Indiana Real Estate Exam
1,491+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Indiana real estate salesperson exam.
Real Estate Math
176 questions- A buyer in Indiana wants to buy a home priced at $285,000 with a 5% down payment. What is the loan amount?
- A property in Indiana is assessed at $175,000. The local tax rate is $2.40 per $100 of assessed value. What is the annual property tax?
- A seller wants to net $250,000 after paying a 5.5% commission. What must the property sell for?
- An investor purchases a rental property for $350,000. The property generates $36,000 per year in gross rent and $14,400 in annual expenses. What is the capitalization rate?
- A property sells for $275,000. The commission rate is 6%. The listing broker and buyer's broker split the commission equally. How much does the listing broker receive?
- A buyer makes a 15% down payment on a $320,000 home. What is the loan amount?
- A property generates annual gross rent of $42,000, has a 5% vacancy rate, and operating expenses of $15,000. What is the NOI?
- A home was purchased for $200,000 and sold for $245,000. What is the percentage gain?
- A property has an assessed value of $180,000. The tax rate is $2.50 per $100 of assessed value. What is the annual property tax?
- An investor pays $400,000 for a property with an annual NOI of $28,000. What is the capitalization rate?
- A rectangular lot measures 150 feet by 200 feet. What is the area in acres? (1 acre = 43,560 sq ft)
- A seller nets $185,000 after paying a 6% commission. What was the selling price?
- A property is listed at $350,000. The buyer offers $335,000. What percentage of list price is the offer?
- A broker receives a 5.5% commission on a $260,000 sale and splits it 55/45 with a cooperating broker. How much does the cooperating broker receive?
- A commercial property produces monthly gross rents of $8,500. Using a gross rent multiplier (GRM) of 120, what is the estimated value?
- A property's assessed value is 80% of market value. The tax rate is 1.5%. If the market value is $300,000, what is the annual tax?
- A buyer puts 20% down on a $425,000 home. The lender charges 2 discount points. How much does the buyer pay in points?
- A lot is 75 feet wide and 130 feet deep. The price per square foot is $12. What is the lot price?
- A property owner paid $185,000 for a home 5 years ago. It has appreciated at 3% per year using simple appreciation. What is the current value?
- Monthly principal and interest on a $200,000 mortgage at 7% for 30 years is approximately $1,331. What is the total interest paid over 30 years?
- A broker's commission is 5.5% of the selling price. The property sold for $380,000. How much commission did the broker earn?
- A property has a NOI of $45,000 and a cap rate of 7.5%. What is the estimated value using the income approach?
- A seller wants to net $250,000 after paying a 6% commission. What must the property sell for (rounded to the nearest dollar)?
- If a property earns $2,200 per month in rent and comparable properties have a GRM of 150, what is the estimated property value?
- A duplex rents each unit for $875 per month. Annual operating expenses are $7,200. Using a 10% vacancy rate, what is the annual NOI?
- A home was appraised at $310,000 and the buyer is obtaining an 80% LTV loan. What is the down payment?
- A property manager charges 8% of gross collected rents. Monthly rents collected are $12,500. What is the monthly management fee?
- A commercial property sold for $1,200,000 with a 4% commission. If the listing broker and cooperating broker split it 60/40, how much does the cooperating broker receive?
- A property has an effective gross income of $96,000 and an operating expense ratio of 40%. What is the NOI?
- A buyer's loan of $240,000 is amortized over 30 years at 6.5%. The monthly payment factor per $1,000 at that rate is $6.32. What is the monthly payment?
- A property is purchased for $175,000 and sold 3 years later for $196,000. What is the total percentage appreciation?
- A listing expires after 90 days. The seller asks for the total days from January 15 to April 15. How many days is that (non-leap year)?
- Transfer tax in Indiana county is $1.00 per $1,000 of value. A property sells for $287,000. What is the transfer tax?
- A section of land contains 640 acres. How many acres are in the SW¼ of the NE¼ of a section?
- A property in Indianapolis sells for $320,000. The listing broker charges a 6% commission split equally between buyer's and seller's brokers. How much does each broker receive?
- A buyer puts 20% down on a $375,000 home in Carmel, Indiana. What is the loan amount?
- An Indiana investor purchases a rental property for $180,000 and receives monthly rent of $1,500. What is the annual gross rent multiplier (GRM)?
- A property has an effective gross income of $95,000 and operating expenses of $38,000. What is the NOI?
- A seller in Indiana wants to net $210,000 after paying a 6% commission. What minimum sales price must be achieved?
- Indiana Transfer on Death (TOD) deeds avoid probate. If a property is valued at $250,000 and Indiana charges a documentary fee of $0.10 per $100 of value, what is the fee to record a deed?
- An Indiana mortgage has a principal balance of $180,000 at 6% annual interest. What is the first month's interest payment?
- A rental property has a potential gross income of $60,000, a vacancy rate of 5%, and operating expenses of $22,000. What is the NOI?
- A property sells for $400,000. The buyer pays 25% down. The lender charges 1.5 origination points on the loan. What are the origination points in dollars?
- A property has a net operating income of $45,000 and sells at a cap rate of 6%. What is the sale price?
- An Indiana broker sells a property for $285,000 and earns a 5.5% commission. What is the total commission?
- A property is assessed at 80% of its $320,000 market value. The tax rate is $2.50 per $100 of assessed value. What are the annual property taxes?
- A buyer in Indiana takes out a $200,000 30-year mortgage at 7% annual interest. The monthly payment factor for a 30-year, 7% loan is approximately $6.65 per $1,000 borrowed. What is the monthly payment?
- A seller's home in Fort Wayne sold for $195,000. The closing costs and broker commission total $14,000. The seller's original mortgage payoff is $122,000. What are the seller's net proceeds?
- A property in Indiana is sold for $240,000. If it had appreciated 20% from the original purchase price, what was the original price?
- An Indiana investment property generates a monthly gross rent of $2,200. Using a GRM of 110, what is the estimated value?
- A rectangular commercial lot in Indianapolis measures 80 feet by 120 feet. The seller wants $15 per square foot. What is the asking price?
- A seller receives an offer at 95% of the $310,000 asking price. How much is the offer?
- An Indiana broker's sales associate receives 60% of the commission the broker earns. The broker earns a 3% co-broke on a $250,000 sale. How much does the sales associate receive?
- A buyer in South Bend purchases a home for $185,000 with a 10% down payment. If the lender charges 1 origination point and 2 discount points, what is the total cost of points?
- An Indiana homeowner in Bloomington wants to refinance $210,000. The closing costs are $5,250 and the new monthly payment saves $175/month. What is the break-even period in months?
- A commercial property in Evansville has an NOI of $84,000 and a market cap rate of 8%. What is the estimated value?
- A 6-unit apartment building in Muncie rents for $750/unit/month. The expenses are 40% of gross income. What is the annual NOI?
- An Indiana investor buys a property for $420,000 and receives a net profit of $63,000 when they sell. What is the rate of return?
- A lot in Zionsville measures 1.5 acres. How many square feet is that?
- Indiana property taxes are $3,600 per year. The seller paid the full year's taxes in advance. If closing is on September 1, what credit does the seller receive from the buyer at closing? (Using 360-day year, 30-day months)
- A buyer gets a $250,000 mortgage at 6.5% for 30 years. Using a factor of $6.32 per $1,000, what is the monthly payment?
- Indiana broker Jane earns 2.5% of the sale price on a $480,000 transaction. What is her commission?
- A property in Terre Haute is purchased for $135,000 and sells 3 years later for $157,950. What is the total percentage appreciation?
- An Indiana rental property has an annual gross income of $36,000, a vacancy rate of 8%, and operating expenses of $18,000. What is the NOI?
- A property's tax rate is 1.8% of assessed value. If the annual property tax is $3,240, what is the assessed value?
- An Indiana investor purchased a warehouse for $600,000 with a 25% down payment. What was the loan amount?
- An Indiana homeowner takes out a HELOC of $50,000 at 8.5% annual interest. If they draw the full amount and pay only interest for one year, how much interest do they pay?
- An Indiana property is assessed at $220,000. The homestead deduction reduces the assessed value by $45,000. The tax rate is 2.0%. What are the annual taxes after the homestead deduction?
- A comparable sale in an Indiana appraisal sold for $295,000. The comparable has a garage worth $8,000 that the subject property lacks. What adjusted sale price is used for the subject?
- A triple net lease in Indianapolis requires the tenant to pay $24,000 annual base rent plus the tenant's pro-rata share of $60,000 in operating expenses. The tenant occupies 25% of the building. What is the tenant's total annual payment?
- A property has an NOI of $36,000 and sells at a 7.2% cap rate. What is the sale price?
- An Indiana buyer's closing costs include: origination fee $2,500; appraisal $600; title insurance $1,200; recording fees $150; prepaid interest $900. What are the total closing costs?
- An Indiana home sells for $395,000. The listing broker splits the 5.4% commission equally with the buyer's broker. Each broker pays their agent 55%. How much does the listing agent earn?
- An Indiana property has a potential gross income of $120,000, operating expenses of $48,000, and a vacancy allowance of 6%. What is the NOI?
- A Indiana residential lot has a frontage of 75 feet and a depth of 140 feet. It sells for $2.50 per square foot. What is the sale price?
- A seller in Indiana nets $168,000 after paying a 6% commission. What was the sale price?
- An Indiana property sells for $445,000. The seller owes $220,000 on their mortgage. Closing costs are $18,000. What are the seller's net proceeds?
- An Indiana investor puts $80,000 down on a $320,000 property and earns $28,000 in net income the first year. What is their cash-on-cash return?
- What is the price per square foot of a 1,850 sq ft Indiana home that sells for $277,500?
- An Indiana investor's property has a gross rent multiplier of 115 (monthly). If the monthly rent is $1,800, what is the estimated value?
- A property in Anderson, Indiana generates a monthly rent of $2,400 and has annual expenses of $10,800. What is the annual NOI?
- An Indiana square section of farmland is one mile on each side. How many acres is it?
- An Indiana seller lists for $349,000 and accepts an offer at 97% of list price. What is the accepted offer?
- An Indiana property is assessed at $180,000. It sells for $220,000. What is the assessment ratio?
- A buyer in Lafayette makes a $15,000 earnest money deposit on a $450,000 purchase. What percentage of the purchase price is the deposit?
- An Indiana commercial lease charges $18 per square foot per year. A tenant rents 3,200 square feet. What is the monthly rent?
- An Indiana commercial property grosses $180,000 in annual rent with a 10% vacancy rate and $62,000 in operating expenses. What is the NOI?
- A 40-acre Indiana farm sells for $8,500 per acre. What is the total sale price?
- An Indiana seller accepts a 6% commission on a $510,000 sale. The commission is split 50/50. The listing agent at the brokerage receives 45% of the listing broker's half. How much does the listing agent earn?
- An Indiana home appraised at $290,000 and is being purchased with a 15% down payment. How much is the loan amount?
- Annual property taxes on an Indiana home are $4,200. If the property is sold on April 1, what is the seller's tax proration credit (debit) to the buyer assuming taxes are paid in arrears and using a 360-day year?
- An Indiana investment property has a value of $875,000 and a cap rate of 6.8%. What is the NOI?
- An Indiana FSBO seller wants to net $195,000 after paying estimated closing costs of $3,500 (no commission). What is the minimum price they must accept?
- Using a 30/360 day count method, how many days of interest does a seller owe if they sell on June 15?
- A real estate broker in Indiana pays $2,400/month in office rent. This annual expense must be covered by commissions. If the average commission is $9,000 per transaction, how many transactions per year just cover rent?
- A property in Indianapolis sells for $615,000 with a 6% commission. What is the total co-broke (buyer's broker) share if the split is 2.8% to the buyer's broker?
- An Indiana home has been on the market 90 days and the seller has reduced the price from $350,000 to $322,000. What is the percentage price reduction?
- An Indiana investor applies the 1% rule to a property: the monthly rent should be at least 1% of the purchase price. If the purchase price is $185,000, what is the minimum monthly rent under this rule?
- An Indiana commercial building has 15,000 usable square feet. The building's load factor is 15%. What is the rentable square footage?
- A property in Indiana was purchased for $420,000 and held for 6 years. It appreciated 4% per year compounded. What is the approximate future value?
- An Indiana seller's property is listed at $475,000. After negotiations, the buyer and seller agree on $455,000. What was the negotiated percentage below asking price?
- An Indiana property has $85,000 in equity. The property is worth $340,000. What is the LTV ratio?
- A duplex in Richmond, Indiana generates $1,200/month from each unit. Annual operating expenses are $9,600. What is the annual NOI?
- Using straight-line depreciation, an Indiana commercial building worth $500,000 (excluding land) has a 39-year depreciation period. What is the annual depreciation deduction?
- An Indiana buyer offers $320,000 with a $15,000 earnest money deposit. The loan amount is $272,000. How much cash does the buyer bring to closing (excluding prepaid items and closing costs)?
- An Indiana farm has 160 acres and a CSR2 rating of 75. A comparable farm with a CSR2 of 75 recently sold for $7,200 per acre. What is the estimated value?
- An Indiana lender approves a buyer at a maximum 43% back-end DTI. The buyer's gross monthly income is $7,500. What is the maximum total monthly debt allowed?
- An Indiana seller nets $245,000 after a 5.5% commission. What was the sale price?
- A commercial building in Kokomo, Indiana has 8,000 sq ft. The annual rent is $22 per sq ft. What is the monthly rent?
- An Indiana home appreciates from $220,000 to $264,000 over 3 years. What is the average annual appreciation rate?
- An Indiana land parcel is described as the SE ¼ of the NW ¼ of Section 12. How many acres is it?
- An Indiana investor's property has a purchase price of $550,000, annual NOI of $44,000, and annual debt service of $36,000. What is the equity dividend (cash-on-cash) rate if they put 25% down?
- An Indiana title company charges $3.50 per $1,000 of purchase price for an owner's title policy. What is the premium on a $385,000 purchase?
- An Indiana buyer's FHA loan requires a 1.75% upfront mortgage insurance premium (MIP) added to the loan amount. On a base loan of $280,000, what is the total financed amount?
- A property in Noblesville is worth $415,000 and the tax rate is 1.35%. What is the annual property tax?
- An Indiana commission agreement pays the broker 5% on the first $200,000 and 3% on amounts above $200,000. What is the commission on a $350,000 sale?
- Indiana state documentary stamp tax is assessed at $0.10 per $100 of the sale price. What is the tax on a $325,000 sale?
- A property manager in Indiana manages 85 units at an average monthly rent of $1,100 with a 7% management fee. What is the monthly management fee?
- An Indiana appraisal finds that the subject's bedroom count is one less than a comparable. The bedroom adjustment is $5,000. If the comparable sold for $248,000, what is the adjusted value?
- An Indiana property has a potential annual gross income of $144,000. With a 5% vacancy rate, what is the effective gross income?
- An Indiana buyer has $60,000 available for a down payment. If lenders require 20% down, what is the maximum home price the buyer can purchase?
- A commercial property in Fort Wayne has rent of $28 per square foot for 12,000 sq ft. Operating expenses are $168,000. What is the annual NOI?
- An Indiana investor buys a 10-unit apartment for $1,200,000. Total annual rent is $108,000. What is the gross rent multiplier (annual)?
- What is the square footage of a house with a 40' × 30' main floor and a 20' × 25' second floor?
- An Indiana property tax bill is $6,600 per year. The new buyer assumes ownership on August 1. How much of the annual tax does the buyer owe for the remainder of the year (5 months) on a 360-day basis?
- An Indiana appraisal shows the building value is $340,000 with a 40-year economic life. If the building is 10 years old, what is the physical depreciation using age-life method?
- An Indiana residential property that last sold for $198,000 is now listed at $249,000. What is the percentage increase in value?
- An Indiana property's potential gross income is $96,000 per year. If 8% vacancy is expected and operating expenses are $35,000, what is the NOI?
- An Indiana home sells for $410,000. If the property was purchased 5 years ago for $340,000, what is the total dollar appreciation?
- An Indiana investor's property generates a monthly NOI of $4,200. At a 7% cap rate, what is the property value?
- An Indiana broker's monthly expenses total $8,500. If they earn an average commission of $7,500 per transaction, how many transactions must they close monthly to break even?
- A property in Gary, Indiana assessed at $75,000 is subject to a 3.0% property tax rate (commercial cap). What are the annual property taxes?
- An Indiana homebuyer takes a 15-year fixed mortgage at 5.5% on $280,000. Using a factor of $8.17 per $1,000, what is the monthly payment?
- An Indiana seller accepts a purchase contract and must vacate 3 days after closing. If closing is May 1, the seller's rent-back at $120/day lasts through May 3. How much does the seller owe the buyer?
- Using the income capitalization approach, an Indiana property has a NOI of $55,000. Comparable properties sell at a 6.5% cap rate. What is the indicated value?
- An Indiana broker receives a 6% commission on a $550,000 commercial sale. The broker splits 40% to the buyer's broker. What does the listing broker retain?
- A buyer's earnest money is $7,500 on a $250,000 contract. The loan-to-value ratio is 80%. How much additional cash must the buyer bring to closing (before closing costs)?
- An Indiana investor's property has a market value of $950,000 and debt of $570,000. What is the equity-to-value ratio?
- An Indiana property closes on March 15. Annual property taxes are $4,800. Using the 365-day method, what is the seller's tax proration (seller owes buyer)?
- An Indiana broker recruits an agent on a 70/30 split. If the brokerage earns a 3% commission on a $480,000 sale, how much does the agent earn?
- An Indiana property valued at $520,000 has land worth $80,000. The building has a remaining economic life of 35 years. Using straight-line depreciation, what is the annual depreciation allowable for tax purposes (non-residential: 39 years)?
- An Indiana appraisal has three comparable sales with adjusted values of $315,000, $322,000, and $318,500. The appraiser reconciles by averaging. What is the indicated value?
- A buyer in Indiana assumes a mortgage with a $145,000 balance at 4.5%. The current rate for new loans is 7%. What is the monthly interest savings versus a new loan on the same balance?
- An Indiana homestead deduction reduces an assessed value from $240,000 to $195,000. The tax rate is 1.5%. What are the annual taxes after the deduction?
- An Indiana mortgage has a $320,000 principal balance. The monthly payment is $1,900. In month 1, the interest portion (at 5.5% annual rate) is $1,466.67. What is the principal reduction in month 1?
- An Indiana commercial property has monthly gross income of $12,500 and monthly operating expenses of $4,800. What is the annual NOI?
- An Indiana broker earns a 3% commission on the first $200,000 and 2.5% on the remaining balance of a $580,000 sale. What is the total commission?
- What is the mortgage constant (annual debt service ÷ loan amount) for a $400,000 loan with annual payments of $28,000?
- An Indiana property's effective gross income is $110,000 and the operating expense ratio is 38%. What is the NOI?
- A parcel of Indiana land in the PLSS system described as 'the North half of the Southwest quarter of Section 5' contains how many acres?
- An Indiana seller's net after a 5% commission and $8,000 closing costs on a $380,000 sale is:
- An Indiana building's replacement cost new is $650,000 and the land is worth $100,000. The building has 25% accrued depreciation. What is the value by the cost approach?
- An Indiana property sells for $780,000. With a 20% down payment, the buyer's PITI monthly payment includes principal and interest on a 30-year, 6% loan. Using a factor of $5.99 per $1,000, what is the monthly P&I payment?
- An Indiana seller owes $180,000 on their mortgage, has $15,000 in closing costs, and sells for $310,000. What is the percentage gain on the original purchase price if they bought for $220,000?
- An Indiana investment property has gross rents of $156,000, a 6% vacancy allowance, and operating expenses of $58,000. At a 7.5% cap rate, what is the property value?
- A commercial tenant in Indianapolis pays monthly rent of $8,500. Annual rent escalation is 3% per year. What will the monthly rent be in year 3?
- A property in Indiana sold for $285,000. The buyer paid 10% down and financed the rest at 6.5% for 30 years. What was the loan amount?
- A home in Carmel, Indiana appraised for $480,000. The lender requires a maximum 80% LTV. What is the maximum loan amount?
- A property's net operating income is $62,400. If the capitalization rate is 7.8%, what is the estimated value?
- A listing agent earns a 3% commission on a $340,000 sale. What is the listing agent's commission?
- An Indiana property has annual gross rents of $72,000 and sold for $720,000. What is the Gross Rent Multiplier (GRM)?
- An Indiana seller nets $234,000 after paying a 6% brokerage commission. What was the sale price?
- A property in Fort Wayne, Indiana was purchased for $180,000 and sold 5 years later for $225,000. What is the percentage appreciation?
- A home in Bloomington, Indiana has a taxable assessed value of $220,000. The tax rate is 1.85% of assessed value. What is the annual property tax?
- An Indiana duplex generates monthly rents of $1,200 and $1,100. Annual operating expenses are $8,400. What is the annual NOI?
- A house in Evansville, Indiana listed at $195,000 sold for 97% of the listing price. What was the sale price?
- A rectangular parcel measuring 330 feet by 660 feet contains how many acres?
- A property in South Bend, Indiana produces an annual NOI of $48,000. A buyer wants a 9% return on investment. What is the maximum price the buyer should pay?
- If Indiana property taxes of $3,600 per year are prorated at closing on July 1 (the midpoint of the year), how much does the seller owe the buyer at closing?
- A property in Gary, Indiana is assessed at $110,000. The county equalization factor is 1.25 and the tax rate is 2.4%. What is the annual property tax?
- An Indiana property sold for $375,000 with a 5.5% total commission. The listing broker and selling broker split it 50/50. Each cooperating agent receives 60% of their broker's split. How much does each agent earn?
- A property in Terre Haute, Indiana has a building value of $180,000 and land value of $45,000. The building has a useful life of 30 years. What is the annual straight-line depreciation for tax purposes?
- A real estate investor in Indiana purchases a property for $250,000 with 25% down. The annual NOI is $22,500. What is the cap rate?
- An Indiana broker has monthly office expenses of $8,500. Average commission per transaction is $4,250. How many transactions per month does the broker need to break even on office expenses?
- A lender in Indiana requires a minimum 20% down payment on a $420,000 purchase. The buyer currently has $60,000 in savings. How much more does the buyer need?
- An Indiana property has a list price of $315,000. It sold at 96% of list price. The total commission was 6% of the sale price. What was the commission paid?
Indiana License Law
155 questions- Which body regulates real estate licenses in Indiana?
- How many pre-license education hours are required for an Indiana real estate broker license?
- How many questions are on the Indiana real estate broker licensing exam?
- What is the minimum passing score on the Indiana real estate broker licensing exam?
- In Indiana, real estate broker licenses must be renewed every:
- How many hours of continuing education must Indiana brokers complete per two-year renewal period?
- Under Indiana law, dual agency — representing both the buyer and seller in the same transaction — is:
- Which of the following is required before an Indiana real estate license may be issued to an applicant?
- Under Indiana law, a managing broker (formerly 'principal broker') is responsible for:
- Indiana law requires that a seller of residential property complete which disclosure form?
- Which of the following actions is grounds for disciplinary action against an Indiana licensee?
- In Indiana, a real estate licensee must notify the Indiana Real Estate Commission of a felony conviction within:
- What is the renewal period for an Indiana real estate broker license?
- How many continuing education hours must an Indiana broker complete each two-year renewal cycle?
- Under Indiana law, which of the following activities requires a real estate license?
- Which Indiana state agency administers the licensing examination for real estate brokers?
- An Indiana broker who wishes to operate as a principal broker must do what first?
- Which of the following is exempt from Indiana real estate licensing requirements?
- What is the maximum fine the Indiana Real Estate Commission can impose for a single violation?
- A licensee convicted of a felony must notify the Indiana Real Estate Commission within how many days?
- Which document must a buyer's broker provide to a prospective buyer at first substantive contact in Indiana?
- In Indiana, a real estate company license is held by whom?
- A real estate broker in Indiana who changes their principal broker must notify the Indiana Professional Licensing Agency within:
- Indiana requires that real estate trust accounts be maintained at:
- Commingling in real estate means:
- An Indiana real estate license may be placed on inactive status when a licensee:
- Which of the following requires a real estate license in Indiana?
- The Indiana Real Estate Commission consists of how many members?
- An Indiana broker who operates under an assumed business name (DBA) must:
- Which of the following statements about the Indiana Broker Recovery Fund is correct?
- Advertising a property in Indiana must include which of the following?
- If an Indiana licensee's address changes, they must notify the IPLA within:
- Indiana law defines a 'broker' as someone who for compensation performs which activity?
- Under Indiana license law, a licensee must keep transaction records for a minimum of:
- A licensed Indiana broker who acts as a principal in a transaction (buying or selling their own property) must:
- The Indiana Real Estate Commission can take which disciplinary action against a licensee?
- Which of the following is NOT a requirement for obtaining an Indiana real estate broker license?
- The Indiana Real Estate Commission meets at minimum how many times per year?
- A licensee in Indiana who engages in property management must be affiliated with:
- Which of the following actions could result in revocation of an Indiana real estate license?
- Which of the following is true about a real estate license application in Indiana?
- An Indiana broker's license expires if continuing education is not completed by:
- The Indiana Professional Licensing Agency (IPLA) is responsible for:
- An Indiana real estate broker license must be renewed every:
- How many hours of continuing education must an Indiana broker complete each two-year renewal period?
- A managing broker in Indiana is responsible for:
- Under Indiana law, a broker who wishes to operate independently rather than under a managing broker must obtain a:
- An unlicensed assistant in Indiana may legally perform which of the following tasks?
- The Indiana Real Estate Commission may discipline a licensee for all of the following EXCEPT:
- A broker's license in Indiana is automatically placed on 'inactive' status when:
- Indiana's Seller's Residential Real Estate Sales Disclosure form is required in which situation?
- The Indiana Real Estate Commission is composed of how many members?
- A real estate broker in Indiana who also acts as a property manager for third parties:
- The Indiana Home Inspectors Licensing law requires home inspectors to be licensed by:
- A real estate licensee in Indiana who receives a referral fee from a mortgage lender for steering clients to that lender without disclosure is likely violating:
- Which of the following is NOT an exemption from Indiana's real estate licensing requirement?
- The Indiana Real Estate Recovery Fund compensates:
- Indiana's Ethics in Government Act as it applies to real estate licensees primarily concerns:
- The Indiana Real Estate Commission's primary mission is to:
- An Indiana broker who advertises a property must ensure that all advertising:
- A broker in Indiana may pay a referral fee to an out-of-state broker only if the out-of-state broker:
- A 'pocket listing' where an Indiana broker markets a property exclusively without MLS entry for an extended period may violate:
- Under Indiana law, a real estate broker's trust account must be reconciled:
- A licensed Indiana broker convicted of a felony involving fraud must:
- Indiana's real estate license law prohibits a broker from:
- A broker who represents themselves in the sale of their own property in Indiana:
- The standard Indiana listing contract is the exclusive right-to-sell agreement. Under this agreement, the listing broker earns a commission if the property is sold:
- An Indiana managing broker who fails to supervise affiliated brokers and a client suffers harm as a result may face:
- Indiana law requires that a broker's license number be included:
- What is the maximum amount the Indiana Real Estate Recovery Fund will pay per transaction?
- A broker working in Indiana who is affiliated with a brokerage in another state but lists Indiana properties must:
- Under Indiana law, a broker's compensation agreement with a buyer must be:
- A real estate license in Indiana becomes inactive when a broker:
- Indiana prohibits 'net listings' primarily because:
- A real estate broker in Indiana who violates the license law may face all of the following EXCEPT:
- Indiana requires new real estate brokers to complete post-licensing education within:
- Errors and Omissions (E&O) insurance for Indiana real estate brokers:
- Under Indiana law, a buyer who is represented by a buyer's agent pays the buyer's broker through:
- Indiana's Seller Disclosure Act exempts which of the following transactions?
- When must an Indiana broker disclose that they are a principal (party) in a transaction?
- The Indiana Real Estate Commission may place conditions on the reinstatement of a revoked license, including:
- Which Indiana state agency has the authority to conduct audits of real estate broker trust accounts?
- An Indiana real estate team must advertise under the name of the team's:
- An Indiana broker's license is automatically suspended when the broker is found guilty of:
- A real estate license applicant in Indiana who has a prior criminal conviction:
- Indiana's license law defines 'compensation' broadly to include:
- The primary purpose of Indiana's real estate broker pre-licensing education is to:
- Which of the following is an activity that requires a real estate license in Indiana?
- Indiana's IREC rules require brokers to maintain trust account records for:
- A managing broker in Indiana who retires or closes their brokerage must:
- Indiana prohibits a licensee from claiming to be a specialist or expert in a specific area of real estate unless:
- The Indiana Real Estate Commission meets regularly to:
- An Indiana broker who uses the designation 'REALTOR®' must be a member of:
- Indiana's NAR Code of Ethics is relevant to licensed REALTORS® because violations may result in:
- Indiana requires licensees to disclose material latent defects. A latent defect is one that is:
- An Indiana real estate broker may receive compensation from both the buyer and seller in the same transaction only if:
- An Indiana licensee who has their license under a managing broker and starts their own real estate company must first:
- Indiana's IREC may issue a formal complaint against a licensee based on:
- Under Indiana administrative procedures, a licensee facing IREC disciplinary action has the right to:
- Indiana requires that licensed residential real estate advertisements include the:
- An Indiana licensee who accepts compensation directly from a buyer (not through their managing broker) is:
- Under Indiana law, a real estate licensee who discriminates in the sale or rental of property based on a protected class faces:
- An Indiana broker who represents a buyer in purchasing a property must use which form to document the agency relationship?
- Indiana requires licensees involved in commercial transactions to:
- The Hoosier Realtors Code of Ethics and Indiana license law both require licensees to:
- An Indiana licensee who completes a sale of their own property (as seller) for more than the market value to an unsophisticated buyer may be violating:
- Indiana's Appraisal Management Company (AMC) licensing is administered by:
- An Indiana licensee who receives a cease-and-desist letter from IPLA must:
- Indiana license law prohibits a licensee from accepting a listing from a seller who has fraudulently obtained the property because:
- The Indiana Real Estate Commission's authority over licensees extends to actions taken:
- Continuing education courses acceptable for Indiana real estate license renewal must be:
- Indiana's brokerage relationship disclosure must be given to a consumer in a real estate transaction by the licensee:
- When can an Indiana real estate broker accept a listing that allows them to personally purchase the property?
- Indiana's real estate licensing statute specifically exempts from licensing which of the following?
- An Indiana broker who personally becomes a party to a transaction (as buyer or seller) must disclose this status because:
- Indiana's Real Estate Commission requires that trust account records include which of the following?
- Indiana's Home Inspectors Licensing Act requires home inspectors to carry:
- An Indiana broker who refers their seller client to a specific closing attorney in exchange for the attorney referring clients back to the broker must:
- Indiana's requirement that all real estate advertising identify the brokerage name is designed to:
- The Indiana Real Estate Commission's disciplinary authority is independent of any criminal prosecution, meaning:
- An Indiana real estate team leader who wants to use a team name in advertising must ensure:
- Under Indiana law, a broker must place earnest money received into a trust account within:
- Which of the following is a violation of Indiana's real estate license law?
- Indiana brokers who operate as sole proprietors (managing brokers without affiliated agents) must still:
- An Indiana real estate licensee who provides a buyer with inaccurate information from a third party (such as a measurement from an old MLS listing) without verification may be liable for:
- Indiana's broker-in-charge (managing broker) requirement serves which primary function?
- An Indiana broker seeking to become a managing broker must demonstrate qualifying experience, which generally means:
- Indiana's real estate license law is codified primarily under which Indiana Code title?
- An Indiana licensee who is fined by the IREC for a first-time, minor violation may also be required to:
- Under Indiana law, a 'principal broker' was the predecessor term to the current term:
- Indiana requires licensed real estate brokers to operate under which type of business structure?
- Under Indiana law, what is the minimum age requirement to obtain a real estate salesperson license?
- Indiana real estate licensees must complete how many hours of continuing education for each two-year renewal period?
- Which of the following actions would constitute commingling under Indiana license law?
- The Indiana Real Estate Commission has authority to:
- A managing broker license in Indiana requires the applicant to have been actively licensed as a salesperson or broker for at least:
- Which of the following is a permissible activity for an Indiana real estate licensee with an inactive license?
- An Indiana provisional broker license is issued to:
- What happens if an Indiana real estate licensee's license expires and they continue to practice?
- Indiana real estate license law prohibits licensees from:
- Under Indiana license law, which of the following best describes 'net listing'?
- An Indiana licensee who receives a referral fee from an out-of-state broker must:
- In Indiana, a designated agency arrangement means:
- Indiana license law requires that real estate advertising include:
- Indiana's License Law requires brokers to maintain transaction records for at least:
- An Indiana real estate licensee who is found to have engaged in fraud may face:
- An Indiana broker who accepts a commission from both the buyer and seller in the same transaction without disclosure is guilty of:
- Under Indiana license law, a 'material fact' that must be disclosed is best defined as:
- If a prospective buyer asks an Indiana agent about the racial composition of a neighborhood, the agent should:
- In Indiana, which of the following must be included in a listing agreement for it to be valid?
- In Indiana, a real estate salesperson may receive compensation only from:
- Under Indiana license law, what is the purpose of the Real Estate Recovery Fund?
- Under Indiana law, what must a broker do when a client relationship is terminated before the listing expires?
- A person who has successfully completed all requirements and passed the Indiana real estate licensing examination may legally begin practicing as a real estate agent when:
- The Indiana Professional Licensing Agency oversees real estate licensing under which Indiana code?
Contracts
147 questions- In Indiana, if a seller rejects a buyer's offer and makes a counteroffer, the original offer:
- A buyer includes an inspection contingency in their purchase offer. After the inspection, the buyer may:
- What is the difference between an 'as-is' sale and a standard real estate sale?
- A land contract (contract for deed) is an installment sale arrangement in which:
- Rescission of a real estate contract means:
- Under Indiana law, an amendment to a real estate purchase agreement must be:
- For a real estate contract in Indiana to be enforceable, it must be:
- Which element is NOT required for a valid contract?
- A counteroffer legally:
- In an Indiana purchase agreement, earnest money is typically held by:
- A contract is voidable when:
- An option contract gives the optionee the:
- The Indiana Residential Real Estate Purchase Agreement typically includes all of the following EXCEPT:
- Time is of the essence in a real estate contract means:
- Specific performance as a remedy in a real estate contract means:
- A contingency in a purchase contract allows the buyer to:
- Novation in a real estate contract means:
- An addendum to a purchase agreement:
- An as-is clause in a purchase contract means the seller:
- Liquidated damages in a real estate contract are:
- Assignment of a contract means:
- Rescission of a contract returns the parties to:
- A buyer's financing contingency typically allows the buyer to void the contract if:
- The mailbox rule states that an acceptance of an offer is effective:
- A buyer who defaults on a purchase agreement may face:
- The home inspection contingency allows a buyer to:
- A contract signed by a minor is generally:
- Mutual assent in contract law means:
- A bilateral contract in real estate involves:
- A unilateral contract in real estate is exemplified by:
- In Indiana, the Seller's Residential Real Estate Sales Disclosure must be provided to the buyer:
- If a buyer receives the Indiana Seller's Disclosure after signing the purchase agreement, the buyer has the right to:
- An executed contract is one that:
- An executory contract is one where:
- A purchase agreement that contains a home sale contingency means:
- An integration clause (merger clause) in a contract states that:
- Anticipatory repudiation occurs when:
- Which of the following contracts is void ab initio (void from the beginning)?
- What is the purpose of earnest money in a purchase agreement?
- Under Indiana contract law, a counteroffer legally:
- The Indiana Purchase Agreement is a legally binding contract once:
- An Indiana purchase agreement contains an inspection contingency allowing the buyer to request repairs within 10 days. On day 11, the buyer requests repairs. The seller may:
- In Indiana, the Statute of Frauds requires real estate contracts to be:
- Earnest money in an Indiana real estate transaction is held in:
- A buyer defaults on an Indiana purchase contract and the seller elects to retain the earnest money as liquidated damages. This means:
- An option contract in Indiana gives the buyer:
- Under an Indiana land contract (contract for deed), the vendee (buyer) receives:
- A listing agreement that automatically renews unless cancelled is called a(n):
- Which contract clause protects a listing broker's commission if the property sells to a buyer the broker introduced, even after the listing expires?
- An addendum to an Indiana purchase agreement is used to:
- The 'time is of the essence' clause in an Indiana real estate contract means:
- In Indiana, specific performance is a remedy for breach of a real estate contract that:
- An Indiana buyer who includes a financing contingency in their purchase offer:
- An escalation clause in an Indiana purchase offer states that the buyer will pay $2,000 more than any competing offer up to a maximum of $350,000. If the competing offer is $342,000, the buyer's offer is:
- A listing agreement in Indiana must contain all of the following EXCEPT:
- In Indiana, an open listing allows the seller to:
- An Indiana purchase contract that is voidable may be:
- Novation in an Indiana real estate contract occurs when:
- A right of first refusal in an Indiana real estate contract gives the holder the right to:
- In Indiana, which of the following would most likely make a real estate contract voidable?
- A purchase contract states the property is sold 'as is.' This means:
- Mutual assent in an Indiana real estate contract is demonstrated by:
- Rescission of an Indiana real estate contract returns the parties to:
- Indiana's doctrine of caveat emptor (buyer beware) has been significantly limited in residential real estate by:
- A bilateral contract in Indiana real estate is one where:
- A unilateral contract in Indiana real estate is one where:
- An Indiana lease agreement for more than one year must be:
- Indiana's Residential Real Estate Sales Disclosure form is typically delivered by the seller to the buyer:
- When a buyer receives the Indiana Seller's Disclosure form after signing the purchase contract, the buyer has how many days to review and potentially withdraw?
- An Indiana purchase contract becomes legally binding at the moment:
- An installment land contract (contract for deed) in Indiana may be voided by the vendor (seller) when:
- In Indiana, an exclusive agency listing differs from an exclusive right-to-sell listing in that:
- An Indiana buyer who discovers a material defect after closing that the seller failed to disclose may seek:
- A 'contingent' listing on an Indiana MLS means:
- Indiana's doctrine of merger in real estate provides that:
- In Indiana, an offer to purchase real estate may be withdrawn by the offeror at any time:
- Indiana's Parol Evidence Rule provides that in a real estate transaction:
- A valid Indiana purchase agreement requires all of the following EXCEPT:
- An assignment of an Indiana real estate purchase contract transfers:
- Indiana purchase agreements typically provide that if the property is destroyed before closing:
- An Indiana purchase agreement signed under duress (e.g., the buyer was threatened) is:
- The doctrine of impossibility in Indiana contract law may excuse a party's performance when:
- A walk-through inspection before an Indiana closing is conducted primarily to:
- An Indiana purchase contract subject to the sale of the buyer's existing home includes a kick-out clause. This means:
- An Indiana lease with an option to purchase (lease-option) gives the tenant:
- Indiana's residential purchase contract includes a 'possession' clause that specifies:
- An Indiana purchase agreement that includes a 'subject to appraisal' contingency allows the buyer to:
- In Indiana, the phrase 'time is not of the essence' in a real estate contract means:
- An Indiana lease agreement must include all of the following to be enforceable EXCEPT:
- A buyer in Indiana backs out of a purchase contract before inspection and without any contingency. The seller may:
- An Indiana seller who defaults on a purchase contract by refusing to close allows the buyer to seek:
- A 'subject to financing' contingency in Indiana specifies which of the following details to be complete?
- In Indiana, if a seller sells a property to two buyers (double conveyance), who prevails?
- An earnest money deposit of $5,000 is held by the listing broker in Indiana. At closing, this money:
- An Indiana real estate listing contract that lacks a definite termination date is:
- A seller in Indiana who makes substantial renovations to the property after accepting a purchase offer but before closing without the buyer's knowledge:
- An Indiana purchase offer that expires before being accepted is:
- In Indiana, the earnest money in a successful real estate transaction is:
- Indiana's 'Equitable Servitude' doctrine allows courts to enforce private deed restrictions even against successors who were not parties to the original agreement if:
- An Indiana broker who drafts a purchase agreement must stay within the scope of:
- An Indiana buyer who provides an offer with a 24-hour acceptance deadline and the seller accepts on hour 25 has created:
- A repair addendum in Indiana specifies:
- Indiana permits which type of electronic signatures for real estate contracts?
- Indiana's residential purchase contract typically specifies that the seller must provide the buyer with which utility information?
- Indiana purchase contracts typically include which contingency to protect a buyer whose home purchase depends on selling their current home?
- When does earnest money in an Indiana residential transaction become 'at risk' of being forfeited?
- In Indiana, a purchase contract signed by a person under legal guardianship (adjudicated incompetent) is:
- An Indiana seller who conceals a leaking roof by painting over stains and fails to disclose it is potentially liable for:
- An Indiana purchase contract 'subject to attorney review' means:
- Indiana's Listing Agreement typically includes which protection for the broker against the seller circumventing the listing to avoid paying commission?
- An Indiana real estate buyer who waives all contingencies and then cannot close is most likely:
- An Indiana seller's disclosure form reveals that the property has a history of water intrusion in the basement. A buyer purchases the property and later claims the disclosure was inadequate. The seller's best defense is:
- Indiana's home sale contingency commonly includes a 'kick-out' provision to allow the seller to:
- An Indiana buyer who purchases a new construction home from a builder typically:
- Under Indiana law, if a property has a deed restriction limiting use to residential purposes and a buyer intends to operate a commercial business, the broker should:
- Indiana uses the 'mailbox rule' for contract acceptance, which provides that acceptance is effective when:
- An Indiana new construction purchase contract typically differs from a resale contract in that it may include:
- An Indiana purchase contract that includes a right of first refusal for the seller to purchase the property back if the buyer resells is:
- The 'meeting of the minds' (mutual assent) required for an Indiana real estate contract requires that both parties:
- If an Indiana seller fraudulently misrepresents a material fact that induces the buyer to purchase, the buyer's remedy may include:
- In Indiana, an acceptance that changes the offeror's proposed closing date from July 15 to August 15 is legally:
- An Indiana purchase contract 'subject to home inspection satisfactory to buyer in buyer's sole discretion' gives the buyer:
- An Indiana contract for the sale of commercial real estate that lacks a clear legal description of the property is:
- Indiana's closing coordinator or transaction coordinator serves which function?
- An Indiana real estate contract that is 'void for illegality' means it was created for an illegal purpose. An example would be:
- Under Indiana contract law, which element is essential for a real estate purchase agreement to be legally enforceable?
- In Indiana, earnest money in a real estate transaction is typically held by:
- An Indiana purchase agreement containing an appraisal contingency allows the buyer to:
- In Indiana, which of the following would make a real estate contract voidable?
- Under the Statute of Frauds in Indiana, which agreement must be in writing to be enforceable?
- A counteroffer in a real estate transaction:
- In Indiana, the doctrine of 'time is of the essence' in a real estate contract means:
- In Indiana, when a buyer defaults on a purchase contract, the seller's remedies may include:
- In Indiana, a lease with an option to purchase grants the tenant:
- In Indiana, an 'as-is' clause in a purchase agreement means that:
- In Indiana, when a purchase contract specifies that closing must occur 'on or before' a stated date, which party bears the risk if closing does not occur by that date?
- In Indiana, an option contract in real estate gives the optionee the right to:
- In Indiana, what is the effect of an 'acceleration clause' in a mortgage or deed of trust?
- In Indiana, 'rescission' of a real estate contract means:
- In Indiana, a 'right of first refusal' in a real estate context gives the holder:
- In Indiana, the term 'novation' in a real estate context means:
- In Indiana, an addendum to a real estate contract is:
- In Indiana, 'specific performance' as a remedy in real estate contract disputes means:
- In Indiana, which contract clause allows the buyer to walk away without penalty if they cannot sell their existing home?
- In Indiana, an 'earnest money' deposit in a real estate transaction is:
- In Indiana, a 'liquidated damages' clause in a real estate contract specifies:
- In Indiana, a real estate contract signed by a person who was declared mentally incompetent by a court is:
Finance
147 questions- A wraparound mortgage is BEST described as:
- Regulation Z (Truth in Lending) requires disclosure of the APR for all of the following EXCEPT:
- A USDA Rural Development loan is designed to assist buyers in:
- The secondary mortgage market primarily:
- A reverse mortgage allows homeowners aged 62 or older to:
- What is the purpose of the Truth in Lending Act (TILA)?
- A conventional loan is best defined as a mortgage:
- Private Mortgage Insurance (PMI) is typically required when the down payment is less than:
- An adjustable-rate mortgage (ARM) differs from a fixed-rate mortgage in that:
- The loan-to-value (LTV) ratio is calculated as:
- An FHA loan requires a minimum down payment of:
- A VA loan benefit is available to:
- Which federal law requires lenders to provide a Loan Estimate within 3 business days of a mortgage application?
- Amortization refers to:
- Discount points paid at closing have what effect on a mortgage loan?
- The debt-to-income (DTI) ratio used by lenders compares:
- A balloon mortgage requires:
- USDA Rural Development loans are designed for:
- The annual percentage rate (APR) on a mortgage is typically higher than the note rate because it includes:
- A home equity line of credit (HELOC) is best described as:
- Predatory lending practices include which of the following?
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- An interest-only loan requires the borrower to pay:
- What is the purpose of an escrow impound account on a mortgage?
- A construction-to-permanent loan converts to a permanent mortgage:
- The primary mortgage market consists of:
- The secondary mortgage market serves what function?
- Fannie Mae and Freddie Mac are best described as:
- A conforming loan is one that:
- A jumbo loan is best defined as a mortgage that:
- Which type of loan is guaranteed (not insured) by the federal government through the Department of Veterans Affairs?
- A reverse mortgage is designed for homeowners who are:
- The Community Reinvestment Act (CRA) requires banks to:
- A wraparound mortgage involves:
- Purchase money mortgage refers to:
- The Home Mortgage Disclosure Act (HMDA) requires lenders to:
- Indiana follows which mortgage theory when a borrower defaults?
- Indiana requires mortgage foreclosures to proceed through:
- After a judicial foreclosure sale in Indiana, the former homeowner may have a right to:
- A deficiency judgment in an Indiana foreclosure occurs when:
- The annual percentage rate (APR) on a mortgage differs from the stated interest rate because APR:
- A buyer pays 2 discount points on a $220,000 mortgage. How much does the buyer pay for points at closing?
- An Indiana buyer obtains an FHA loan with 3.5% down on a $280,000 home. What is the down payment amount?
- Private mortgage insurance (PMI) is typically required when a conventional loan's loan-to-value ratio exceeds:
- A fully amortizing mortgage means:
- Indiana's usury laws regulate:
- The debt-to-income (DTI) ratio used by Indiana mortgage lenders compares:
- A VA loan for an Indiana veteran requires:
- USDA Rural Development loans are available in Indiana for:
- A balloon mortgage requires the borrower to:
- An Indiana lender offering an adjustable-rate mortgage (ARM) must disclose the index, margin, and:
- Predatory lending practices that Indiana regulators watch for include all of the following EXCEPT:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR) primarily to:
- Indiana's Gross Income Tax on real property sales (FIRPTA equivalent for Indiana) generally requires:
- A home equity line of credit (HELOC) in Indiana is secured by:
- Regulation Z (Truth in Lending Act) requires that mortgage advertisements including a specific rate must also disclose:
- An Indiana buyer's lender requires title insurance. Who typically purchases the lender's title policy?
- Indiana's Homeowner Protection Act provides that PMI on a conventional mortgage must be automatically cancelled when:
- An assumable mortgage in Indiana allows:
- The loan-to-value (LTV) ratio for a $270,000 purchase with a $54,000 down payment is:
- A bridge loan in Indiana real estate is used to:
- An interest-only mortgage requires the borrower to pay:
- RESPA prohibits all of the following EXCEPT:
- An Indiana lender's good faith estimate under TRID (TILA-RESPA Integrated Disclosure) is now provided to borrowers as a:
- Indiana's secondary mortgage market participant Fannie Mae primarily:
- In Indiana, a mortgage that has a fixed rate for the first 5 years and then adjusts annually is known as a:
- A reverse mortgage in Indiana allows homeowners who are 62 or older to:
- The Equal Credit Opportunity Act (ECOA) prohibits Indiana lenders from discriminating in credit decisions based on:
- Indiana's First Home / Next Home program through the Indiana Housing and Community Development Authority (IHCDA) offers:
- A conforming loan in Indiana must meet standards set by:
- Private mortgage insurance (PMI) protects:
- In Indiana, the Home Mortgage Disclosure Act (HMDA) requires lenders to:
- A mortgage note in Indiana is a:
- Negative amortization on a mortgage in Indiana occurs when:
- An Indiana construction loan is typically converted to a permanent mortgage at:
- Indiana's Community Reinvestment Act (CRA) compliance for banks requires:
- Indiana's Homestead Exemption can reduce which type of liability?
- Indiana's anti-predatory lending provisions targeting high-cost home loans require additional disclosures and prohibitions on terms such as:
- The Federal Reserve's monetary policy affects Indiana mortgage rates because:
- A release clause in an Indiana mortgage on multiple parcels allows the borrower to:
- Which Indiana entity regulates state-chartered banks and savings institutions that make mortgage loans?
- The FHA's maximum mortgage limits for Indiana single-family properties in 2024 are generally:
- Mortgage escrow accounts in Indiana are used to:
- A prepayment penalty on an Indiana mortgage allows the lender to charge a fee when:
- Indiana's mortgage assumption process typically requires the new buyer to:
- Indiana's Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires:
- A hard money loan from a private lender for an Indiana investment property typically features:
- An Indiana homebuyer using a USDA loan to purchase in a qualifying rural area typically needs a minimum FICO score of:
- Indiana lenders may charge a 'yield spread premium' (YSP) in mortgage transactions, which represents:
- Indiana homebuyers can lock in their mortgage interest rate during which phase of the loan process?
- An Indiana homebuyer with a credit score below 580 who wants to obtain an FHA loan would generally need:
- The 'due-on-sale' clause in an Indiana conventional mortgage requires:
- Fannie Mae's conventional loan limits for a single-family home are adjusted annually. Indiana counties' loan limits are generally:
- Indiana's 'circuit breaker' property tax cap limits taxes on most homesteads to a maximum of:
- A buy-down in Indiana mortgage financing occurs when:
- Indiana's Homeowner's Emergency Mortgage Assistance Program (HEMAP) or similar hardship programs are designed to:
- Indiana's Mortgage Foreclosure Prevention Network provides which primary service?
- An Indiana home buyer who fails to provide complete and accurate information on their loan application may be charged with:
- An Indiana seller who takes back a purchase money mortgage is acting as:
- A wraparound mortgage in Indiana involves:
- Indiana lenders are required to provide the Loan Estimate to the borrower within how many business days of receiving a complete loan application?
- A graduated payment mortgage (GPM) in Indiana features:
- An Indiana home's market value is $300,000, the land is worth $60,000, and the building has a 30-year remaining economic life. Using straight-line depreciation, what is the annual building depreciation for tax purposes (residential = 27.5 years)?
- Under the Community Reinvestment Act (CRA), Indiana banks are evaluated on lending performance in all of the following EXCEPT:
- A borrower's monthly PITI payment includes:
- Indiana's Housing Finance Authority (IHCDA) issues mortgage revenue bonds to fund:
- A buydown seller concession in Indiana is most commonly offered when:
- Indiana's first mortgage lien position is typically established by:
- Indiana's Mortgage Foreclosure Mediation program encourages parties to:
- An Indiana lender's underwriting process evaluates the 'Four Cs of Credit.' These are:
- A jumbo loan in Indiana exceeds the Fannie Mae/Freddie Mac conforming loan limits and typically features:
- Indiana's Homeowner Assistance Fund (HAF) provides help to:
- Indiana's Small Business Administration (SBA) 504 loan program can be used by Indiana business owners to finance:
- An Indiana lender's recourse loan means that if the borrower defaults:
- When an Indiana property appraises below the contract price for an FHA loan, the FHA:
- Indiana's state income tax treatment of mortgage interest for homeowners generally:
- A participating mortgage in Indiana real estate allows the lender to:
- Indiana lenders offering FHA loans must ensure the property meets which standard at the time of appraisal?
- An Indiana homeowner with an FHA mortgage who has built sufficient equity can request cancellation of the annual mortgage insurance premium (MIP) after:
- Indiana's Dodd-Frank Act implementation affects qualified mortgage (QM) standards by requiring:
- An Indiana adjustable rate mortgage (ARM) disclosure must include a 'payment cap' that limits:
- The CFPB (Consumer Financial Protection Bureau) regulates which Indiana mortgage-related activities?
- Indiana's non-judicial foreclosure process does NOT exist because Indiana is a:
- Indiana's statutory foreclosure right of redemption period allows the foreclosed homeowner to redeem the property:
- The HOPE for Homeowners program and Indiana housing assistance programs attempt to address:
- An Indiana home equity loan differs from a HELOC in that a home equity loan:
- In Indiana, a deficiency judgment after a foreclosure sale can be pursued against the borrower for:
- Which federal rule requires lenders to provide borrowers with a Loan Estimate within three business days of receiving a loan application?
- Loan-to-value ratio (LTV) measures:
- Private Mortgage Insurance (PMI) is typically required on conventional loans when the LTV exceeds:
- In an FHA loan, the Mortgage Insurance Premium (MIP) is paid:
- The Good Faith Estimate (GFE) was replaced in 2015 by which document under TRID rules?
- A VA loan in Indiana provides which of the following benefits to eligible veterans?
- In Indiana, a purchase money mortgage is one where:
- In Indiana, a balloon mortgage payment refers to:
- Which type of mortgage loan is backed by the full faith and credit of the U.S. government?
- In Indiana mortgage transactions, an escrow account held by the lender typically pays for:
- The annual percentage rate (APR) on a mortgage loan in Indiana represents:
- Which Indiana program provides down payment assistance and other resources to first-time homebuyers?
- An Indiana adjustable-rate mortgage (ARM) typically includes a 'cap' that limits:
- In Indiana, what is the primary purpose of a title search before closing?
- In Indiana, a wraparound mortgage involves:
- In Indiana, a 'lock-in period' in mortgage financing refers to:
- In Indiana, 'points' paid on a mortgage loan are:
- In Indiana, a USDA Rural Development loan is designed for:
- In Indiana, a home equity line of credit (HELOC) is secured by:
- Under Indiana law, a mortgage lender who charges interest rates above the legally permitted maximum is violating:
Property Ownership
136 questions- A fixture is an item of personal property that has become:
- In Indiana, a mechanic's lien may be filed by:
- Which of the following BEST describes an appurtenance?
- A property owner who grants an easement to a utility company for power lines has created a(n):
- In a condominium ownership arrangement, the common areas are owned:
- Fee simple absolute is best described as:
- Tenancy in common differs from joint tenancy in that tenancy in common:
- In Indiana, tenancy by the entirety is available to:
- A life estate grants ownership:
- An easement appurtenant benefits:
- Which type of deed provides the greatest protection to the buyer?
- Adverse possession in Indiana requires possession that is open, notorious, exclusive, continuous, and hostile for a minimum of:
- Personal property differs from real property in that personal property is:
- The bundle of rights associated with real property ownership includes all of the following EXCEPT:
- A riparian right is a property right related to:
- A fixture is an item that was once personal property but has become real property because it has been:
- The MARIA test for fixtures considers all of the following EXCEPT:
- A license as a property right (not a real estate license) differs from an easement in that a license:
- Accretion is the gradual addition of land through:
- Which of the following is an example of an involuntary lien?
- An encroachment occurs when:
- Police power as a governmental limitation on property rights refers to:
- Escheat is the process by which:
- A condominium owner has individual ownership of:
- A cooperative (co-op) housing arrangement differs from a condominium in that co-op residents:
- An easement by necessity is created when:
- Prescription is the acquisition of an easement through:
- A homeowners association (HOA) enforces:
- When a joint tenant sells or transfers their interest, the new owner becomes:
- Indiana recognizes which form of co-ownership that creates a right of survivorship?
- In an Indiana tenancy in common, each co-owner:
- Indiana's homestead exemption primarily benefits property owners by:
- An easement appurtenant in Indiana runs with the land, meaning:
- A fee simple absolute in Indiana is:
- Indiana farmland is often held subject to agricultural easements that:
- A life estate in Indiana grants the life tenant the right to:
- Indiana's adverse possession statute generally requires open, notorious, hostile, continuous possession for a minimum of:
- A mechanic's lien in Indiana may be filed by:
- In Indiana, a deed must be recorded to provide:
- Indiana's Transfer on Death (TOD) deed allows a property owner to:
- The Indiana Condominium Act governs:
- In an Indiana condominium, the unit owner typically owns:
- Riparian rights in Indiana give landowners along rivers or streams the right to:
- A lis pendens recorded against an Indiana property provides notice that:
- Indiana's Planned Unit Development (PUD) Act enables:
- Police power in Indiana allows the government to:
- In Indiana, mineral rights are separate from surface rights and may be:
- When an Indiana landowner dies intestate (without a will), their real property passes:
- A prescriptive easement in Indiana is established when a party:
- The Indiana Horizontal Property Law regulates which type of real estate?
- Indiana's doctrine of equitable conversion holds that, once a purchase contract is signed, the buyer acquires:
- An Indiana property owner who grants an easement for a utility right-of-way across their property is giving the utility company a(n):
- Accretion as a method of land acquisition in Indiana occurs when:
- An Indiana landlord-tenant relationship is most commonly created by a(n):
- Indiana's Title Standards (Indiana Bar Association) provide:
- Indiana's Ground Lease structures are common in which type of development?
- A license (as a real property right) in Indiana differs from an easement because a license is:
- Curtesy and dower rights in Indiana have been:
- In Indiana, a tax deed is issued to a buyer at a county tax sale after:
- A covenant running with the land in Indiana must:
- Partition in Indiana is the court process to:
- An Indiana condominium owner's monthly HOA fee typically covers:
- Indiana's Marketable Title Act allows for:
- The term 'appurtenance' in Indiana real estate refers to:
- Indiana's 'doctrine of waste' in a life estate means the life tenant:
- An Indiana property owner who builds a fence 2 feet over the property line into a neighbor's yard has committed:
- A timeshare in Indiana real estate grants the buyer:
- Indiana's Manufactured Home Act governs:
- Converting a manufactured home from personal property to real property in Indiana requires:
- An Indiana cooperative (co-op) housing arrangement differs from a condominium because:
- An Indiana property with no heirs that escheats would transfer to:
- An Indiana boundary dispute between neighboring landowners is typically resolved by:
- Indiana's Real Estate Mortgage Investment Conduit (REMIC) rules affect:
- Indiana's Power of Attorney (POA) for real estate transactions must be:
- A deed restriction that prohibits the sale of a property to a person of a specific race or religion is:
- Indiana's Transfer on Death (TOD) property deed is revocable:
- In an Indiana community land trust (CLT), the CLT retains ownership of the land and leases it to the homeowner through a:
- Indiana's Dwelling Recovery Trust Fund (or similar state housing programs) primarily helps:
- An Indiana sheriff's deed is typically issued following:
- A real estate investment trust (REIT) in Indiana is structured to:
- An Indiana commercial property sale that includes business assets (equipment, inventory) in addition to real property should:
- Indiana's Unclaimed Property Act is relevant to real estate when:
- Indiana's Statewide 911 Address Program requires properties to have assigned addresses primarily because:
- Indiana's Statewide IT System (GIS) maintains public records including:
- A partition in kind versus a partition by sale in Indiana: the court orders a partition by sale when:
- Indiana's Uniform Residential Landlord and Tenant Act (URLTA) applies to:
- Indiana law provides that when a joint tenant's interest is encumbered by a judgment lien, it may:
- An Indiana homeowner who places their home in a revocable living trust transfers ownership to:
- In Indiana, a deed must contain all of the following to be valid EXCEPT:
- Indiana's Torrens Registration system would provide which advantage over the traditional recording system?
- Indiana's Statewide Internet Portal Authority (SIPA) facilitates access to public property records by:
- Indiana's Torrens title registration provides conclusive evidence of title but requires initial registration through a:
- An Indiana agricultural lease (crop rent) in which the landlord receives a share of the crop rather than a fixed cash rent is called a:
- Indiana's Environmental Restrictive Covenant (ERC) is used in brownfield remediation to:
- A prescriptive easement in Indiana requires use that is open, notorious, hostile, and continuous for the statutory period. The required period in Indiana is generally:
- Indiana's common interest community laws (governing HOAs, condos, and PUDs) generally require the association to:
- An Indiana property owner discovers an easement was granted by a previous owner that was not disclosed at purchase. Their remedies may include:
- Tacking in Indiana adverse possession allows a claimant to:
- Indiana recognizes a 'springing power of attorney' in real estate, which means:
- Indiana's 'Bundle of Rights' concept in real property refers to the collection of rights including:
- Indiana's Domestic Partnership Registry affects real estate by:
- An Indiana homeowner who adds their adult child to the deed as a co-owner using a quitclaim deed has:
- Indiana's Deeds Book (grantor-grantee index) system requires title searchers to search by:
- An Indiana conservation easement donated to a qualified land trust may provide the donor with:
- Indiana farmland held in an LLC (limited liability company) provides the farmer with:
- Indiana's Environmental Restrictive Covenant (ERC) recorded against a brownfield property:
- A seller in Indiana who warrants that a property is free and clear of all liens and then sells a property with an undisclosed mortgage lien may be liable for:
- Indiana's Planned Community Act regulates:
- A solar panel easement in Indiana protects a property owner's right to:
- Indiana's Residential Mortgage Practices Act regulates:
- Indiana's Statewide Deed Repository project benefits real estate practitioners by:
- An Indiana land trust differs from a living trust in that a land trust:
- Indiana's recording system ensures which type of notice to subsequent purchasers?
- An Indiana property owner who grants an agricultural lease to a tenant farmer for 10 years retains which interest?
- Indiana's Residential Disclosure requirements for new construction differ from resale requirements because new construction sellers:
- In Indiana, a Transfer on Death (TOD) deed allows property to pass to a named beneficiary:
- Which forms of co-ownership in Indiana include a right of survivorship?
- In Indiana, a life estate grants the life tenant the right to:
- Which of the following best describes a leasehold estate?
- An appurtenant easement in Indiana is one that:
- Which doctrine allows the government to take private property for public use in Indiana?
- Which deed is most commonly used in Indiana to clear potential title defects or convey a party's interest without warranty?
- A mechanic's lien in Indiana can be filed by:
- In Indiana, police power is the government's right to:
- In Indiana, the doctrine of adverse possession requires continuous, open, hostile, and exclusive possession for at least:
- In Indiana, a license as a property right (not a professional license) is best described as:
- In Indiana, the 'bundle of rights' in real estate ownership includes all of the following EXCEPT:
- In Indiana, a riparian rights owner whose property borders a non-navigable stream has the right to:
- In Indiana, a 'covenant running with the land' is enforceable against:
- In Indiana, 'escheat' refers to the process by which:
- In Indiana, the term 'fee simple defeasible' refers to:
- In Indiana, an easement by prescription is similar to adverse possession in that it requires:
- In Indiana, a 'tenancy by the entirety' can only be held by:
- In Indiana, a homeowner who obtains a variance to build closer to the property line than permitted has received:
- In Indiana, a 'deed restriction' (restrictive covenant) in a subdivision is enforceable by:
- In Indiana, a 'condominium' form of ownership means the owner holds:
Property Valuation
128 questions- An appraisal conducted for mortgage lending purposes is typically ordered by:
- Physical deterioration that can be repaired or corrected economically is called:
- Which principle of value states that the value of a lesser-quality property is enhanced by being located near more valuable properties?
- A duplex generates $18,000 annually in gross rent. The gross rent multiplier (GRM) for comparable properties is 85. What is the estimated property value?
- The sales comparison approach to value is MOST appropriate for:
- In the income approach, Net Operating Income (NOI) is calculated as:
- The cost approach to value estimates property value by:
- An appraisal is an estimate of value as of:
- Regression in real estate valuation means that:
- Functional obsolescence is a loss in value caused by:
- Which of the following is an example of external (economic) obsolescence?
- The principle of substitution states that a buyer will pay no more than:
- A competitive market analysis (CMA) is prepared by a broker and is used primarily to:
- Plottage value refers to the increase in value when:
- The principle of conformity states that property value is maximized when:
- Highest and best use is defined as the use that is:
- Economic life of an improvement refers to:
- Depreciation in appraisal means:
- A capitalization rate is used in the income approach to:
- In a sales comparison approach, a positive adjustment is made to a comparable when:
- Which appraisal approach is typically used for special-purpose properties like churches or schools?
- An adjustment for market conditions (time adjustment) in the sales comparison approach accounts for:
- Reconciliation in an appraisal is the process of:
- The gross rent multiplier (GRM) is calculated by dividing:
- Paired sales analysis in the sales comparison approach is used to:
- The income capitalization approach is most appropriate for valuing:
- Net Operating Income (NOI) is calculated as:
- An Indianapolis apartment building generates a NOI of $72,000 per year. If comparable properties have a cap rate of 7.5%, what is the estimated value?
- Functional obsolescence in a property appraisal refers to:
- External (economic) obsolescence in an Indiana property appraisal could be caused by:
- The cost approach to valuation uses the formula:
- In Indiana, property tax assessments are based on:
- An Indiana property owner who disagrees with their tax assessment may file a:
- Depreciation in the cost approach is defined as:
- An appraiser performing a sales comparison approach makes a positive adjustment to a comparable sale when:
- An Indiana appraiser using the income approach on a single-tenant office building would MOST rely on which type of lease data?
- The term 'highest and best use' in Indiana appraisal means the use that is:
- Effective age of an Indiana building in appraisal refers to:
- In Indiana, an appraisal for a federally related mortgage transaction must be performed by:
- A 'drive-by' or exterior-only appraisal is also known as a:
- The principle of progression in Indiana real estate values means:
- The principle of regression in Indiana real estate means:
- Assemblage in Indiana real estate refers to:
- An Indiana appraiser must adhere to which set of professional standards?
- The principle of substitution in Indiana real estate appraisal holds that:
- Surplus productivity in Indiana land economics means:
- In Indiana, a comparative market analysis (CMA) is performed by:
- The reconciliation step in an Indiana appraisal involves the appraiser:
- Indiana's DLGF (Department of Local Government Finance) oversees:
- In Indiana, the Uniform Residential Appraisal Report (URAR) form is used to appraise:
- Reproduction cost vs. replacement cost in Indiana appraisals: replacement cost refers to:
- An Indiana broker submits a broker price opinion (BPO) for a bank. A BPO differs from an appraisal in that:
- The going-concern value of an Indiana hotel differs from its real property value because it includes:
- An Indiana appraiser's opinion of value is an estimate of:
- Income multiplier methods in Indiana appraisal include the GRM (Gross Rent Multiplier) and the GIM (Gross Income Multiplier). The key difference is:
- Stigmatized property in Indiana (such as a property where a crime occurred) may have reduced value due to:
- In Indiana, the appraiser's analysis of the market conditions section of the URAR examines:
- Exposure time in an Indiana appraisal is defined as:
- Indiana farmland values are influenced by all of the following EXCEPT:
- The Corn Suitability Rating 2 (CSR2) is an Indiana-specific tool used to:
- Indiana's agricultural property tax circuit breaker limits the property taxes on:
- A 1031 tax-deferred exchange in Indiana allows an investor to:
- An Indiana sale-leaseback transaction involves:
- An Indiana appraisal for an estate tax purpose (date of death value) uses which effective date?
- In an Indiana appraisal, extraordinary assumptions are:
- An Indiana appraiser who determines the highest and best use 'as if vacant' is asking:
- Market rent vs. contract rent in Indiana real estate analysis means:
- Indiana's real property assessment for agricultural land uses which valuation basis?
- An Indiana office building has a 5-year lease at $20/sqft for 10,000 sqft. Market rent is currently $25/sqft. The value impact of the below-market lease is:
- In Indiana, a 'before and after' analysis is most commonly used in:
- Indiana agricultural land appraisals often use which primary approach?
- The gross building area (GBA) of an Indiana commercial property is measured:
- An Indiana appraiser who adjusts a comparable sale for market conditions is making a:
- The land residual technique in Indiana income property appraisal estimates land value by:
- An Indiana appraiser finding that a comparable sale was a foreclosure should typically:
- Indiana's New Markets Tax Credit (NMTC) program is relevant to appraisal when:
- A capitalization rate of 5% in the Indianapolis market versus 8% in a rural Indiana market suggests that:
- The economic life of an Indiana building in appraisal represents:
- An Indiana appraiser determines a property's 'as improved' value versus 'as if vacant' value. The difference represents the:
- Entrepreneurial profit in Indiana development appraisal represents:
- Indiana's Assessment Ratio Study (ARS) measures:
- When an Indiana commercial tenant has an above-market lease (paying more than market rent), the property value from the leased fee interest would typically be:
- The principle of conformity in Indiana real estate valuation holds that:
- Extraordinary and catastrophic events affecting Indiana real estate markets (such as flooding or economic recession) may cause appraisers to:
- Indiana's 'True Tax Value' standard for assessment differs from fair market value in that:
- An Indiana appraiser who conducts a desktop appraisal relies on:
- The FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act) requires independent appraisals for federally related transactions above what threshold for most residential properties?
- Indiana's statewide LIHTC (Low-Income Housing Tax Credit) program affects property appraisals of affordable housing by:
- Indiana's Value in Use differs from Market Value in that value in use represents:
- Indiana's Point-in-Time valuation requires the appraiser to determine value as of:
- A 'location, location, location' principle in Indiana real estate reflects which appraisal principle?
- An Indiana appraisal engagement letter should include all of the following EXCEPT:
- Indiana's Real Estate Market Data Exchange (RMDX) or similar data repositories help appraisers by:
- Indiana's commercial real estate capitalization rates have historically been influenced by which factors?
- In Indiana appraisal practice, the 'as is' condition of a property means the appraiser values the property:
- Indiana appraisers must be aware of potential racial bias in automated valuation models (AVMs) because:
- Indiana's requirement that assessments reflect market value is measured by the State Board of Tax Commissioners through:
- An Indiana appraiser valuing a special purpose property (such as a church or school) would most likely rely on:
- An Indiana commercial property appraisal scope of work is determined by:
- A Discounted Cash Flow (DCF) analysis in Indiana commercial real estate valuation considers:
- The terminal cap rate in a DCF analysis for Indiana investment property is used to:
- Indiana's Uniform Standards of Professional Appraisal Practice (USPAP) requires appraisers to maintain workfiles for a minimum of:
- The 'as improved' value of an Indiana property assumes:
- The 'land to building value' ratio is important in Indiana commercial appraisal because:
- In Indiana, the economic base theory suggests that real estate values in a community are linked to:
- An Indiana appraiser must be independent from the parties to a transaction. This means:
- Indiana's personal property assessment differs from real property assessment in that personal property:
- In Indiana real estate valuation, the 'four forces' affecting value are:
- In the income approach to appraisal, which term describes potential gross income minus vacancy and collection losses?
- The 'principle of substitution' in appraisal states that:
- In the sales comparison approach, appraisers make adjustments to comparable sales to account for:
- Which appraisal approach is most commonly used for owner-occupied single-family homes?
- Functional obsolescence in property appraisal refers to:
- The cost approach to appraisal estimates value by:
- The Appraisal Foundation establishes appraisal standards in the United States through:
- The principle of 'highest and best use' in Indiana appraisal is defined as the use that is:
- External obsolescence (economic obsolescence) in appraisal refers to:
- A capitalization rate in real estate investment is calculated as:
- The reconciliation process in Indiana appraisal practice involves:
- Economic life in Indiana appraisal refers to:
- Which of the following statements about depreciation in the cost approach is correct?
- In Indiana, the assessed value of real property for tax purposes is determined by:
- In Indiana, 'market value' as used in appraisal is best defined as:
- A building's effective age in appraisal practice:
- The principle of 'progression' in Indiana real estate appraisal states that:
- In Indiana, 'gross living area' (GLA) as used in residential appraisal includes:
- In Indiana, the sales comparison approach requires a minimum of how many comparable sales for a residential appraisal?
- In Indiana, a 'drive-by' or 'desktop' appraisal (restricted appraisal) compared to a full USPAP appraisal:
Agency
126 questions- Indiana requires that the agency disclosure form be provided to a consumer:
- In a dual agency transaction in Indiana, the broker CANNOT do which of the following?
- The fiduciary duty of 'obedience' requires an agent to:
- In Indiana, a transaction broker (facilitator) represents:
- Express agency is created by:
- A principal may terminate an agency relationship at any time. However, doing so before the agency term expires may result in:
- Under Indiana agency law, a dual agent must obtain written consent from:
- Which type of agency relationship is created when a broker is appointed to represent a buyer exclusively?
- An agent's duty of loyalty requires that the agent:
- Designated agency in Indiana means:
- A listing agent learns that the seller's roof has an undisclosed leak. The agent's duty requires:
- When does an agency relationship typically terminate?
- Which of the following best describes a transaction broker in Indiana?
- Subagency occurs when:
- The fiduciary duty of confidentiality requires an agent to:
- An agent's duty of obedience requires the agent to follow:
- When a seller's agent learns that the buyer's lender has pre-approved the buyer for significantly more than the offer price, the agent should:
- An agent's duty of reasonable care requires the agent to:
- Puffing in real estate refers to:
- If a buyer's agent discovers a serious structural defect during a showing, the agent should:
- Ratification of an agency relationship occurs when:
- A listing agreement creates which type of agency relationship?
- An exclusive right-to-sell listing guarantees the listing broker a commission if:
- An exclusive agency listing differs from an exclusive right-to-sell in that:
- A net listing is a type of listing agreement in which:
- Which clause in a listing agreement ensures the broker will be paid if the property sells to a buyer the broker introduced after the listing expires?
- When a buyer's agent shows properties listed by their own brokerage, this creates a potential:
- Material facts that an agent must disclose to a buyer include:
- Ostensible (apparent) agency arises when:
- The duty of accounting requires an agent to:
- A buyer who is not represented by an agent and is working directly with the listing agent is best described as a:
- In Indiana, written agency disclosure must be provided to a consumer:
- A buyer's agent in Indiana owes which fiduciary duties to the buyer?
- A seller's agent who discovers a material latent defect during a showing must:
- In Indiana, disclosed dual agency requires:
- A transaction broker in Indiana owes which level of duty to the parties?
- If a seller's agent learns that their client will accept $10,000 below the listing price, the agent must:
- An agency relationship in Indiana is most commonly created by:
- The duty of obedience in an agency relationship means the agent must:
- In Indiana, a broker who represents neither buyer nor seller but assists with the transaction is acting as a:
- Indiana's Seller's Residential Real Estate Sales Disclosure requires sellers to disclose their knowledge of defects in:
- A seller's broker who lists a home knowing the seller is withholding material defect information should:
- When is puffing in real estate advertising acceptable?
- An Indiana broker acts as a sub-agent of the seller when the broker:
- A buyer's broker in Indiana who discovers their buyer client has a criminal background that may affect their ability to purchase must:
- In Indiana, the duty of accounting in an agency relationship requires an agent to:
- Constructive fraud in an Indiana real estate transaction occurs when:
- An Indiana seller's agent who learns their client is behind on mortgage payments should:
- Customer service in Indiana real estate differs from client (principal) service in that a customer:
- An Indiana broker earns a commission under a procuring cause theory when they:
- A limited dual agency in Indiana where the agent represents both buyer and seller is permitted only with:
- An Indiana broker's duty to disclose material facts extends to:
- A buyer's agent in Indiana who discovers that the seller's property has an unpermitted addition should:
- Indiana's agency disclosure law requires the broker to provide written disclosure:
- A 'naked license' in Indiana means a licensee:
- An Indiana seller's agent who negotiates a lower price than the listed price for their buyer client (while also representing the seller) without disclosure is engaged in:
- An Indiana real estate broker's duty of care requires them to:
- A buyer's agent in Indiana who also owns the property the buyer is interested in purchasing must:
- Indiana's agency law provides that an agent must avoid:
- An Indiana sub-agent owes fiduciary duties to:
- An Indiana broker who fails to present all offers to the seller unless instructed otherwise in writing may be in violation of:
- Indiana's definition of 'substantive contact' that triggers the agency disclosure requirement includes:
- Implied agency in Indiana occurs when:
- An Indiana property manager who discovers that the investment property they manage is being used for illegal drug activity should:
- An Indiana buyer asks their buyer's agent to help them make an offer on a For Sale By Owner (FSBO) property. The buyer's agent should:
- An Indiana listing agent who receives multiple offers should:
- Indiana's Non-Agency Brokerage (transaction broker) relationship was created to allow brokers to:
- When must an Indiana licensee update their agency disclosure if the agency relationship changes (e.g., from single agent to dual agent)?
- An Indiana buyer's agent who acts only in their own interest during negotiations (accepting the first offer without advocating for the buyer) has breached which duty?
- An Indiana broker who negotiates property management contracts and leases without a real estate license is:
- Ostensible (apparent) authority in an Indiana real estate agency occurs when:
- When an Indiana agency relationship is terminated, the agent's duty of confidentiality toward the former client:
- An Indiana listing broker who knows the seller's house has a cracked sewer line but does not disclose it to a buyer has:
- An Indiana listing broker who tells a buyer that the 'seller will take less' without authorization is violating the duty of:
- Indiana's rule that an agent may not purchase property listed with them applies because:
- An Indiana broker who learns that their buyer client is willing to pay $30,000 over the asking price should:
- A buyer's agent in Indiana who also receives a referral fee from a home inspector they recommended to their buyer client must:
- Indiana's 'informed consent' requirement for dual agency means the agent must disclose to both parties:
- An Indiana broker who represents a buyer in a commercial transaction where the buyer wants to purchase a property with known environmental contamination should:
- The moment an Indiana buyer's agent begins sharing their client's personal financial situation with the seller is:
- An Indiana property manager who signs a lease on behalf of the property owner is exercising:
- An Indiana licensee who wishes to represent a buyer in a transaction where the listing is at their own brokerage must:
- The ratification doctrine in Indiana agency allows a principal to:
- In Indiana, a broker must provide a written summary of agency relationships to consumers in a commercial transaction:
- An Indiana broker who participates in a 1031 exchange for their client should:
- An Indiana seller's agent who receives a written offer from an unrepresented buyer must:
- Under Indiana law, an agent's duty to disclose material facts includes disclosing:
- Indiana's agency law recognizes which non-traditional agency relationship that allows a licensee to provide limited services without full representation?
- An Indiana buyer who purchases property through a transaction broker (no agency) should understand that the transaction broker:
- In Indiana, when a managing broker receives notice that an affiliated broker is engaged in unlicensed activities beyond their scope, the managing broker must:
- An Indiana buyer's agent who learns during a showing that the seller has told the listing agent they 'must sell within 30 days' should:
- Indiana's Seller Agency Agreement (listing contract) may be terminated by the seller before expiration by:
- An Indiana seller's agent who is asked by the buyer whether the seller has had any offers may:
- Indiana's 'informed consent' standard for agency relationships means the consumer must:
- Indiana law requires that the agency relationship be disclosed in the first written communication directed to a consumer. 'First written communication' most commonly refers to:
- An Indiana broker who represents multiple sellers in the same price range and neighborhood must:
- An Indiana property manager acting as an agent for a corporate owner (principal) must take direction from:
- In Indiana, a broker representing a buyer in a 'pocket listing' (off-market) transaction owes which additional duty?
- Under Indiana's agency law, the agent may be held personally liable for:
- An Indiana broker who represents both the landlord and tenant in a commercial lease transaction without disclosure is:
- An Indiana buyer's agent who uses their client's confidential information to make a profit (e.g., purchasing the property for themselves before the client can) is engaged in:
- Indiana's 'Exclusive Buyer Agency' arrangement means:
- Indiana's fiduciary duties in an agency relationship originate from which legal principle?
- An Indiana listing agent who sells the property to a buyer and receives the full 6% commission (both sides) has engaged in:
- A buyer's agent in Indiana owes fiduciary duties to the buyer. Which of the following is NOT one of those fiduciary duties?
- In Indiana, a disclosed dual agent must obtain:
- A transaction broker (facilitator) in Indiana provides:
- In Indiana, when must a licensee provide agency disclosure to a prospective buyer or seller?
- The duty of 'reasonable care and diligence' requires an Indiana agent to:
- The Indiana Agency Disclosure form must be signed:
- When an Indiana seller's agent learns of a material defect that the seller has not disclosed, the agent should:
- In Indiana, subagency refers to:
- An Indiana buyer's agent who discovers that the seller misrepresented the age of the roof should:
- In Indiana, the listing agreement creates an agency relationship between the:
- Under Indiana law, which statement about buyer representation agreements is correct?
- An Indiana agent's duty of loyalty means the agent must:
- The duty of 'accounting' in an Indiana agency relationship requires the agent to:
- In Indiana, which of the following would terminate an agency relationship?
- In Indiana, the concept of 'vicarious liability' means that a managing broker may be held responsible for:
- In Indiana, an exclusive buyer agency agreement means the buyer:
- The 'obedience' duty of an Indiana real estate agent requires the agent to:
- In Indiana, a seller's agent may share confidential client information with a buyer if:
- In Indiana, when must a seller's agent disclose their agency relationship to a prospective buyer?
- In Indiana, a 'facilitator' or 'transaction broker' may NOT:
- When an Indiana listing agent presents multiple offers to a seller, the agent's obligation is to:
- In Indiana, a 'non-exclusive buyer agency agreement' differs from an exclusive agreement in that:
Fair Housing
97 questions- Which of the following is NOT a protected class under the federal Fair Housing Act?
- Under the Fair Housing Act, which of the following is a permissible advertising practice?
- Under Indiana's fair housing law, who may file a complaint alleging a fair housing violation?
- A landlord refuses to rent to a person because they use a wheelchair and live with an assistance animal. This is an example of discrimination based on:
- The federal Fair Housing Act of 1968 prohibits discrimination based on all of the following EXCEPT:
- The Indiana Fair Housing Act adds which protected class not covered by the federal act?
- Steering is the illegal practice of:
- Blockbusting is best described as:
- Redlining is the illegal practice of:
- Under the federal Fair Housing Act, which of the following is a reasonable accommodation?
- A landlord may legally refuse to rent to an applicant who:
- The Americans with Disabilities Act (ADA) primarily applies to:
- An owner of a single-family home who sells without using a real estate agent or discriminatory advertising:
- The maximum civil penalty for a first fair housing violation by the Department of Justice is:
- Under the Fair Housing Act, 'familial status' as a protected class includes:
- A housing development that wants to qualify as 55+ housing for seniors must have what percentage of units occupied by at least one person 55 or older?
- Which statement about the Fair Housing Act and persons with disabilities is correct?
- A real estate agent who refuses to show properties in a certain school district to buyers with children is committing:
- The complaint period for filing a fair housing complaint with HUD is:
- A real estate agent who uses different lease terms for tenants of different races is guilty of:
- The Civil Rights Act of 1866 prohibits discrimination in the sale or rental of property based solely on:
- Disparate impact in fair housing means:
- AFFH (Affirmatively Furthering Fair Housing) requires HUD recipients to:
- A seller tells their listing agent they do not want to sell to families with children. The agent should:
- The federal Fair Housing Act prohibits discrimination based on all of the following EXCEPT:
- Indiana's Fair Housing Act provides protections beyond federal law by also prohibiting discrimination based on:
- Steering in real estate refers to:
- Redlining as an illegal practice involves:
- A landlord in Indiana who refuses to allow a tenant with a mobility impairment to install a wheelchair ramp at the tenant's expense has likely violated:
- A 'reasonable accommodation' under the Fair Housing Act for a person with a disability means:
- Under the Fair Housing Act, familial status protection covers:
- The maximum civil penalty for a first-time fair housing violation under federal law is approximately:
- Blockbusting (panic peddling) in real estate involves:
- An Indiana property owner renting their single-family home through a licensed broker:
- Under the Fair Housing Act, a landlord who charges different security deposits based on a tenant's national origin is:
- Discriminatory advertising in Indiana that states 'perfect for young professionals' most directly risks violating:
- An Indianapolis landlord refuses to rent to a tenant because they have Section 8 vouchers. Under Indiana law, this:
- The Americans with Disabilities Act (ADA) primarily applies to real estate in which context?
- A fair housing complaint filed with HUD must be filed within how many days of the alleged discriminatory act?
- Which of the following properties is generally EXEMPT from the federal Fair Housing Act?
- An Indianapolis property manager who shows minority applicants only units in certain buildings within a complex while showing white applicants all available units is committing:
- Senior housing communities in Indiana may legally restrict occupancy to persons 55 and older if they:
- An Indiana real estate agent who maintains a list of buyers by race to direct them to specific neighborhoods is engaged in:
- Indiana's Civil Rights Commission handles fair housing complaints under which state law?
- Which of the following is NOT a protected class under federal fair housing law?
- The HUD Fair Housing poster must be displayed:
- A landlord in Indiana who refuses to accept a service animal for a tenant with a visual impairment because of a no-pets policy is:
- An Indiana property manager who charges a higher security deposit to all applicants with disabilities claiming it covers potential damage is:
- An Indiana landlord may legally deny a rental application based on:
- The term 'protected class' in fair housing law refers to:
- An Indiana fair housing investigation may be initiated by:
- An Indiana landlord who advertises 'No Section 8' in a city with local source-of-income protections is:
- An Indiana landlord's 'three strikes and you're out' lease policy that automatically evicts any tenant who receives police calls to their unit may face fair housing scrutiny because:
- An assistance animal (emotional support animal) under fair housing law differs from a service animal under ADA because:
- An Indiana real estate agent who only shows a Hispanic buyer properties in predominantly Hispanic neighborhoods is engaging in:
- Indiana's fair housing law covers which types of housing transactions?
- A developer in Indiana who builds housing accessible to persons with disabilities in compliance with the Fair Housing Act's design and construction requirements must ensure:
- The Indiana Fair Housing Act is enforced by:
- An Indiana lender who requires a higher down payment from minority applicants than from similarly qualified non-minority applicants is engaging in:
- Conciliation in an Indiana fair housing complaint refers to:
- The Right of Reasonable Modification under the Fair Housing Act means a tenant with a disability may modify their dwelling at their own expense, but the landlord may require:
- Indiana landlords who use criminal background checks as a screening criterion should:
- A seller instructs their Indiana listing agent to 'only show the home to professionals.' The agent should:
- Under the FHA, who has the burden of proof to show that a reasonable accommodation is necessary for a person with a disability?
- Indiana's Civil Rights Commission may award which remedy in a fair housing case?
- An Indiana condominium association that refuses to allow children under 18 to use the swimming pool common area is likely violating:
- The National Fair Housing Alliance (NFHA) and local Indiana fair housing organizations conduct 'testing' operations to identify discrimination. Testing involves:
- An Indiana apartment complex's policy of requiring all applicants to provide Social Security numbers may have fair housing implications if it:
- A real estate appraiser in Indiana who bases value adjustments on the racial or ethnic composition of a neighborhood is engaged in:
- Indiana's Human Rights Commission differs from the Civil Rights Commission in that:
- The ADA requirements for accessible parking at Indiana commercial buildings specify:
- An Indiana landlord who requires a higher income-to-rent ratio from families with children than from households without children is:
- An Indiana real estate agent who uses different language or emphasis in describing a neighborhood to buyers of different races is engaged in:
- Indiana's housing discrimination complaint process begins with:
- Under the Fair Housing Act, which statement about advertising is correct?
- An Indiana landlord who refuses to make requested repairs to a unit after a tenant filed a fair housing complaint is likely engaged in:
- Indiana's protected class of 'disability' under the Fair Housing Act includes persons with:
- Under the Fair Housing Act, which of the following is a federally protected class?
- An Indiana property manager refuses to rent to a family with three children, claiming the unit is too small. This may violate the Fair Housing Act's protections for:
- Steering in real estate occurs when an agent:
- Under the Fair Housing Act, a reasonable accommodation for a disabled tenant in Indiana refers to:
- Blockbusting, as prohibited under the Fair Housing Act, is the practice of:
- Which agencies primarily enforce the Fair Housing Act?
- Under the Fair Housing Act, which narrow exemption may apply to the sale of a single-family home by an owner?
- Indiana state law provides fair housing protections that:
- Redlining in real estate refers to the illegal practice of:
- Which statement about the 1988 Fair Housing Amendments Act is correct?
- In Indiana, a landlord who requires a higher security deposit from a tenant because of a disability is:
- Under the Fair Housing Act, a landlord in Indiana who asks a prospective tenant 'Do you have any children?' during the application process is:
- Under the Fair Housing Act, housing for older persons exemption (HOPA) applies to communities where:
- A real estate agent in Indiana who tells a minority buyer that a neighborhood is 'not right for your family' without factual basis is likely guilty of:
- In Indiana, the concept of 'disparate impact' in fair housing means that:
- Under the Fair Housing Act, a disabled tenant's request to install a grab bar in the bathroom of a rental unit is considered:
- Under the Fair Housing Act, which of the following is an example of illegal advertising?
- In Indiana, an agent who exclusively markets luxury properties and never shows properties under $500,000 to minority clients who qualify for such properties is most likely guilty of:
- In Indiana, a HUD complaint for a fair housing violation must typically be filed within:
- In Indiana, a lender who requires minority borrowers to provide more documentation than non-minority applicants with identical credit profiles is engaged in:
Land Use & Zoning
96 questions- Zoning ordinances are enacted by local governments primarily to:
- A variance is a(n):
- A nonconforming use is a land use that:
- Eminent domain is the government's power to:
- A special use permit (conditional use permit) allows:
- Deed restrictions (private restrictions) differ from zoning in that deed restrictions:
- Spot zoning refers to:
- A comprehensive plan (master plan) is best described as:
- Subdivision regulations govern:
- Building codes primarily regulate:
- A buffer zone in land use planning is used to:
- Inclusionary zoning requires developers to:
- A plat map is:
- Floor area ratio (FAR) in zoning regulates:
- A takings claim arises when the government's regulation of property:
- Mixed-use zoning typically allows:
- An Impact fee is charged to a developer by a local government to:
- A conservation easement restricts:
- A use-by-right means the proposed land use:
- A density bonus allows a developer to:
- Setback requirements in zoning specify:
- A planned unit development (PUD) is characterized by:
- Downzoning refers to:
- A nonconforming use in Indiana zoning law is:
- In Indiana, a variance is granted by the:
- A special exception (special use permit) in Indiana differs from a variance in that a special exception:
- Eminent domain in Indiana allows the government to:
- Indiana's Metropolitan Development Commission in Indianapolis is responsible for:
- A deed restriction that prohibits commercial use of a residential lot is an example of:
- A planned unit development (PUD) in Indiana allows:
- Indiana's Flood Plain Management regulations restrict development in 100-year floodplains primarily to:
- Spot zoning in Indiana refers to:
- Indiana's agricultural districts allow farmers to:
- An Indiana subdivision plat must be approved by:
- The Interstate Land Sales Full Disclosure Act (ILSA) applies to developers who sell or lease lots in subdivisions of:
- Inclusionary zoning in Indiana municipalities may require developers to:
- Indiana's Agricultural Land Preservation program is designed to:
- A taking under the Takings Clause of the Fifth Amendment that does not involve physical occupation of property but results in complete loss of economic value is called a:
- A buffer zone in Indiana zoning is typically used to:
- A setback requirement in Indiana zoning law specifies:
- Floor Area Ratio (FAR) in Indiana commercial zoning is a measure of:
- TIF (Tax Increment Financing) districts in Indiana cities like Indianapolis are used to:
- Indiana's Historic Preservation Act enables designation of historic properties that:
- Indiana's Comprehensive Plan is used by local governments to:
- Indiana's Riparian Buffer Zone regulations near streams and lakes are designed to:
- A certificate of occupancy (CO) in Indiana is issued by:
- Downzoning in Indiana refers to:
- Indiana's Septic (ISTS) regulations require onsite sewage systems to be:
- Indiana's Statewide Transportation Improvement Program (STIP) can affect real estate values because:
- In Indianapolis, the Metropolitan Development Commission uses Planned District (PD) zoning to:
- Indiana's 1,000 Friends of Indiana promotes which land use principle?
- A use by right in Indiana zoning means the proposed use:
- Indiana's Shoreline Management Program regulates development along:
- An Indiana property in a Historic District is subject to additional design requirements because:
- An Indiana development agreement between a city and a developer typically:
- Indiana's urban renewal powers allow municipalities to:
- Indiana's Growth Management Act provisions allow local governments to:
- A special use permit (conditional use permit) in Indiana differs from a variance because it:
- Indiana's Urban Enterprise Zone (or equivalent economic development zone) program offers:
- Indiana's Transferable Development Rights (TDR) programs allow landowners to:
- An annexation by an Indiana city extends the city's:
- In Indiana's Rural Legacy Program or similar programs, landowners receive:
- Indiana's Interlocal Cooperation Act allows neighboring municipalities and counties to:
- Indiana's Adequate Public Facilities Ordinances (APFOs) allow local governments to:
- In Indiana, a vested right in a zoning approval means:
- Indiana's Urban Development Action Grant (UDAG) and similar federal programs historically supported:
- Indiana's Agri-Tourism provisions allow farmers to:
- A conditional rezoning in Indiana may include negotiated developer commitments such as:
- Indiana's Corridor Preservation program allows transportation agencies to:
- Indiana Accessory Dwelling Units (ADUs) — also known as granny flats or in-law suites — are:
- Extraterritorial Jurisdiction (ETJ) in Indiana allows cities and towns to:
- Indiana's 'Urban Growth Boundary' concept, where used, is designed to:
- A developer in Indiana who builds without obtaining required permits faces which consequences?
- Indiana's Residential Compatibility Standards attempt to ensure that:
- Indiana's noise ordinances can affect real estate value when:
- Indiana's wind energy regulations for large-scale wind farms include setback requirements from property lines and residences primarily to:
- An Indiana city's master plan (comprehensive plan) and its zoning ordinance are related because:
- Indiana municipalities may use 'overlay districts' to:
- A variance in Indiana zoning law is granted when a property owner demonstrates:
- A special exception (special use permit) in Indiana zoning differs from a variance in that it:
- Indiana's Historic Preservation and Archaeology office reviews projects that may affect:
- A plat in Indiana is:
- Indiana's Area Plan Commissions (APCs) are authorized to:
- In Indiana, a non-conforming use is:
- Spot zoning in Indiana is:
- In Indiana, a comprehensive plan (master plan) is:
- Eminent domain requires the government to pay property owners:
- A moratorium in Indiana zoning refers to:
- In Indiana, an 'overlay district' in zoning is best described as:
- In Indiana, impact fees are charges levied on new development to:
- In Indiana, downzoning refers to:
- Inclusionary zoning in Indiana requires developers to:
- A 'bulk regulation' in Indiana zoning typically addresses:
- In Indiana, a 'rezoning' (zoning map amendment) requires:
- In Indiana, a 'development agreement' between a local government and a developer:
- In Indiana, 'agricultural zoning' is primarily intended to:
Escrow & Title
95 questions- A quitclaim deed conveys:
- In Indiana, when does title to property legally transfer from seller to buyer?
- An owner's title insurance policy protects the buyer against title defects that:
- A judgment lien is created when:
- Title insurance protects against:
- An owner's title insurance policy protects:
- A lender's title insurance policy (ALTA loan policy) protects:
- At closing in Indiana, the deed is typically delivered to:
- A cloud on title refers to:
- Which of the following would a title search typically NOT reveal?
- Prorations at closing are used to:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- The chain of title is:
- A mechanic's lien may be filed against property by:
- The Closing Disclosure (CD) must be provided to the buyer at least how many business days before closing?
- When does title to real property typically transfer in Indiana?
- A judgment lien attaches to:
- Which party typically pays for the lender's title insurance policy?
- An abstract of title is:
- Recording a deed in Indiana provides:
- Which of the following liens has highest priority in most cases?
- Indiana transfer taxes (county option) on the sale of real property are calculated based on:
- A lis pendens is a recorded notice that:
- Real estate taxes in Indiana that are delinquent become a lien on the property:
- In Indiana, who is responsible for conducting the closing of a real estate transaction?
- A deed in lieu of foreclosure allows a borrower in default to:
- A short sale occurs when:
- Marketable title means:
- The title evidence most commonly used in Indiana to prove marketable title is:
- In Indiana, the closing process is typically handled by:
- A title search in Indiana examines the chain of title to identify:
- An owner's title insurance policy in Indiana protects:
- A lender's title insurance policy (mortgagee policy) in Indiana:
- A cloud on title in Indiana refers to:
- Marketable title in Indiana means title that:
- Under RESPA, a Closing Disclosure must be provided to the buyer at least how many business days before closing?
- Proration of property taxes at an Indiana closing means:
- A general warranty deed in Indiana provides the greatest protection to the buyer because the grantor warrants:
- A special warranty deed in Indiana warrants title:
- Subrogation in a title insurance context allows the title insurer to:
- An Indiana abstract of title is a(n):
- A deed of trust differs from a mortgage in that a deed of trust involves:
- In Indiana, property taxes are paid in arrears, which means at closing the seller typically:
- A quiet title action in Indiana is a court proceeding used to:
- An Indiana deed is considered delivered when:
- A quitclaim deed in Indiana conveys:
- An Indiana title company's commitment to insure title is issued after which step in the closing process?
- In Indiana, who is responsible for paying the transfer of ownership costs (county recorder fees) at closing?
- A junior lien in Indiana is:
- An Indiana closing agent who accepts funds but does not disburse them as required by the HUD-1 or Closing Disclosure may be subject to:
- In Indiana, ALTA (American Land Title Association) survey standards are relevant because they:
- The purpose of an Indiana property survey in a real estate transaction is to:
- An Indiana title insurer will not issue a policy for which type of defect?
- TRID (TILA-RESPA Integrated Disclosure) rules require the Closing Disclosure to be delivered to the borrower at least 3 business days before closing. If it is mailed, when must it be mailed to satisfy this requirement?
- A mechanic's lien in Indiana attaches to the property when the lien is filed and relates back to:
- In Indiana, judgment liens against an owner's real property are created by:
- In an Indiana residential transaction, which party typically selects the title company?
- An Indiana escrow agent's primary duty when holding earnest money in a disputed transaction is to:
- The priority of liens in Indiana is generally determined by:
- When an Indiana deed is recorded at the county recorder's office, it provides:
- Indiana's Uniform Commercial Code (UCC) fixture filings are relevant in commercial real estate when:
- An Indiana title policy's standard exception for 'matters not shown by the public records' typically excludes coverage for:
- In Indiana, property tax liens are generally:
- A holding escrow in Indiana is most commonly used when:
- In an Indiana concurrent closing (back-to-back closing), the second transaction closes immediately after the first. This is common when:
- Indiana's Torrens title system (certificate of title), while rarely used today:
- An Indiana title plant is maintained by title companies to:
- Indiana's race-notice recording statute provides that a subsequent purchaser prevails over a prior unrecorded deed if the subsequent purchaser:
- An Indiana closing where the deed and mortgage documents are signed but funds are not yet disbursed is called a:
- An Indiana property owner's title insurance policy is not required to be renewed annually because:
- A warranty in an Indiana general warranty deed specifically promises that the grantor will:
- An Indiana title company conducting a 1031 exchange serves as the:
- Indiana's race-notice recording system incentivizes:
- An Indiana homeowner who loses their title to a forged deed discovered years after purchase would be protected by:
- RESPA's Section 9 prohibits sellers in Indiana from requiring:
- An Indiana deed that does not meet the requirements for recording (e.g., missing notarization) is:
- In Indiana, which deed is typically used to convey title from a deceased person's estate to a new owner?
- Which type of title insurance policy protects the lender's interest in a property?
- A 'cloud on title' in Indiana refers to:
- In Indiana, the abstract of title is:
- In Indiana, which type of deed provides the greatest protection to the buyer?
- In Indiana, 'marketable title' means:
- In Indiana, 'actual notice' of a prior interest in real property means:
- In Indiana, the closing disclosure must be provided to the borrower at least how many business days before closing?
- In Indiana, a deed of trust differs from a mortgage in that:
- A title search in Indiana typically covers how many years of history?
- In Indiana real estate transactions, which document serves as the primary proof of ownership after closing?
- In Indiana, 'proration' at closing typically applies to:
- In Indiana, recording a deed provides:
- In Indiana, 'lis pendens' is a recorded notice that:
- In Indiana, a 'satisfaction of mortgage' (also called a 'release of mortgage' or 'discharge') is recorded when:
- In Indiana, an 'indemnification clause' in a real estate contract protects one party by:
- In Indiana, TRID's 'three-day rule' for the Closing Disclosure means:
- In Indiana, an 'encroachment' occurs when:
- In Indiana, a 'Torrens system' of title registration, as opposed to the traditional recording system, would provide:
Environmental
95 questions- Lead-based paint disclosure is required for homes built before:
- Radon is a naturally occurring gas that:
- CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act) holds property owners responsible for:
- Asbestos is most dangerous when it is:
- Underground storage tanks (USTs) are regulated primarily because they can:
- A Phase I Environmental Site Assessment is primarily used to:
- Wetlands on a property are significant to a buyer because:
- Mold in a residential property is primarily a concern because it can:
- The Seller's Residential Real Estate Sales Disclosure form in Indiana requires the seller to disclose:
- Carbon monoxide is dangerous because it is:
- Polychlorinated biphenyls (PCBs) in real estate are most commonly found in:
- An environmental site assessment is typically required before purchasing:
- The EPA's action level for radon in residential buildings is:
- Urea-formaldehyde foam insulation (UFFI) is a concern in homes because it can:
- Brownfields are properties where:
- The Toxic Substances Control Act (TSCA) regulates:
- An innocent landowner defense under CERCLA requires that the owner:
- Flood zone designations are determined by:
- Properties located in a Special Flood Hazard Area (SFHA) with federally backed mortgages are required to:
- Which of the following best describes an environmental easement?
- IDEM stands for:
- A Phase I Environmental Site Assessment (ESA) involves:
- If a Phase I ESA identifies recognized environmental conditions, the next step is typically:
- Radon is a concern in Indiana residential real estate because:
- Lead-based paint disclosure in Indiana is required for residential properties built before:
- Asbestos in Indiana homes is most commonly found in:
- CERCLA (Superfund) imposes liability for hazardous waste cleanup on:
- An Indiana property owner who purchases a contaminated property and qualifies as an 'innocent landowner' under CERCLA may avoid Superfund liability if they:
- Mold in an Indiana residential property is most problematic because it can:
- Underground storage tanks (USTs) on Indiana commercial property are regulated by:
- Indiana's Voluntary Remediation Program (VRP) allows property owners to:
- Carbon monoxide (CO) in Indiana homes is dangerous because:
- Wetlands on Indiana farmland are regulated by which federal agency?
- Indiana farmland drainage tiles are important in real estate because they:
- Polychlorinated biphenyls (PCBs) in Indiana commercial real estate are most likely found in:
- Indiana's Brownfields Program helps communities by:
- The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) in Indiana is administered primarily by:
- Indiana regulations require disclosure of known environmental conditions on which disclosure form for residential sales?
- Natural attenuation as a brownfield remediation strategy in Indiana means:
- Indiana requires disclosure of known septic system issues in a residential sale because:
- Indiana's Leaking Underground Storage Tank (LUST) program requires:
- In Indiana residential real estate, a seller who knows their property has a private well contaminated with nitrates must:
- Electromagnetic fields (EMFs) from high-voltage power lines near an Indiana property may constitute:
- Indiana's Clean Water Act Section 401 Water Quality Certification is required when:
- A property in Indiana near the Gary/Chicago metropolitan area is more likely to face environmental issues associated with:
- Indiana's Natural Resources and Environmental Protection Act (NREPA) relates to federal programs by:
- A Phase II environmental site assessment in Indiana may include testing for:
- Indiana's confined animal feeding operations (CAFOs) are a real estate environmental concern because they may cause:
- The Toxic Substances Control Act (TSCA) most relevantly requires Indiana real estate parties to consider:
- Indiana's solid waste disposal regulations are relevant to real estate because improper solid waste disposal on a property can create:
- Indiana's Voluntary Remediation Program (VRP) Certificate of Completion protects the prospective purchaser from liability under which Indiana program?
- Indiana property owners adjacent to a Superfund (CERCLA) site may experience reduced property values due to:
- In Indiana, the seller's disclosure form asks about past or present use of the property as a methamphetamine laboratory because:
- Formaldehyde in Indiana homes is primarily a concern in:
- Indiana's Integrated Pest Management (IPM) approach in real estate is relevant because:
- Chlorinated solvents (such as TCE and PCE) are commonly found as groundwater contaminants at Indiana:
- Indiana's drinking water standards for private wells are regulated primarily by:
- The Environmental Site Assessment (ESA) process was standardized by ASTM International. What is the current standard for Phase I ESAs?
- Agricultural pesticide residues on Indiana farmland can affect:
- Indiana's Confined Feeding Operation (CFO) permits are relevant to real estate because:
- Indiana's stormwater management regulations under the MS4 (Municipal Separate Storm Sewer System) program require:
- Indiana's Lead and Copper Rule compliance for public water systems affects real estate when:
- Indiana's RCRA (Resource Conservation and Recovery Act) program, administered by IDEM, regulates:
- Chlordane and other persistent pesticides used historically in Indiana homes for termite treatment may be a concern because:
- A property located near an Indiana landfill (solid waste disposal facility) may experience which real estate impacts?
- An Indiana property that was previously used as a gasoline service station is most likely contaminated with:
- Indiana's Air Pollution Control Board regulates emissions from construction and demolition activities to protect:
- Indiana's Mine Subsidence Insurance Fund provides coverage for:
- Indiana's Spill Prevention, Control, and Countermeasure (SPCC) plans are required for:
- The presence of trees on Indiana residential property can:
- Indiana's lead paint disclosure requirements apply to which real property transactions?
- A buyer of an Indiana commercial property used as a dry cleaner should particularly investigate for contamination from:
- Indiana's Well Driller Licensing Law regulates who can legally:
- Brownfield redevelopment in Indiana is economically significant because:
- Indiana's Confined Feeding Operation (CFO) permit requirement applies when a livestock operation:
- Indiana's Voluntary Remediation Program (VRP), administered by IDEM, is designed to:
- The presence of which material in homes built before 1978 must be disclosed under federal law in Indiana?
- Indiana radon mitigation typically involves:
- Which federal program oversees cleanup of the most hazardous contaminated sites in Indiana, commonly called 'Superfund' sites?
- Indiana's Underground Storage Tank (UST) program, managed by IDEM, primarily addresses:
- The Indiana Brownfields Program provides grants and loans to help communities:
- Wetlands in Indiana are primarily regulated under:
- Which type of soil condition, common in parts of Indiana, can expand and contract with moisture changes and may cause foundation problems?
- In Indiana, a Phase I Environmental Site Assessment (ESA) includes:
- The Indiana DNR (Department of Natural Resources) regulates which of the following environmental aspects related to real estate?
- In Indiana, a 100-year floodplain is defined as land that has a:
- In Indiana, asbestos-containing materials (ACM) in older commercial buildings must be addressed before:
- In Indiana, a property's proximity to a Superfund (CERCLA) site may affect its value through:
- Indiana is known for high radon levels in certain geological areas. Radon enters homes primarily through:
- In Indiana, a property with a history of dry-cleaning operations is most likely contaminated with:
- Indiana's Confined Feeding Operations (CFOs) regulation addresses environmental concerns related to:
- Indiana's 'Right-to-Know' law requires:
- Methane gas from a former landfill site near an Indiana property can pose which hazard?
- In Indiana, a 'recognized environmental condition' (REC) identified in a Phase I ESA indicates:
- In Indiana, the presence of mold in a rental property that poses a health risk is considered:
Property Management
93 questions- A property manager's primary duty is to:
- A management agreement is essential because it:
- Security deposits collected from tenants in Indiana must be:
- Under Indiana law, a landlord must return a security deposit within how many days after a tenant vacates?
- Gross lease means:
- A triple net (NNN) lease requires the tenant to pay:
- An eviction proceeding in Indiana begins with the landlord serving the tenant a:
- A property manager who hires a contractor for repairs that cost more than the management agreement's authorized limit without owner approval is:
- A percentage lease is commonly used in:
- The Indiana Residential Landlord-Tenant Act primarily governs:
- A property manager's operating budget should include all of the following EXCEPT:
- A property manager discovers that the HVAC system needs immediate emergency repair costing $4,500, but the management agreement limits single expenditures to $2,000 without owner approval. The manager should:
- Vacancy rate is calculated as:
- A net operating income (NOI) statement for a property does NOT deduct:
- A tenant who holds over after a lease expires without the landlord's consent creates:
- A month-to-month tenancy can be terminated by either party with notice of:
- A lease for a specific term (e.g., one year) that ends automatically on the expiration date is called:
- A property manager's primary fiduciary duty is to:
- Indiana's security deposit law for residential rentals limits the maximum security deposit to:
- Under Indiana's landlord-tenant law, the landlord must return the security deposit or provide a written itemized statement of deductions within:
- A property manager who fails to maintain an Indiana residential rental property in habitable condition may expose the landlord to liability under:
- A gross lease in commercial property management means:
- The capitalization rate (cap rate) in property management is most useful for:
- A property manager for a large apartment complex in Indianapolis must comply with which federal program if the complex receives HUD funding?
- Indiana's eviction process is initiated when the landlord serves the tenant with a:
- A management fee for residential rental properties in Indiana is typically calculated as:
- A property manager in Indianapolis must disclose to prospective tenants:
- An Indiana property manager who co-mingles security deposits with operating funds is:
- The net operating income of an Indiana property is $60,000. If the debt service (mortgage payments) total $45,000 annually, the debt coverage ratio (DCR) is:
- A certified property manager (CPM) designation is awarded by:
- A percentage lease commonly used in Indiana retail centers requires the tenant to pay:
- An Indiana apartment complex has 100 units at $900/month average rent with a 5% vacancy. What is the effective gross income (EGI) per year?
- In Indiana, a month-to-month tenancy may be terminated by the landlord with how much notice?
- An Indiana residential landlord who self-helps by changing locks to evict a tenant without a court order is:
- What is the purpose of a property management agreement in Indiana?
- An Indianapolis commercial landlord's lease requires tenants to pay CAM charges. CAM stands for:
- A tenant in an Indiana commercial building experiences a flood from a burst pipe in the common area that damages their inventory. The lease includes a 'waiver of subrogation.' This means:
- A property manager in Indiana who knowingly provides a false monthly statement to the property owner is:
- A lease renewal option gives the tenant the right to:
- A subordination, non-disturbance, and attornment agreement (SNDA) in Indiana commercial leasing ensures:
- Indiana law requires a landlord to maintain residential rental properties fit for human habitation. This includes ensuring:
- An Indiana property manager who receives money from a tenant must:
- An annual property management report to an Indiana owner typically includes all of the following EXCEPT:
- An Indiana commercial tenant improvement (TI) allowance is:
- Indiana's Americans with Disabilities Act (ADA) accessibility requirements for commercial properties require existing commercial buildings to remove barriers when:
- An Indiana property manager's management agreement typically terminates:
- An Indiana commercial lease with a rent escalation clause based on CPI means rent will increase based on:
- Deferred maintenance on an Indiana investment property:
- In Indiana, a commercial lease typically requires the tenant to carry minimum liability insurance. This requirement protects:
- An Indiana residential landlord who provides 'constructive eviction' conditions (making the unit uninhabitable) may allow the tenant to:
- Indiana landlords must maintain which minimum temperature in rental units during winter months?
- An Indiana property manager who maintains a written emergency maintenance policy ensures that:
- An Indiana apartment complex's net operating income is $185,000. If the debt service is $140,000, what is the annual cash flow before taxes?
- An Indiana property manager handling a mixed-use building (retail on ground floor, apartments above) must comply with:
- A property manager's duty to account in Indiana includes all of the following EXCEPT:
- An Indiana commercial tenant who stops paying rent but refuses to vacate is dealt with through:
- The absorption rate in an Indiana market analysis measures:
- An Indiana commercial lease's 'co-tenancy clause' allows a tenant to:
- An Indiana property manager who discovers their client's building has a code violation should:
- Indiana's fair housing requirements in property management apply to the tenant selection process, requiring:
- The purpose of a reserve fund study for an Indiana condominium association is to:
- Indiana tenant security deposits may be used for all of the following EXCEPT:
- An Indiana commercial lease that requires the tenant to pay a 'base year stop' means the tenant:
- Indiana commercial lease holdover provisions typically create which type of tenancy when a tenant remains after lease expiration?
- An Indiana residential property manager who discovers mold in a rental unit must:
- The Residential Tenancies Act in Indiana provides that a tenant's right to withhold rent for uninhabitable conditions requires:
- An Indiana property manager's duty to disclose material facts about a property they manage extends to:
- Property management software used by Indiana property managers typically tracks all of the following EXCEPT:
- An Indiana property manager who enters a tenant's unit without proper notice (except in true emergencies) may be:
- An Indiana commercial property manager who discovers a structural defect in the building must:
- Indiana's 'rent-to-own' property agreements combine features of:
- Indiana's property management industry distinguishes between 'residential' and 'commercial' management primarily because:
- An Indiana property manager who makes unauthorized capital improvements to a rental property may be liable for:
- Under Indiana landlord-tenant law, the maximum security deposit a residential landlord may collect is:
- Under Indiana law, a landlord must give how many days' notice before raising rent on a month-to-month tenancy?
- Under Indiana's Security Deposit statute, if a landlord wrongfully withholds a deposit, the tenant may recover:
- In Indiana, a landlord seeking to evict a tenant for non-payment of rent must first provide:
- A property manager in Indiana who collects rents on behalf of an owner must:
- An Indiana residential lease that does not specify a term is presumed to be:
- The Americans with Disabilities Act (ADA) primarily applies to Indiana commercial properties by requiring:
- In Indiana, a landlord must provide a habitable rental unit, meaning the unit must be:
- Under Indiana law, a landlord may NOT enter a rental unit without notice except:
- Indiana's 'self-help eviction' by a landlord — such as changing locks or removing a tenant's belongings — is:
- Under Indiana law, a lease that runs month-to-month may be terminated by either party with how much advance notice?
- In Indiana, which of the following is NOT a valid reason for a landlord to refuse to renew a lease?
- In Indiana, a commercial lease that includes a 'triple net' (NNN) provision means the tenant pays:
- Under Indiana law, when a residential tenant gives proper notice and vacates, the landlord must return the security deposit within:
- Under Indiana law, a tenant who abandons a rental property before the lease ends remains:
- In Indiana, a gross lease means the tenant pays:
- In Indiana, which type of commercial lease requires the tenant to pay base rent plus a percentage of gross sales above a certain threshold?
- In Indiana, a commercial tenant's 'right to quiet enjoyment' means the tenant:
- In Indiana, a landlord's duty to maintain rental property in habitable condition is:
- In Indiana, a property manager who collects rent on behalf of an owner and fails to remit the funds is guilty of:
Ready to Practice?
Take a free Indiana practice quiz — no signup required.
Start Free Quiz →