IN: Statutory and Regulatory requirements 22%

Question 1

Broker’s ads?

Answer 1

If broker’s name is in the ad, it must also show the name of the brokerage with which the broker is associated. If the space does not allow this, the ad must have a link to display where the broker company name appears.

Question 2

Listing agreement protocols

Answer 2

Give sellers a signed copy of the listing agreement within 3 business days

Question 3

Contingencies

Answer 3

Earnest $ can be returned to the buyer when contingencies are not satisfied.

Question 4

File request protocols

Answer 4

Upon request, brokers must provide last 5 years of data within 24 hrs

Question 5

IN Appraisals

Answer 5

Licensees who are not state related may perform appraisals for non-federally regulated transactions valued at less than $250K

Question 6

Types of appraisers

Answer 6

Trainee appraiser, certified general appraiser, certified residential appraiser

Question 7

Sellers residential disclosure form

Answer 7

First time homes, foreclosures, and transfers due to court orders are exempt

Question 8

HOA disclosure length

Answer 8

at least 10 days prior to closing

Question 9

Amended disclosures from the seller___?

Answer 9

Buyers have two business days to terminate the contract in writing