose of Title 876 of the Indiana Administrative Code is
to set up educational guidelines for real estate brokers.
to protect the public.
to require real estate brokers to obtain a license.
to determine who can become a real estate broker.

Who or what established the Indiana Real Estate Commission?
A vote of the 9 Indiana districts
The Real Estate Licensing Board
The governor of Indiana
Title 876 of the Indiana Administrative Code

The Indiana Real Estate Commission investigates complaints against
real estate licensees.
commission members.
the executive director.
the general public.

The Indiana Real Estate Commission was established by
the governor of Indiana.
Title 876 of the Indiana Administrative Code.
vote of the 9 Indiana districts.
the Real Estate Licensing Board.

The Commission investigates complaints against
other Commission members.
the governor of the state.
the general public who are interested in buying a property.
real estate licensees.

Title 876 establishes
rules and regulations for the practice of real estate in Indiana.
where real estate brokers can set up office.
real estate annual sales limits.
how many real estate brokers can conduct business in Indiana.

– the sale or lease of any legal or equitable interest in real estate and/or the making, refinancing, or consolidation of a mortgage loan.

– a broker license issued under Title 876 which is not expired, suspended, or revoked and allows the broker to conduct real estate transactions.

– a person with a valid broker's real estate license who buys, sells, trades, exchanges, leases, manages, and lists real estate for consideration.

– the Indiana Real Estate Commission which was established by Title 876 of the Indiana Administrative Code and which regulates the real estate business in Indiana.

list 5 transactions that require a real estate license other than buying, selling, leasing, and managing.

list 4 of several exceptions to transactions that require a real estate license.

Tf An individual who holds an open house for purpose of selling the property is not required to have a broker's license.

Tf An individual who telephones people to seek real estate listings is required to be licensed as a broker.

Tf Managing property for others does not require a broker's license.

Tf The Licensing authority in Indiana is the professional licensing agency, known as the Bureau.

Tf A licensed auctioneer who sells property at a public auction is required to hold a broker's license.

Tf Acts by the trustee of a will require a broker's license.

– is a person licensed under Title 876 as a broker, who acts in relation to a managing broker, and who is allowed to sell, buy, trades, exchanges, options, leases, rents, manages, lists, or appraises real estate for consideration.

– is the Indiana Real Estate Commission who was established via Title 876 and who has the power and duty to regulate the real estate profession and licensing in Indiana.

– is the sale or lease of any legal or equitable interest in real estate and/or the making, refinancing, or consolidation of a mortgage loan.

Licensing authority – is

A subagent is
a new broker who works under a supervisory broker.
a broker who acts for another broker in performing services for a client.
a broker from one branch office working in a second branch office.
a broker whose license is on probation.

Which of the following falls under the exceptions to requiring a real estate license in Indiana?
A licensed broker's employee renting an apartment to a client
Offering to list a property for sale
Offering to lease a property
Explaining a contract to a client

Discussing a real estate contract with someone outside the broker company can only legally be done by
the property owner
a real estate salesperson
a licensed broker
a property manager

A reprimand
is an official record of discipline.
is a verbal scolding.
means the broker cannot practice real estate.
automatically results in license suspension.

Which of the following does not fall under the exceptions to requiring a real estate license?
Sale of a cemetery lot
Rental of an apartment by a broker's employee
Telemarketing to set appointments to seek listings
Performance of acts by a public official authorized by law

Which of the following does not require a real estate broker's license in Indiana?
Creating advertising materials
Listing a property for lease
Managing real estate
Discussing with a potential buyer the features of a particular property

Which of the following does not fall under the exceptions to requiring an Indiana real estate license?
Renting hotel rooms
Referral of real estate business from a broker licensed in Ohio to a broker licensed in Indiana
Optioning real estate
Selling cemetery lots

Which of the following falls under the exceptions to requiring a real estate license?
Selling at a public auction by a licensed auctioneer
Accepting an offer made at an open house
Referral of real estate business by an unlicensed broker from another state
Selling a property for a fee.

Agency relationship
is when two real estate agencies work together.
is when a licensed broker represents a client in a real estate transaction.
is when multiple branch offices of the same real estate company share brokers.
is the relationship between the licensing agency and the Commission.

A limited agent is one who
has a probationary license and is limited in which transactions he/she can perform.
is a new broker with limited experience in real estate.
is a licensed broker who represents both the seller and the buyer.
is a licensed broker who manages a branch office and is limited in which transactions he/she can perform.

The Indiana entity that has the power to regulate real estate licensing and rules is the
Attorney General.
Professional Licensing Agency.
Real Estate Commission.
Governor of Indiana.

The sale or lease of any legal interest in real estate is a
closing.
real estate transaction.
offer to purchase.
listing agreement.

Which of the following requires a real estate license?
Telling someone a property's listing price
Offering to list a property for sale
Assisting a broker at an open house
A licensed auctioneer selling property at public auction

Which of the following does not fall under the exceptions to requiring a real estate license in Indiana?
A licensed broker's employee renting an apartment to a client
The acts of a full time employee of someone in relation to real estate owned by that person
Acts of an unlicensed person in regard to real estate owned by that person
Offering to list real estate for exchange

A revoked license means a broker can
sell property within certain limits.
refer sales to a licensed broker.
create advertising materials.
perform no real estate services requiring a license.

_____is an individual, a partnership, a corporation, or a limited liability company.

_____is the Indiana real estate commission which was established by Title 876 of the Indiana Administrative Code and has the power to regulate real estate licensing and business in Indiana,

is the Indiana professional licensing agency established under IC 25-1-5-3. The agency performs all administrative functions, duties, and responsibilities assigned by law or rule and has no policymaking authority.

is a broker license that is issued under Title 876 and is not expired, suspended, or revoked. The license allows the broker to conduct certain real estate transactions, as covered below.

is a person who holds a license issued under Title 876. The term does not refer to someone who holds a real estate appraiser license or certificate issued under the real estate appraiser licensure program.

is a person who is held responsible for the actions of licensees who work under or with the managing broker. Managing brokers will be covered in detail in Chapter 15.

is a person 1) who has been issued a broker's real estate license by the Commission, 2) who acts with or under a managing broker, and 3) who sells buys, trades, exchanges, options, leases, rents, manages, lists, or appraises real estate for consideration, or negotiates or offers to perform any of those acts

is any business licensed as a broker to practice real estate whether as a sole proprietorship, partnership, limited liability company, or corporation. For sole proprietorships, the sole proprietor's individual broker license is the business license.

is a broker company's office other than its principal place of business.

is an individual broker who manages a branch office.

is a broker company who has a written contract with an owner, allowing the broker company to sell, buy, trade, exchange, option, lease, rent, manage, list, or appraise real estate.

is a broker company that is acting on behalf of the buyer or tenant and who provides an accepted offer to purchase to the seller or accepted lease agreement to the landlord.

is the act of recommending or referring a sales lead to a broker.

is a company or part of a company franchise system established to recommend or refer client or customer leads to other brokers.

means the Commission has granted a license applicant a waiver from the continuing education requirements because the applicant either 1) was serving in the armed forces of the United States during a substantial part of the renewal period, 2) had an incapacitating illness, or 3) experienced other circumstances determined by the Commission to cause the applicant a hardship.

refers to a parcel of real estate containing more than 4 residential units, but does not include single family units such as condominiums, townhouses, manufactured homes, or homes in a subdivision when these single family units are sold or leased individually even if they are part of a larger building or parcel of real estate containing more than 4 units.

is the real estate appraiser licensure and certification board.

is the real estate education advisory council.

Real estate____ is the sale or lease of any legal or equitable interest in real estate and/or the making, refinancing, or consolidation of a mortgage loan.

Licensing authority is the Indiana___ ___ __ The authorities and powers of the Commission were covered in Chapter 12.

is any state board, commission, or agency that licenses persons in order to regulate the practice of a particular profession, such as real estate.

is any person or other entity who has been approved by the Commission to provide approved courses to brokers

______commercial salesperson is a person affiliated with an out-of-state commercial broker. The salesperson does not hold a broker's license.

is the person or persons of record or their duly authorized representative who has an interest in the property that is for sale, exchange, lease with an option to buy, or sale under an installment contract.

is the approval of a broker educational course granted by Title 876, which is not expired, suspended, or revoked.

is a relationship in which a licensed broker represents a client in a real estate transaction.

is a person who has entered into an agency relationship with a licensed broker.

is a person who is provided services by a licensed broker in the ordinary course of business but who is not a client.

_____agency relationship is an agency relationship involving two or more clients who are represented by different licensed brokers within the same real estate firm.

is a licensed broker who represents both the seller and the buyer or both the landlord and tenant, with the written consent of all parties involved in a real estate transaction.

is a broker who acts for another broker in performing brokerage services for a client.

is any type of service that may be legally performed by a real estate professional.

is a person who holds
an unlimited license, certificate, registration, or permit; or
a limited or probationary license, certificate, registration, or permit; or
a temporary license, certificate, registration, or permit; or
an inactive license

is one possible sanction imposed when a practitioner violates an Indiana real estate law or professional standard. It is an official record that the license has been disciplined. It does not affect the licensee's ability to practice real estate.

is a possible sanction imposed when a practitioner violates an Indiana real estate law or professional standard. Licensees can continue to practice real estate while on probation subject to terms and conditions ordered by the Commission.

is another possible sanction imposed for a period of time by the Commission for violation of law or standards. Licensees with a suspended license cannot practice real estate during the period of suspension.

is yet another possible sanction imposed by the Commission as a result of law or standards violation(s). A professional cannot practice with a revoked license and must wait 7 years before he or she can apply for a new license.

is a 90-day license suspension imposed as a sanction when the Commission finds that the real estate professional is a clear and immediate danger to the public health and safety if he or she continues to practice.

is a real estate agent or other person acting on behalf of the owner or transferee of real estate or acting as a limited agent.

is a purchaser, tenant, lessee, prospective purchaser, prospective tenant, or prospective lessee of the real estate or dwelling.