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Indiana Laws Impacting Real Estate Practice

Terms in this set (18)

An owner of which of the following properties would be required to use the Indiana residential real estate sales disclosure?

A. A 16-unit apartment building

B. A mobile home park with 35 lots

C. A triplex

D. An office condominium
A triplex
The residential property condition disclosure is NOT required in which of the following property ownership transfers?

A. From one neighbor to another

B. First sale of occupied home

C. From father to son

D. Fort a transaction where the sales contact is under $100,000
From father to son
A residential property condition disclosure form must include
A note of estimated or approximated information
If a change is made to the property that affects the disclosure after the seller signs it, when must the seller disclose those changes to the buyer?
At or before closing
The property owner will be held liable for errors on the property condition disclosure form If
The owner was negligent in obtaining the information from third party
When must the seller disclose that a particular property is psychologically affected?
When a potential buyer asks
How many members make up the Indiana Real Estate Appraiser Certification Board?
7
Which of the following is NOT a licensing or certification requirement for appraisers?

A. No acts warranting disciplinary sanctions

B. Submit proof to U.S. citizenship or legal permanent residency

C. Provide fingerprints

D. Pay personal property taxes in full
Submit proof to U.S. citizenship or legal permanent residency
How many hours of education and training are required to become certified as a general appraiser?
300
How many hours of appraisal experience are necessary to become a certified residential appraiser?
2500
Performance appraisals without a license or certificate is a
Class B infraction
USPAP includes _________ statements and ________ options
10, 32
Which specific appraisal method is required by USPAP?

A. Sales companion approach

B. Cost approach

C. Income capitalization approach

D. None
None
Which USPAP standards were adopted by Title 876?
1 through 5
Why does a buyer typically need unfinanced cash to purchase a distressed property?
The condition of the property does not meet lender requirements
Who is not protected by the Privacy act?

A. John Jones, an incarcerated felon

B. Janet Bailey, and employee of the US Postal Service

C. Todd Jenkins, a circuit court judge

D. Shawn Kelly, an Irish citizen attending U.S. college on an expired visa
Shawn Kelly, an Irish citizen attending US college on an expired visa
The Dodd-Frank act is another name for
The Wall Street Reform and Consumer Protection Act
The Volcker Rule restricts
How banks invest
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