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Indiana 90-Hour Real Estate Broker Pre-Licensing Course > Indiana Real Estate Law > Flashcards

Indiana Real Estate Law Flashcards

1
Q

What are the four sources of law in the U.S.?
A) Statutory law
B) Court law
C) Administrative laws and ordinances
D) Common law
E) Constitutional law
F) Case law

A

A) Statutory law
C) Administrative laws and ordinances
E) Constitutional law
F) Case law

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2
Q

Constitutional law regulates
A) Government action
B) Is enacted by administrative agencies
C) It can be used to modify or overturn other sources of law
D) Is enacted by the government
E) Comes from the Federal Courts

A

A) Government action

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3
Q

Statutory law is inferior to Constitutional Law
True
False

A

True

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4
Q

Administrative laws are enacted by local governments within the state

True
False

A

False

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5
Q

The US Constitution is the supreme source of law and is applicable in every state.

True
False

A

True

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6
Q

What does the Statutory law regulates?
A) laws and ordinances
B) Individual or private section
C) Public agencies
D) Professional licenses

A

B) Individual or private section

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7
Q

Statutory law is inferior or superior to constitutional law?

A

Inferior

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8
Q

Can a statute conflict with or supersede a constitutional rights?

A

No

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9
Q

Federal laws/statutes are enacted by Congress and include areas of mortgage lending, environmental laws, and civil rights.

True
False

A

True

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10
Q

Which law regulates individual or private action?
A) Administrative Laws/Ordinances
B) Constitutional Law
C) Statutory Law
D) Case Law

A

C) Statutory Law

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11
Q

Which law regulates government action?
A) Administrative Laws/Ordinances
B) Constitutional Law
C) Statutory Law
D) Case Law

A

B) Constitutional Law

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12
Q

Which law governs the creation and operation of public regulatory agencies (boards, commissions, departments, etc.)
A) Administrative Laws/Ordinances
B) Constitutional Law
C) Statutory Law
D) Case Law

A

A) Administrative Laws/Ordinances

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13
Q

Establishes legal precedent as a result of the court’s interpretation of other sources of law
A) Administrative Laws/Ordinances
B) Constitutional Law
C) Statutory Law
D) Case Law

A

D) Case Law

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14
Q

This is the supreme source of law, and it’s based on the U.S. Constitution.
A) Constitutional Law
B) Statutory Law

A

A) Constitutional

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15
Q

This source of law is applicable in every state and is the basis for every state constitution.
A) Constitutional Law
B) Statutory Law

A

A) Constitutional

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16
Q

The laws associated with this source of law at the federal level are enacted by Congress and include areas of mortgage lending, environmental laws, and civil rights.
A) Constitutional Law
B) Statutory Law

A

B) Statutory Law

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17
Q

The laws associated with this source of law at the state level are enacted by state governments and include real property, professional licensure, and agency laws.
A) Constitutional Law
B) Statutory Law

A

B) Statutory Law

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18
Q

The laws associated with this source of law are enacted by administrative agencies, which are governmental bodies of the city, county, state, or federal government.
A) Administrative Laws and Ordinances
B) Case Law

A

A) Administrative Laws and Ordinances

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19
Q

Legislation associated with this source of law is allowed by the state and enacted by local governments within the state. Examples include zoning and building codes.
A) Administrative Laws and Ordinances
B) Case Law

A

A) Administrative Laws and Ordinances

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20
Q

The laws associated with this source of law are created when judges rule on the facts of a particular case.
A) Administrative Laws and Ordinances
B) Case Law

A

B) Case Law

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21
Q

Administrative laws and ordinances can supersede statutory law.
True
False

A

False

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22
Q

State constitutions can’t supersede or conflict with the U.S. Constitution.
True
False

A

True

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23
Q

A statute can’t conflict with or attempt to supersede constitutional rights.
True
False

A

True

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24
Q

Ordinances may not conflict with state or federal law.
True
False

A

True

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25
Q

Case law can’t be used to modify or overturn other sources of law.
True
False

A

False

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26
Q

Which source of law impacts real estate matters, such as mortgage lending, environmental laws, civil rights, real property, professional licensure, and agency laws?

A) Constitutional law
B) Statutory law
C) Administrative laws and ordinances
D) Case law

A

B) Statutory law

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27
Q

Types of Indiana Trial Courts

A

General Jurisdiction
Circuit and Superior

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28
Q

Number of Indiana appellate Districts

A

5

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29
Q

Minimum number of judges in each appellate district

A

3

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30
Q

Dispute resolutions that don’t involve litigation

A

Arbitration and mediation

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31
Q

One individual or entity sues another for compensation

A

Civil Litigation

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32
Q

The government sues an individual or entity for violating a law in order to punish the wrongdoer and protect society

A

Criminal Litigation

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33
Q

The losing party in a lawsuit challenges the lower court’s decision in a higher court

A

Appeal

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34
Q

Town or city court, trial court, Court of Appeals, and Indiana Supreme Court

A

Indiana state court system

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35
Q

1 yard = ______ ft

A

3 ft

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36
Q

1 sq ft = _______ sq in

A

144 sq in

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37
Q

1 rod = ______ ft.

A

16.5 ft

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38
Q

1 meter = ______ in

A

39.37in

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39
Q

1 sq yd = ______ sq ft

A

9 sq ft

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40
Q

1 Acre = ___________ sq ft

A

43560 sq ft

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41
Q

1 sq mi = __________ section

A

1 section

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42
Q

640 acres = _______ sq mi

A

1 sq mi

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43
Q

1 mile = ________ ft

A

5280 ft

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44
Q

Perimeter = ____________________

A

Addition of each side

45
Q

Find the perimeter of:

A

74’

46
Q

Find the area of:

A

196 sq ft

47
Q

Find the area of:

A

408 sq ft

48
Q

Find the area of:

A

2100 sq ft

49
Q

A lot has an area of ________ sq ft

A

30000 sq ft

50
Q

1 hectar = ___________ acres

A

2.47 acres

51
Q

1 hectar = ____________ SQ Meters

A

10,000 Sq Mt

52
Q

A lot has an area of 10 acres. How many hectares is this?

A

4.05 hectares

53
Q

1 Circle = _______ degrees

A

360 degrees

54
Q

Acronym for the bundle of rights:

A

D Disposition
E Enjoyment
E Exclusion
P Possession
C Control

55
Q

Acronym for the Agency/Fiduciary Responsabilities

A

C Care & Skill
O Obedience
L Loyalty
D Disclosure

A Accounting
C Confidentiality

56
Q

Acronym to test a fixture

A

M Method of Annexation
A Adaptability
R Relationship of the parties
I Intent
A Agreement of the parties

57
Q

Acronym for Governmental Powers

A

P Police Power
E Eminent Domain
T Taxation
E Escheat

58
Q

Acronym for Joint Tenancy Requirements

A

P Possession
I Interes
T Time
T Title

59
Q

Acronym for Adverse Possission

A

C Continuous
N Notorious
O Open
A Adverse
H Hostile

60
Q

Acronym for a valid contract

A

Very Precise Lawyers write Clear Contracts

V Voluntary
P Promise or Agreement between the parties
L Legal objective
C Component parties
C Consideration

61
Q

Acronym for Risk Management Techniques

A

A Avoid
C Control
T Transfer
R Retain

62
Q

Acronym for housing payment

A

P Principal
I Interest
T Taxes
I Insurance

63
Q

Acronym for Debt to Income Ratio

A

DTI

64
Q

Acronym for Adjustable Rate Mortgage

A

ARM

65
Q

Acronym for Loan to Value Ratio

A

LTV

66
Q

Acronym for Private Mortgage Insurance

A

PMI

67
Q

Acronym for Mortgage Insurance Premium

A

MIP (FHA Insured Loans)

68
Q

Acronym for Home Equity Line of Credit

A

HELOC

69
Q

Acronym for Truth in Lending Act

A

TILA

70
Q

Acronym for Real Estate Settlement Procedures Act

A

RESPA

71
Q

Acronym for Financing Legislation

A

T Tila
R Respa
I Integrated
D Disclosure

72
Q

Acronym for Uniform Standards of Professional Appraisal Practice

A

USPAP

73
Q

Acronym for Comparative Market Analysis

A

CMA

74
Q

Acronym for Broker Price Opinion

A

BPO

75
Q

Acronym for To Have Value

A

D Demand
U Utility
S Scarcity
T Transferability

76
Q

Acronym for Types of Liens

A

V Voluntary
I Involuntary
S Statutory
E Equitable

77
Q

Which phases make up the real estate cycle

A

Expansion
Over Supply (AKA Hyper-Supply)
Recession
Recovery

78
Q

1 hectar = ___________ acres

A

2.47 acres

79
Q

Real estate professionals keep a multitude of other professionals busy during the buying and selling process.
Which of these professionals or entities are most active during the construction phase of real estate?

Appraisers
General contractors
Lenders
Title companies

A

General contractors

80
Q

In which phase of the real estate market would you expect to see unemployment increasing, prices falling, and foreclosures on the rise?

Expansion
Over supply
Recession
Recovery

A

Recession

81
Q

The two best places for licensees to spend their marketing dollars are in their sphere of influence and in ______.

A) Down-cycle survival kits
B) High-end advertising
C) Leads services
D) Their farm area

A

D) Their farm area

82
Q

During what time of year are people least likely to want to move?

A) In the early spring
B) Mid-summer
C) Over the winter holidays
D) When school starts

A

C) Over the winter holidays

83
Q

Which of the following best describes the state of the market during the expansion phase of the real estate cycle?

A) High but stabilized unemployment and a high number of foreclosures

B) Increases in hiring, employment, and public confidence, and lots of buyers in the market

C) Properties selling at inflated prices, many buyers in the market, and lots of new construction

D) Unemployment increasing, prices falling, and foreclosures on the rise

A

B) Increases in hiring, employment, and public confidence, and lots of buyers in the market

84
Q

During which phase of the real estate cycle is local government most directly involved?

A) Construction
B) Living
C) Moving
D) Planning

A

D) Planning

85
Q

Which one of the following best describes the state of the market during the recession phase of the real estate cycle?

A) High but stabilized unemployment and a high number of foreclosures

B) Increases in hiring, employment, and public confidence, and lots of buyers in the market

C) Properties selling for more than they’re worth, many buyers in the market, and lots of new construction

D) Unemployment increasing, prices falling, and foreclosures on the rise

A

D) Unemployment increasing, prices falling, and foreclosures on the rise

86
Q

Who or what is a licensee’s sphere of influence?

A) A list of contacts, both personal and professional, who already know and trust the licensee

B) Co-workers who work for the same brokerage as the licensee

C) Family and friends to whom a licensee listens regarding business matters

D) The code of ethics published by the National Association of REALTORS®

A

A) A list of contacts, both personal and professional, who already know and trust the licensee

87
Q

Which one of the following best describes the state of the market during the recovery phase of the real estate cycle?

A) High but stabilized unemployment and a high number of foreclosures

B) Increases in hiring, employment, and public confidence, and lots of buyers in the market

C) Properties selling for more than they’re worth, many buyers in the market, and lots of new construction

D) Unemployment increasing, prices falling, and foreclosures on the rise

A

A) High but stabilized unemployment and a high number of foreclosures

88
Q

An increase in foreclosures and a drop in home prices is most likely to occur in what phase of the real estate cycle?

A) Expansion
B) Over-supply
C) Recession
D) Recovery

A

C) Recession

89
Q

In the secondary market, how are mortgages grouped together and sold?

A) Collateral
B) Equitable titles
C) Leverage
D) Mortgage-backed securities

A

D) Mortgage-backed securities

90
Q

How does the consumer provide economic support to a community in the living phase of the real estate cycle?

A) By paying income taxes
B) By purchasing and consuming local goods and services
C) By purchasing construction supplies
D) By purchasing moving services

A

B) By purchasing and consuming local goods and services

91
Q

During which phase of the real estate cycle does a real estate professional have the most direct impact?

A) Buying/selling
B) Construction
C) Living
D) Planning

A

A) Buying/selling

92
Q

Which of the following statements is true about national lending intuitions?

A) Mortgage-backed securities are offered by credit unions.
B) They control the flow of the local money supply.
C) They fund loans to borrowers.
D) They sell packaged loans to investors.

A

D) They sell packaged loans to investors.

93
Q

When does a seller’s market occur?

A) When both supply and demand are high
B) When both supply and demand are low
C) When supply is high and demand is low
D) When supply is low and demand is high

A

D) When supply is low and demand is high

94
Q

Which of the following is not one of the guidelines for marketing to your sphere?

A) Be consistent.
B) Be patient.
C) Don’t advertise anywhere else.
D) Stay in touch.

A

C) Don’t advertise anywhere else.

95
Q

Stabilizing unemployment and foreclosures may signal that we’re in which phase of the real estate market cycle?

A) Expansion
B) Over supply
C) Recession
D) Recovery

A

D) Recovery

96
Q

Undervalued properties and a surplus of inventory are most likely to occur in what phase of the real estate market cycle?

A) Expansion
B) Oversupply
C) Recession
D) Recovery

A

C) Recession

97
Q

Edward is an economic analyst. In his work, he keeps a particularly close eye on this industry, because action or inaction here is a leading indicator of the country’s overall economy. Which industry is this?

A) Construction
B) Education
C) Healthcare
D) Manufacturing

A

A) Construction

98
Q

Which professionals are most utilized by the buyer prior to closing?

A) Lenders and real estate agents only
B) Lenders, title companies, and home inspectors only
C) Lenders, title companies, appraisers, and home inspectors
D) Title companies and home inspectors only

A

C) Lenders, title companies, appraisers, and home inspectors

99
Q

Which of the following entities commonly acts in the primary market?

A) Fannie Mae
B) Federal Home Loan Bank
C) Local credit union
D) Private investors

A

C) Local credit union

100
Q

In a buyer’s market, what causes prices to go down?
Unset starred question

A) Demand exceeds supply.
B) Supply and demand are equal.
C) Supply exceeds demand.
D) Supply quality improves.

A

C) Supply exceeds demand.

101
Q

In which phase of the real estate market would you expect to see properties selling for more than they’re worth, many buyers in the market, and lots of new construction?

A) Expansion
B) Over supply
C) Recession
D) Recovery

A

B) Over supply

102
Q

In which phase of the real estate market would you expect to see unemployment and foreclosures remain high but begin to stabilize?

A) Expansion
B) Over supply
C) Recession
D) Recovery

A

D) Recovery

103
Q

In most markets, in which month would a real estate down-cycle typically start?

A) December
B) February
C) January
D) November

A

D) November

104
Q

When does a buyer’s market occur?

A) When both supply and demand are high
B) When both supply and demand are low
C) When supply is high and demand is low
D) When supply is low and demand is high

A

C) When supply is high and demand is low

105
Q

When does a stagnant real estate market occur?

A) When both supply and demand are high
B) When both supply and demand are low
C) When supply is high and demand is low
D) When supply is low and demand is high

A

B) When both supply and demand are low

106
Q

In a seller’s market, what causes prices to go up?

A) Demand exceeds supply.
B) Supply and demand are equal.
C) Supply exceeds demand.
D) Supply quality improves.

A

A) Demand exceeds supply.

107
Q

The city of River Heights is experiencing a shortage of skilled workers in the construction trades. Is this likely to affect the real estate market, and if so, how?

A) No, this situation would have no effect on the real estate market.
B) Yes, this would decrease demand for homes because there are fewer workers in the construction industry, potentially creating a buyer’s market.
C) Yes, this would impact the supply of homes on the market, potentially creating a seller’s market.
D) Yes, this would reduce the number of real estate licensees selling property, potentially creating a stagnant market.

A

C) Yes, this would impact the supply of homes on the market, potentially creating a seller’s market.

108
Q

In which phase of the real estate market would you expect to see an increase in hiring and employment, increased public confidence, and an increase in buyers in the market?

A) Expansion
B) Over supply
C) Recession
D) Recovery

A

A) Expansion

Indiana 90-Hour Real Estate Broker Pre-Licensing Course (2 decks)

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