COLIBRI REAL ESTATE REAL
ESTATE EXPRESS FINAL EXAM 2026
STUDY GUIDE COMPREHENSIVE
QUESTIONS ANSWERS GRADED A+
◉ Chapter 1:
conditions affecting the property title
deposit or down payment procedures
riders
type of deed to be conveyedWhich is typically an element of a pre-
printed purchase contract? Select all correct responses. Answer:
conditions affecting the property title
deposit or down payment procedures
riders
type of deed to be conveyedWhich is typically an element of a pre-
printed purchase contract? Select all correct responses.
◉ A simple formula that leads to rapport with clients is Answer: Watch
+ Listen + Match.
◉ The Indiana Legislature granted IREC exclusive authority for which
function? Select all correct responses. Answer: adopt standards of
competent practice and rules of behavior
censure, deny, issue, revoke, or suspend licenses and/or licensees
conduct hearings to investigate complaints against licensees
,take action in circuit court to enforce license law
◉ Julia contracts with Joe to create the lace wedding dress she designed.
Joe shows up at the first fitting with a pink satin dress, although the
design is similar. Joe demands the full $8,200 indicated in the contract.
Julia refuses to pay. He sues, and the court rules that Julia owes him
nothing because this was Answer: a material breach.
◉ Attorney David is serving as executor of an estate that includes
Indiana real estate. Is David allowed to sell the property? Answer: Yes
◉ Who is required to receive a copy of the Indiana Residential Sales
Disclosure Form? Answer: buyer prior to acceptance of their offer
◉ At closing, who signs the new deed? Answer: the seller only
◉ Senate Bill 275 changed real estate licensing to a single licensure
structure with brokers and managing brokers having the same experience
and education requirements. Answer: False
◉ Adam and Jenny enter into an agreement wherein Adam will buy
Jenny's house at the asking price if Jenny will install a new roof and if
Adam can qualify for a loan sufficient to cover the purchase. Until the
roof is installed and the financing obtained, the contract is said to be
Answer: executory.
,◉ Upon termination, a licensee must turn over all listings and exclusive
buyer agency agreements to the managing broker. Answer: True
◉ An agreement in which the buyer is "open" to work with an unlimited
number of brokers, and only the broker who locates the property that the
buyer purchases is paid compensation is a(n) Answer: non-exclusive
buyer agency agreement.
◉ Who receives a copy of the purchase offer? Select all correct
responses. Answer: managing broker
prospective purchasers
sellers
◉ All advertising listing a property must display the name of the
managing broker or firm. Answer: True
◉ Which act(s) is designated as a Class A infraction of real estate laws
and regulations? Select all correct responses. Answer: attempting to
obtain a license through fraud or deception
committing acts in another state resulting in disciplinary action
engaging in false advertising
practicing with a license that is inactive or unassigned
◉ Which of the following is designated as an incompetent real estate
practice under Indiana real estate regulations? Select all correct
, responses. Answer: acting in dual capacity of licensee and undisclosed
client in any transaction
offering real property on any terms other than those authorized by the
owner
representing a managing broker other than the one with whom the
licensee is associated
◉ IREC may summarily suspend a broker's license without a hearing for
up to 90 days. Answer: True
◉ The Indiana Real Estate Commission (IREC) randomly conducts
investigations regarding potential license law violations Answer: False
IREC conducts investigations usually based on complaints or inquiries it
receives; it randomly conducts licensee audits
◉ If an individual's license is revoked, IREC must issue a new license
when the person applies after waiting seven years. Answer:
◉ The Indiana Real Estate Recovery Fund compensates those harmed
by specific illegal acts of Indiana licensees. This protects licensees from
losing their licenses and having to pay for the losses. Answer: false
◉ A licensee whose actions constitute an incompetent practice can be
found to have violated a state law and be subject to a sanction. Answer:
true
ESTATE EXPRESS FINAL EXAM 2026
STUDY GUIDE COMPREHENSIVE
QUESTIONS ANSWERS GRADED A+
◉ Chapter 1:
conditions affecting the property title
deposit or down payment procedures
riders
type of deed to be conveyedWhich is typically an element of a pre-
printed purchase contract? Select all correct responses. Answer:
conditions affecting the property title
deposit or down payment procedures
riders
type of deed to be conveyedWhich is typically an element of a pre-
printed purchase contract? Select all correct responses.
◉ A simple formula that leads to rapport with clients is Answer: Watch
+ Listen + Match.
◉ The Indiana Legislature granted IREC exclusive authority for which
function? Select all correct responses. Answer: adopt standards of
competent practice and rules of behavior
censure, deny, issue, revoke, or suspend licenses and/or licensees
conduct hearings to investigate complaints against licensees
,take action in circuit court to enforce license law
◉ Julia contracts with Joe to create the lace wedding dress she designed.
Joe shows up at the first fitting with a pink satin dress, although the
design is similar. Joe demands the full $8,200 indicated in the contract.
Julia refuses to pay. He sues, and the court rules that Julia owes him
nothing because this was Answer: a material breach.
◉ Attorney David is serving as executor of an estate that includes
Indiana real estate. Is David allowed to sell the property? Answer: Yes
◉ Who is required to receive a copy of the Indiana Residential Sales
Disclosure Form? Answer: buyer prior to acceptance of their offer
◉ At closing, who signs the new deed? Answer: the seller only
◉ Senate Bill 275 changed real estate licensing to a single licensure
structure with brokers and managing brokers having the same experience
and education requirements. Answer: False
◉ Adam and Jenny enter into an agreement wherein Adam will buy
Jenny's house at the asking price if Jenny will install a new roof and if
Adam can qualify for a loan sufficient to cover the purchase. Until the
roof is installed and the financing obtained, the contract is said to be
Answer: executory.
,◉ Upon termination, a licensee must turn over all listings and exclusive
buyer agency agreements to the managing broker. Answer: True
◉ An agreement in which the buyer is "open" to work with an unlimited
number of brokers, and only the broker who locates the property that the
buyer purchases is paid compensation is a(n) Answer: non-exclusive
buyer agency agreement.
◉ Who receives a copy of the purchase offer? Select all correct
responses. Answer: managing broker
prospective purchasers
sellers
◉ All advertising listing a property must display the name of the
managing broker or firm. Answer: True
◉ Which act(s) is designated as a Class A infraction of real estate laws
and regulations? Select all correct responses. Answer: attempting to
obtain a license through fraud or deception
committing acts in another state resulting in disciplinary action
engaging in false advertising
practicing with a license that is inactive or unassigned
◉ Which of the following is designated as an incompetent real estate
practice under Indiana real estate regulations? Select all correct
, responses. Answer: acting in dual capacity of licensee and undisclosed
client in any transaction
offering real property on any terms other than those authorized by the
owner
representing a managing broker other than the one with whom the
licensee is associated
◉ IREC may summarily suspend a broker's license without a hearing for
up to 90 days. Answer: True
◉ The Indiana Real Estate Commission (IREC) randomly conducts
investigations regarding potential license law violations Answer: False
IREC conducts investigations usually based on complaints or inquiries it
receives; it randomly conducts licensee audits
◉ If an individual's license is revoked, IREC must issue a new license
when the person applies after waiting seven years. Answer:
◉ The Indiana Real Estate Recovery Fund compensates those harmed
by specific illegal acts of Indiana licensees. This protects licensees from
losing their licenses and having to pay for the losses. Answer: false
◉ A licensee whose actions constitute an incompetent practice can be
found to have violated a state law and be subject to a sanction. Answer:
true
