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The Indiana Association of REALTORS provides:

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Question & Answer

Review the question and all answer choices

A

No standard forms

It is factually incorrect that the IAR provides no standard forms; the organization's primary practical service to its members is precisely the development and distribution of standardized transaction documents.

B

Standard contract forms commonly used in transactions

Correct Answer
C

Only commercial forms

The IAR provides forms for both residential and commercial transactions, not exclusively commercial forms; residential purchase agreements are among the most commonly used IAR documents in everyday practice.

D

Government-mandated forms

IAR forms are not government-mandated; they are association-created resources that members voluntarily use. While some disclosure forms may be required by Indiana law, the contract forms themselves are not government documents.

Why is this correct?

The Indiana Association of REALTORS develops and maintains standard purchase agreement forms, addenda, and disclosure documents that are widely used across Indiana residential real estate transactions. These forms are created with input from real estate attorneys and are designed to comply with Indiana contract law and disclosure requirements. Because they are the de facto standard in Indiana practice, familiarity with them is essential for every Indiana licensee.

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