Indiana RECP Comprehensive Practice Test

These questions are part of the practice quiz. Start practicing

• What form might someone need to report seller earnings on the sale of property?
• When the supply of a commodity decreases, what typically happens to prices?
• Inheritance of property usually ensures what type of rights?
• What must a valid net listing in Indiana contain?
• F has the legal right to occupy and use a certain residential structure. Which of the following does NOT describe F's interest?
• A property is burdened with an easement appurtenant. The easement will...
• Which of the following is NOT an economic characteristic of land?
• The earnest money must be deposited upon acceptance of the offer to purchase within what period of time?
• Which of the following rights does not transfer automatically when title to real estate is conveyed?
• What is a statutory right that a family has while residing in a property called?
• What is the primary difference between time-share use and time-share estate?
• What type of agreement does a home warranty in Indiana represent?
• What type of easement allows access to utilities?
• Which of the following is NOT a responsibility of the real estate commission?
• What typically happens to the real estate market when there is an oversupply of properties?
• What is the main purpose of zoning regulations?
• What is the fee for licensure as a corporation, partnership, or limited liability company?
• In a tenancy in common, how is interest managed?
• What are items installed by the tenant related to their business called?
• The term of a commissioner at large is:
• What term describes valuable items like parking spaces or water rights that convey with property?
• Stacey, a full-time salaried employee of Broker/Owner Karl who runs a firm with a 100 unit apartment complex. Stacey:
• What type of lease allows for separate ownership of the land and the buildings?
• The benefit of being a limited partner in a real estate investment is?
• Which description matches the role of an appraiser?
• What is considered a primary factor influencing real estate prices?
• Which document provides assurance that all conditions have been met prior to the loan closing?
• How many district commissioners are there on the commission?
• Under a variable rate mortgage, which of the following may occur?
• An offer is terminated by...
• The dollar amount of the discount is computed and based upon...
• What does the Curtesy Law entail?
• A broker shows the seller's property only between specified hours. Which duty is the broker fulfilling?
• What happens to train operations under a building constructed over the railroad?
• Property management, appraisal, financing, and development are all examples of:
• What type of real estate agreement provides coverage for repairs and appliances?
• An owner has a fence that mistakenly extends one foot over the lot line onto a neighbor's property. This is an example of:
• An appraiser agrees to submit an appraisal report based upon a predetermined value for a client. The appraiser is subject to which of the following actions by the commission?
• What is the outcome for J and M after H conveys his interest to W, given they are joint tenants?
• If oil was discovered on a rancher's land that he has not previously conveyed the rights for, who owns the oil?
• What is the term for a lease that can be terminated at will by either party without any fixed term?
• Which of the following is NOT considered a fundamental factor in real estate economics?
• A life estate conveys ownership for which duration?
• Which of the following is a distinguishing characteristic of a leasehold estate?
• When does a sales agent earn their commission according to real estate practices?
• A developer increased the value of two combined parcels from $20,000 to what new value?
• Which of the following best describes the mortgagor's right to pay off the entire debt after a default?
• What type of lease allows the lessee to renew the lease without negotiation of terms each time the lease ends?
• A broker places the buyer's earnest money deposit in the business operating account. The broker has...
• How can the geographic location of a parcel of land be characterized?
• The phrase "bundle of legal rights" is properly included in which of the following?
• A residential landlord may be exempt from compliance with the Fair Housing Act if they:
• In property management, what action is not acceptable?
• Which factor is NOT considered by a court when determining whether an item is real or personal property?
• A person has permission from a property owner to hike on the owner's property during autumn months. The hiker has:
• The clause in a blanket mortgage that permits the titles to the individual properties securing the loan to go free and clear is a...
• How does the real estate market typically respond to changes in disposable income?
• A broker failed to renew his/her license in a timely fashion. The broker desires to reinstate the license after the expiration. How much is the late fee?
• A professional opinion of a property's market value, based on established methods and using trained judgement, is performed by a:
• After deducting a 7% brokerage fee, the seller received $43,500. How much did the broker receive if they earned 40% of the commission?
• A broker showed a property with multiple fixtures. Before closing, the seller may remove which of the following?
• Which action by a landlord could permit tenants to claim constructive eviction?
• An ownership interest that can be an estate interest or a right of use is known as what?
• The term nonhomogeneity in real estate refers to which characteristic?
• All of the following would be considered psychologically affected, except:
• Under which form of ownership is one's interest not inheritable?
• What occurs to the price of a commodity when supply decreases while demand remains unchanged?
• E lives in an apartment building. The land and structures are owned by a corporation, with one mortgage loan covering the entire property. Like the other residents, E owns stock in the corporation and has a lease to his apartment. This type of ownership is called a
• Which option does NOT define "improvement" in real estate?
• What characterizes community property?
• Who must the selling managing broker deliver a detailed closing statement to?
• Which of the following best describes the ownership type where the land must be used for a specific purpose?
• What is severalty ownership?
• What is the right of a government body to take ownership of real estate for public use called?
• Which term refers to the power of government to take private land for public use?
• What type of listing contract allows a broker to earn commission regardless of who sells the property?
• Which entity governs the practices of real estate inspectors?
• What must happen for a partition suit to be filed in a joint tenancy?
• According to law, a trade fixture is typically treated as which of the following?
• What condition must be met for land to be taken by the government under eminent domain?
• Which of the following statements is true concerning the use of the temporary permit?
• A tenant has a lease and the right to purchase the property at an agreed-upon price either during the lease term or at its end. This is known as?
• Which of the following is NOT subject to real property ownership rights?
• What is one of the primary roles of a listing agent?
• Indiana License Law, which of the following is psychologically affected property?
• What classification does a truckload of lumber to be used for building a porch fall under?
• What is a requirements outlined in the duties of a broker when operating under a listing contract?
• What is the term for the study and description of the people in a community?
• The commission may summarily suspend a practitioner's license prior to final adjudication for what maximum period of time?
• The economic life of a building is best described as what?
• What can be said of a life estate once the life tenant passes away?
• In real estate, what does the term "investment value" refer to?
• In what type of co-ownership do all owners have equal ownership rights and obligations?
• When conducting an appraisal, what standards must brokers comply with?
• In inflationary times, what type of lease arrangement would a property manager prefer to avoid?
• What is the purpose of IRS Form 1099S?
• What must be done with a broker's license upon termination of their relationship with the managing broker?
• If one owner holds a 60 percent interest and the other holds a 40 percent interest in a parcel of real estate, how do they hold their interests?
• A listing managing broker may not:
• Which of the following is classified as personal property?
• Which of the following is considered personal property?
• Which document is required to detail the closing costs on home mortgages?
• Which term describes the rights related to owning land adjacent to a lake?
• Which of the following does NOT terminate an easement?
• When may a broker disclose the seller's willingness to take a lower price without the seller's permission?
• What happens when an easement is created to benefit a particular parcel of land?
• If the warranties associated with a general warranty deed are not written into the deed, they are...
• Which of the following is considered a possessory interest in land?
• A complete transfer of a tenant's rights to another individual is referred to as what?
• What must be done if a property has a defective condition?
• What type of lease includes the possibility of automatic renewal unless either party takes action to terminate it?
• Which of the following is NOT a form of co-ownership?
• The four unities of possession, interest, time, and title are associated with which type of ownership?
• In which situation would a gift of real estate result in tenancy in common?
• In terms of property rights, which of the following best describes appurtenances?
• Which of the following is NOT considered a real cost of owning a home that people often overlook?
• Which factor does not influence demand for real estate?
• What is the role of a licensed real estate professional who acts as a point of contact in negotiations?
• The phrase "procuring cause of the sale" is most important under which form of listing contract?
• Which activity does not require a real estate license in Indiana?
• If a broker takes a listing over the phone but does not have it signed by the seller, what is true about the listing?
• What do you call the ownership of a unit where the owner also has shared ownership in common areas?
• M takes advantage of a business relationship with P to sign a contract of sale for an office building owned by P. P has been subjected to...
• When referring to real estate, what does the term 'improvements' legally include?
• Which of the following is not true if a counter offer is made by the seller?
• What type of interest allows one to have ownership rights of real estate that could continue forever?
• A married couple co-owns a farm with the right of survivorship. This arrangement is most likely
• What term describes the abandonment of an easement?
• How is an estate that is to revert back to the original owner upon a certain condition fulfilled described?
• What happens if an agent leaves the commission percentage blank on a listing contract?
• V and N are co-owners of a fee simple interest in a small office building. N dies intestate and leaves no estate to be distributed to his heirs. V is neither related to N nor a creditor of N. Which of the following would explain why V acquired the interest of N?
• A broker focused on maintaining a client's property while optimizing income return is known as what?
• What is the correct date for earnest money to be deposited if the offer was accepted on August 4?
• Which of the following is NOT a test for determining whether an item is a fixture?
• The credit report will be charged to the...
• Which type of ownership grants the right of survivorship?
• Which of the following would NOT be considered a modification or improvement to real estate?
• An easement appurtenant:
• A property valued at $150,000 generates an annual income of $18,000. What is the property’s capitalization rate?
• When can a time-share estate be sold?
• What action must be taken in the event of the death of the managing broker?
• What is the claim imposed by a taxing authority on a homeowner's property due to unpaid real estate taxes called?
• If a tenant makes an improvement for a physical disability, what may the landlord require?
• Which method of estimating value is most influenced by competition?
• Which construction characteristic makes a property unique, impacting its value and appeal in the market?
• What does an easement in gross signify?
• How does a sewer easement affect a homeowner's ability to build on their property?
• What factor is considered to have the greatest impact on the value of a property?
• In which ownership structure do co-owners hold an equal share and have the right of survivorship?
• Which of the following is not included in an individual's right to control their property?
• A property contains 10 acres. Which of the following describes that property?
• Which statement is true regarding a paint company's action of building tin shacks to store chemicals on scenic forest land?
• Which type of real estate includes both land and any permanent improvements on it?
• An appraiser valued a property at $95,000 with a monthly income of $1,108 and monthly expenses of $792. What capitalization rate did the appraiser use?
• What is considered the foremost consideration when purchasing a home?
• A property is described as the SW 1/4 of the SE 1/4 of the N 1/2 of the NE 1/4 section of 12. How many acres does it contain?
• Which of the following deeds contains no expressed or implied warranties?
• Which of the following factors would NOT affect supply?
• A grants a life estate in fee to B and thereafter to C. C holds a?
• Which statement is true concerning private ownership of real estate?
• Land is considered to be which of the following?
• Who is allowed to appraise for a fee in Indiana?
• What does purchasing a ticket for a professional sporting event provide the bearer?
• Listing contracts must be completed:
• Equity is best described as:
• Which of the following does NOT affect how quickly supply and demand forces operate?
• Which ownership type grants the right of survivorship automatically?
• What happens to a life estate upon the death of the life tenant?
• What is the fundamental purpose of the real estate commission?
• In which type of property ownership do all owners have equal rights and survivorship?
• Real property can become personal property by which method?
• When it comes to disclosing a property that is psychologically affected, what must a limited agent do?
• What is another term for personal property?
• When Mrs. D conveys her apartment building to a nursing home, what type of estate does she create?
• Which type of obsolescence occurs due to changes in consumer preferences or technology?
• What happens to K's ownership of the apartment building after U's death?
• The seller pays which of the following closing costs?
• What is the term for the process by which the government can acquire private land for public use?
• Each partner in a partnership must hold what requirement?
• Which of the following actions is NOT considered discriminatory?
• What happens to a joint tenancy if one owner passes away?
• Which approach considers the recapture rate when estimating value?
• Which term refers to the process of transferring mortgage responsibility to another party?
• Which of the following is a physical characteristic of land?
• The Real Estate Mortgage Investment Conduit (REMIC) has rules regarding?
• The words broker and realtor are:
• Which option describes a legal claim against a homeowner's property for unpaid taxes?
• Which use category of real property is not recognized?
• A trust is a legal arrangement whereby the title to property is held for the benefit of a third party by a(n)
• What is the definition of homestead in property law?
• Which of the following is NOT a physical characteristic of land?
• Which circumstance would not classify a property as psychologically affected?
• What occurs when a mortgage is paid off and the lender releases their claim on the property?
• What is a key feature of homestead property?
• A homeowner may be allowed certain protection from judgments of creditors as a result of the state's:
• What does leasehold ownership grant?
• Which situation requires disclosure on a real estate disclosure form?
• In a community property state, which of the following is acquired property?
• What is "pur autre vie" in property terms?
• When do items installed by a tenant for business purposes become real property?
• Which of the following best describes "community property"?
• If a tenant has an estate at will, how does the owner's death affect the lease?
• If a buyer cannot close due to insufficient funds, which action cannot the seller take?
• What can be inferred about the property owner's rights to the river water based on state law?
• In appraising a building using the income approach, what essential information does the appraiser need to know?
• What duty is a broker fulfilling by only showing a seller's property during specified hours?
• Which of the following statements best describes a leasehold estate?
• What obligation might a seller have to a broker after the listing expires if a buyer returns?
• What is the nature of interest in a tenancy in common?
• Which of the following is NOT a category of the uses of real property?
• A potential buyer must be given the Seller's Residential Real Estate Sales Disclosure form?
• Which of the following must all listing agreements comply with?
• What is the ownership status of K after U's death if they had no written partnership agreement?
• Which of the following arrangements would typically not allow heirs to inherit the property upon a co-owner's death?
• In a pur autre vie estate, who gains possession of the property if the beneficiary dies before the measuring life?
• In what venue is a cease and desist order from the Indiana Real Estate Commission enforceable?
• What type of estate does a hospital acquire if a donor conveys land "so long as it is used for hospital purposes"?
• If property is held by two or more owners as joint tenants, where does the interest of a deceased co-owner go?
• Which lease arrangement is typical for an apartment rented month-to-month?
• Three women were concurrent owners of a parcel of real estate. Upon one death, her interest became part of her estate. What was the deceased's ownership type?
• A broker receives 40% of the commission. If the seller received $43,500 after a 7% fee, how much did the broker earn?
• Which item listed below is commonly considered part of real property?
• Which of the following best describes a market condition where prices are expected to fall?
• Schools would be considered part of which real estate classification?
• S and N bought a store building and took title as joint tenants. N died testate. S now owns the store:
• Under a foreclosure, the equitable period of redemption is the time in which...
• The Ls sold their vacation home for $88,000 with a profit of 10%. What was the original cost of the property?
• The process of removing a fixture from the real estate is called what?
• Which factor is MOST likely to influence demand for real estate?
• If a buyer of a $125,000 home pays $2,000 in earnest money and has a loan commitment for 70% of the purchase price, what is the remaining cash needed to complete the transaction?
• What type of interest is granted when someone allows a neighbor to store a camper in their yard for free?
• Which of the following factors would not increase supply?
• What happens under the Curtesy Law upon a spouse's death?
• Which of the following is an allowable action for an unlicensed assistant?
• What is the primary responsibility of a property manager?
• The legal description "NE 1/4 of the NW 1/4 section 5" is representative of?
• A mortgagor would be released from the liability of the mortgage when there is...
• Which database reports and stores information related to residential property transactions?
• For joint tenancy in real estate, which unities must be present?
• What is the title of a real estate professional who prepares reports on a property's structure for buyers or owners?
• A property owner who has the legal right to use a neighbor's land holds a:
• What type of agent primarily assists landlords and tenants with rental agreements?
• A broker's association with a managing broker is terminated. The managing broker must return the broker's license to the commission within what period of time?
• What type of lease is defined as having a fixed term, such as six months, that does not renew automatically?
• In general, when the supply of a certain commodity increases:
• In a community property state, how is separate property defined?
• When Janeen conveyed her title to a hospital under the condition it must be used for medical purposes, what type of estate did the hospital receive?
• Which type of property arrangement allows either spouse to have ownership even if the other spouse dies?
• A REALTOR* is BEST described as an individual who is:
• How are fixtures categorized legally?
• The taxes on a property are $960 and the rate is $4 for every $100 of assessed value. What is the assessed value of the property?
• K is concerned about the location of a property. Her concern is referred to as?
• Upon selling mineral rights to an oil company, the buyer relinquishes which rights?
• What is the term for the process of converting real property into personal property?
• In the scenario where Q sells 1 acre of his 2-acre land and reserves an easement for ingress and egress, what type of tenement does Q own?
• Under the real estate recovery fund, the maximum amount that can be paid for a single claim is:
• Which lien will usually supersede all other liens against the title to a property?
• Several heirs received title to an office building in unequal shares as the result of a will. They would hold title as?
• When demand decreases and supply remains the same, what tends to happen to prices?
• The state needs to expand a highway from two lanes to four lanes. In order to obtain the property necessary for the expansion it must?
• M substantially misrepresents to Y the income on a commercial building that is for sale, and Y enters into a contract to purchase the building relying on that information. What recourse is available to Y?
• Which of the following legal doctrines governs water rights for users with recorded beneficial use permits?
• Which term describes the economic principle of supply and demand?
• A woman conveys ownership of a lot to a hospital "so long as it is used for hospital purposes". What type of estate does the hospital acquire?
• If the property being listed is owned by the entireties, for the contract to be valid and enforceable it...
• The point at which supply and demand are balanced is referred to as what?
• In obtaining a construction loan, if you borrow $112,000 at 6.25%, how much interest will need to be escrowed?
• If a licensee represents a clear and immediate danger to the public, what can occur?
• How many commissioners must be present to have a quorum for a meeting?
• If a seller takes a ceiling fan which was not specified in the sales contract, what is TRUE regarding the ceiling fan?
• A property owner who wishes to irrigate their potato field using river water must apply to which department for a permit?
• A legal arrangement under which the title to real property is held to protect the interest of a beneficiary is called a
• The non-navigable rights of a property owner along the banks of a river are called what?
• What is the most likely evidence of ownership in a cooperative?
• Which mortgage allows the borrower to withdraw equity from their home?
• If the owner of the dominant tenement also becomes the owner of the servient tenement, what happens to the easement?
• To qualify for exemption to familial status rules, under the Fair Housing Act, a property must meet all of the following requirements EXCEPT
• What are a property owner's water rights called when their land is located along a river?
• What term refers to the detailed characteristics of a population group?
• What happens to the price when demand for a commodity decreases while supply remains the same?
• A neighbor granted another neighbor the right to use a well on his property. What is this interest called?
• What is the maximum amount that may be paid from the real estate recovery fund per judgment against a licensee?
• D wishes to develop a large tract of land in three phases. D has the financial ability to buy and finance one-third of the property. What can D use to gain control over the other portions of the property until they are needed?
• When a broker applies for active status as a new agent, the application must include:
• What is it called when the owner of the property does not hold fee simple title?
• What does the doctrine of appropriative rights primarily concern?
• An owner conveys ownership of his residence to his church but reserves for himself a life estate. The future interest held by the church is a:
• What impact does increased construction of new homes generally have on existing home prices?
• In what form of ownership can a father and daughter take title to a property in unequal shares?
• Which form of ownership does NOT provide equal rights of possession?
• Which of the following is a legal life estate?
• A property's selling price is $96,000, and it requires a loan origination fee of 1.5% on the loan amount. What is the first step a buyer should take?
• When fencing materials are erected in a yard, they are converted to real estate by which process?
• Which of the following is not an example of government power?
• A portion of a building that was built on another's land is referred to as what?
• How many members must be present for a commission meeting to conduct official business?
• If a buyer wanted to secure a loan at 5% interest, what amount would they pay in interest on a $96,000 loan after one month?
• What type of ownership allows married couples to hold property together with rights of survivorship?
• Which of the following is NOT an advantage for owning investment real estate?
• A person who owns a unit in a multi-unit structure with an undivided interest in common elements would hold a:
• What is an essential feature of a cooperative ownership structure?
• What type of interest does Lonnie have in the property after conveying ownership to his mother?
• What type of right is granted when a developer allows a power company to install transmission lines?
• Which form of ownership includes both individual ownership and co-ownership simultaneously in a property?
• Which federal act permits the lender to ask for no more than one-sixth of the annual property taxes to be escrowed in advance?
• A homeowner allows friends to camp on their property without compensation. What is the nature of the right granted?
• A major manufacturer of automobiles announces that it will relocate one of its factories, along with 2000 employees, to a small town. What effect will this announcement MOST likely have on the small town's housing market?
• Prior to placing a For Sale sign on a property, the licensee must have:
• What is the penalty for contacting clients of an old firm after changing brokers?
• What is the role of a licensed real estate professional who acts as a point of contact in negotiations?
• What is the term for the concern a buyer has about a property's location being in a busy area?
• The buyer purchased an apartment complex based on fraudulent income statements. What is the status of the sales contract?
• A homeowners' property is damaged by flood waters. The repairs for the property would be covered by?
• A buyer's agent must notify the selling broker about their agency status...
• Which of the following is NOT a type of real estate ownership?
• You have a mortgage at 11% for 30 years. The PI constant is $475 per month and the principal balance is $45,800. How much principal would be reduced with the first payment?
• Advertising for real estate must have the name of the broker company in what way?
• What is the maximum residential unit count requiring a completed disclosure form?
• What type of real estate ownership is considered the most all-inclusive?
• Chain of title would be shown in the?
• When can the death of a leased property's owner lead to lease termination?
• In real estate transactions, what must be established regarding agreements between parties?
• How many escrow accounts may a managing broker have?
• If a homeowner disagrees with a utility company digging up their garden due to easement claims, how is the easement viewed?
• What is the definition of a homestead in real estate?
• What differentiates personal property from real property?
• Which factor does NOT affect demand?
• Which of the following would typically not be considered a fixture?
• Which type of interests in real estate allows for equal rights of possession?
• What is the broker's commission charge when a property sells for $72,000 with a 7% commission to the seller?
• What type of easement might a landlocked property owner obtain through court action?
• The settlement statements for all federally related residential loans must conform to which of the following?
• Which factor primarily affects supply in the real estate market?
• The annual tax bill on a home was $1,282 and was paid on December 31, 2014. The home sold and will close on April 23, 2015. How much will the tax proration be, using a calendar year and prorating to the day of closing?
• A real estate professional who has several years of experience in the industry decided to retire from actively marketing properties. Now this person helps clients choose among the various alternatives involved in purchasing, using, or investing in property. What is this person's profession?
• Which factor can lead to an increase in the overall supply of properties?
• What is needed for a broker to act as a limited agent?
• What total commission is paid by the seller when a property is listed for $73,000 and sold for $69,500 with a 7% commission split?
• When must the seller submit the disclosure statement to a prospective buyer?
• Which term describes the legal right of a government to seize private property?
• Under the rectangular survey method of describing property, which of the following contains 640 acres?
• What action can a government take to acquire private property for public use?
• When does earnest money remain in the trust account until?
• How long does a buyer have to revise their decision after changes to the seller's disclosure statement before closing?
• There must be a Seller's Residential Real Estate Disclosure for all of the properties except,
• What is a physical characteristic of land?
• What happens if the Department of Water Resources approves an application for water diversion?
• What is the primary purpose of a mortgage disclosure statement?
• If the managing broker dies, a broker has what maximum period of time to complete business already under contract?
• What is the term for the value an owner has in a property that exceeds the mortgage debt?
• What statement is correct about the residential sales disclosure form?
• Which of the following situations is considered to be an incompetent practice by the commission?
• Which of the following refers to ownership by one person?
• What is required for adverse possession to occur?
• Who is responsible for paying taxes on a cooperative property?
• Which type of easement is established for public utilities?
• The real property interest that takes the form of personal property is known as
• A broker changes firms and contacts the clients whose properties are still listed with the old firm for the purpose of getting them to list with the new firm. The broker may be subject to which of the following actions?
• A section is defined as?
• Which of the following does not affect the speed of supply and demand forces?
• What might cause an appraiser to value two identical properties differently if they were built 20 years ago?
• Regarding closing statements, which statement is true?
• In real estate, what is the term for improvements made to a property that enhance its value?
• What is the term for a legal document transferring ownership of property?
• A corporation is recognized as a legal entity or artificial person. What is the term for property owned solely by the corporation?
• A licensee has an agency relationship and is representing whom?
• What process allows the government to take control of a property when the owner dies without a will or legal heirs?
• Which statement accurately reflects the provision of management agreements?
• An ownership interest that is based on annual occupancy intervals is the:
• What criteria are used to determine whether an item is a fixture or personal property?
• What is an easement by prescription?
• What defines Ad Valorem Taxes?
• A property on Main Street that was formerly a retail store will become the site of a new city hall made possible by the government's power of:
• A lender would ask a borrower to provide which of the following as future protection against a loss due to title defect?
• In property management, what should the manager prioritize?
• How much cash must a buyer produce to complete a transaction for a property priced at $96,000 with a 10% down payment and a loan origination fee of 1.5%?
• If a tenant's lease expired on December 1st and they continued to occupy the space on December 2nd, what is the nature of their tenancy?
• What is a requirement for listing agreements?
• If M listed her property for sale at $100,000 and her cost was 80 percent of that price, what percentage profit will she realize if it is sold at the listing price?
• If two friends purchase a property with no further explanation on the deed, how did they take title?
• An owner purchased a right of possession for a house from July 10 to August 4 each year. What type of ownership has been purchased?
• Which of the following is NOT generally included in real estate?
• What type of ownership involves the right of each co-owner to have their share automatically pass to the other upon death?
• A license is an example of a:
• What does the term 'plottage value' refer to?
• For how long must a listing managing broker retain closing statements?
• What happens to joint tenancy when one owner conveys interest to a friend?
• What is a characteristic of community property?
• Which of the following is classified as NOT personal property?
• What is the form of ownership called where real property acquired during marriage belongs to both spouses equally?
• What happens to the interest rate in a fixed-rate mortgage?
• What term describes the property that has an easement appurtenant benefiting another property?
• A property owner's bundle of legal rights does not include the right to do which of the following?
• The Real Estate Settlement Procedures Act (RESPA) regulates?
• Who is responsible for paying the deed preparation fee?
• Your neighbors have an easement appurtenant over your driveway to access their garage. Your property is identified as what?
• A tenant would file a discrimination complaint, it would be filed with:
• What happens if a landlord does not repair critical amenities in a timely manner?
• Which statement correctly describes community property?
• Which characteristic of land refers to its limited supply?
• Many states allocate water rights based on which principle?
• If an applicant for a real estate license has a DUI, the Indiana Real Estate Commission may:
• Which of the following would be considered community property?
• A woman has installed large reading tables and bolted bookshelves in her bookstore. How are these items best characterized?
• Under which condition does a broker earn a commission?
• What type of investment allows for limited involvement but limited liability?
• What is a license in property law?
• What must a broker provide to the real estate commission when transferring from one firm to another?
• A broker owns a rental property and wishes to sell it. The broker must take which of the following actions?
• A Township contains?
• In a situation where a landowner wishes to retain control over lake frontage while allowing lot owners access, which type of easement would offer the most protection?
• A partition suit would be used under which circumstance?
• In a real estate transaction, who is typically responsible for ensuring that tax obligations are properly settled?
• What is the interest payment on a $96,000 loan at 5% interest for the first month?
• What is a loan origination fee?
• A lien on real estate is found in a?
• A listing agent requirement on a psychologically affected property is:
• Which type of estate typically allows for conditions on future ownership?
• According to law, a trade fixture is considered as which type of property?
• What is the type of easement referred to as a right-of-way for utility companies?
• The clause in the mortgage agreement that allows a lender to call the entire balance of the loan due prior to its maturity is the...
• What is the maximum late fee for reinstating a lapsed broker's license?
• Which profession typically assesses the value of residential properties for lending and sale purposes?
• If a licensee changes business addresses, the licensee should notify the commission of the change:
• A landowner who has ownership that can be inherited but with conditions for its use holds which type of estate?
• A lease has been signed by the landlord and tenant. The lease...
• What is the role of economic obsolescence in property appraisal?
• When a licensee renews their license, it must be done by:
• Income generated from investments is considered to be:
• How is the market for residential properties best described?
• Which of the following factors would NOT influence the desirability of a residential location?
• When can a temporary permit be utilized?
• Which of the following is not part of police powers?
• What can creditors do when suing a homeowner with homestead exemption under state law?
• A land deed states that no trailers are allowed to park on the property overnight. This statement in the deed is...
• In what type of loan is the interest rate tied to some economic index?
• A person who has complete control of a parcel of real estate is said to own which type of estate?
• For which of the following must the Residential Real Estate Sales Disclosure form be completed?
• When should the company policy on agency relationships be disclosed?
• What term describes the act of a broker mistakenly depositing earnest money into their business account instead of an escrow account?
• What is the nature of a lease when it is automatically renewed unless canceled by either party?
• If the proceeds received by the lender in the sale of a property in a foreclosure action were less than the total amount owed, the lender may seek a(n)...
• Which of the following would affect the taxpayer who owns commercial property but not one owning residential property when computing federal income taxes?
• If J refuses to lease an apartment to a man due to previous tenants being women only, which of the following statements is accurate?
• Who determines the list price of a property?
• Which investment is similar to a mutual fund and offers tax advantages?
• What type of lease is indicated if the lessor pays all property expenses?
• Under what conditions will the title to real estate undergo escheat?
• Who must hold a license to conduct real estate transactions on behalf of another party?
• Under which of the following mortgage types does the seller become the mortgagee?
• Under a typical listing agreement, how is the seller viewed in the transaction?
• What does "estate by entirety" mean?
• In preparing a broker price opinion, what should a broker follow?
• Which factor is typically considered the secondary consideration when purchasing a home?
• What type of market is characterized by high demand and limited supply?
• A lessee who pays all of the lessor's property expenses is associated with which type of lease?
• The effective gross income calculation primarily accounts for what aspect of a property?
• For a corporation to obtain a license, it must:
• Which form of ownership ensures that real property can be passed down to children in a will?
• When an easement runs with the land, what is implied about its use?
• The maximum property tax advance that can be escrowed by a lender is?
• What form of sanction cannot be imposed upon a practitioner guilty of an offense?
• A trust is a legal arrangement in which property is held for the benefit of a third party by a(n)
• In real estate transactions, which of the following is a common form of ownership?
• What type of estate does a son-in-law have if an heir is designated to inherit a property upon the death of the property holder?
• Which of the following describes an estate that can be created through a conveyance with conditions?
• What happens when land subject to an easement is sold to a new owner?
• A lender has an 80% loan to value ratio. The borrower was given a loan for $75,000. What was the value of the property?
• Which of the following has an indeterminable duration?
• A person lives in an apartment building owned by a corporation with one mortgage loan securing the property. What type of ownership does this represent?
• The rights of ownership of real property do NOT include which of the following?
• Under what condition is an agency relationship terminated according to a listing agreement?
• In a situation where a tenant does not pay rent, which concept allows the landlord to regain possession of the leasehold?
• If a parcel of land is divided and one of the lots has no street access, what is needed for the land-locked parcel?
• Which statement applies to both joint tenancy and tenancy by the entirety?
• What type of property does a man who owns one of 20 units in a building and has a 5% share in communal areas likely possess?
• If three claims have been filed against a licensee at the same time, how will the $50,000 from the recovery fund be distributed?
• Advertising must have the name of the broker company:
• What type of property right allows a landowner control over their property?
• If a property owner in a coastal area wants to stop people from walking on a beach in front of their property, what is likely to happen in court?
• What is the full fee for licensure as a broker?
• Which of the following describes the outcome when a co-owner dies intestate in a joint tenancy?
• When a man sells all topsoil and gravel from his inherited land, what happens to the property?
• Which of the following is required in a listing contract?
• Which of the following actions is not essential when entering into a listing contract on a property?
• A real estate investor may use this method to defer capital gains taxes: