reglab/housing_qa huggingface dataset:
IN Code § 25-34.1-2-5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 2. Creation of Commission|25-34.1-2-5. Powers of Commission

Sec. 5. The commission may:(1) administer and enforce the provisions of this article;(2) adopt rules in accordance with IC 4-22-2 and prescribe forms for licenses, applications, and other documents which are necessary or appropriate for the administration and enforcement of this article;(3) issue, deny, suspend, and revoke licenses in accordance with this article, which licenses shall remain the property of the commission;(4) subject to IC 25-1-7, investigate complaints concerning licensees or persons the commission has reason to believe should be licensees, including complaints respecting failure to comply with this article or the rules, and, when appropriate, take action pursuant to IC 25-34.1-6;(5) bring actions, in the name of the state of Indiana, in an appropriate circuit court, superior court, or probate court in order to enforce compliance with this article or the rules;(6) inspect the records of a licensee in accordance with rules and standards prescribed by the commission;(7) conduct, or designate a member or other representative to conduct, public hearings on any matter for which a hearing is required under this article and exercise all powers granted in IC 4-21.5;(8) adopt a seal containing the words "Indiana Real Estate Commission" and, through its executive director, certify copies and authenticate all acts of the commission;(9) utilize counsel, consultants, and other persons who are necessary or appropriate to administer and enforce this article and the rules;(10) enter into contracts and authorize expenditures that are necessary or appropriate, subject to IC 25-1-6, to administer and enforce this article and the rules;(11) maintain the commission's office, files, records, and property in the city of Indianapolis;(12) grant, deny, suspend, and revoke approval of examinations and courses of study as provided in IC 25-34.1-5;(13) provide for the filing and approval of surety bonds which are required by IC 25-34.1-5;(14) adopt rules in accordance with IC 4-22-2 necessary for the administration of the investigative fund established under IC 25-34.1-8-7.5;(15) adopt emergency rules under IC 4-22-2-37.1 to adopt any or all parts of Uniform Standards of Professional Appraisal Practice (USPAP), including the comments to the USPAP, as published by the Appraisal Standards Board of the Appraisal Foundation, under the authority of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (12 U.S.C. 3331-3351);(16) exercise other specific powers conferred upon the commission by this article; and(17) adopt rules under IC 4-22-2 governing education, including prelicensing, postlicensing, and continuing education.As added by Acts 1979, P.L.248, SEC.1. Amended by Acts 1981, P.L.222, SEC.260; P.L.7-1987, SEC.129; P.L.145-2003, SEC.8; P.L.177-2009, SEC.58; P.L.127-2012, SEC.9; P.L.200-2013, SEC.3; P.L.84-2016, SEC.113.
IN Code § 25-34.1-2-5.1 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 2. Creation of Commission|25-34.1-2-5.1. Standards for Competent Practice; Rules

Sec. 5.1. The commission shall adopt rules establishing standards for the competent practice of the various occupations regulated in this article.As added by Acts 1981, P.L.222, SEC.261.
IN Code § 25-34.1-2-7 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 2. Creation of Commission|25-34.1-2-7. Report of Funds; Deposit; Payment of Expenses; Fee for Investigative Fund

Sec. 7. (a) Except as provided in subsection (b), all funds collected under this article shall, at the end of each month, be reported to the auditor of state and deposited with the treasurer of state for deposit in the general fund. All expenses incurred in the administration of this article shall be paid from the general fund.(b) The commission shall establish a fee of not more than twenty dollars ($20) for real estate brokers to provide funds for the purpose of administering and enforcing the provisions of this article, including investigating and taking enforcement action against real estate fraud and real estate appraisal fraud. All funds collected under this subsection shall be deposited in the investigative fund established by IC 25-34.1-8-7.5.As added by P.L.57-2007, SEC.2. Amended by P.L.127-2012, SEC.10.
IN Code § 25-34.1-3-1 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-1. Registration or License Requirements; Fees or Charges

Sec. 1. Any agency or political subdivision of the state other than the commission may not impose any registration or license requirement or any license or employment fee or charge on licensees on account of activities defined in IC 25-34.1.As added by Acts 1979, P.L.248, SEC.1.
IN Code § 25-34.1-3-4.5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-4.5. Broker Compensation

Sec. 4.5. (a) A broker company may pay compensation directly to a business entity that is owned by a broker and associated with the broker company and that has been formed for the purpose of receiving compensation earned by the broker.(b) A business entity that receives compensation from a broker company as provided for in this section:(1) is not required to be licensed as a broker company; and(2) must be owned:(A) solely by the broker; or(B) by the broker and the broker's spouse, if the spouse is not licensed.As added by P.L.32-2020, SEC.2.
IN Code § 25-34.1-3-5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-5. Licensing of Nonresident; Consent to Service of Process; Waiver

Sec. 5. (a) A resident of another state who meets the requirements of this chapter may be licensed.(b) A nonresident broker shall file with the commission a written consent that any action arising out of the conduct of the licensee's business in Indiana may be commenced in any county of this state in which the cause of action accrues. The consent shall provide that service of process may be made upon the commission, as agent for the nonresident licensee, and that service in accordance with the Indiana Rules of Trial Procedure subjects the licensee to the jurisdiction of the courts in that county.(c) The requirements of subsections (a) and (b) may be waived for individuals who reside in or are moving from other jurisdictions if the following requirements are met:(1) The jurisdiction grants the same privilege to the licensees of this state.(2) The individual is licensed in that jurisdiction.(3) The licensing requirements of that jurisdiction are substantially similar to the requirements of this chapter.(4) The applicant states that the applicant has studied, is familiar with, and will abide by the statutes and rules of this state.However, subdivision (1) need not be met in order for the requirements of subsections (a) and (b) to be waived in the case of an individual moving to Indiana from another jurisdiction.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.255-1987, SEC.4; P.L.64-2004, SEC.19; P.L.127-2012, SEC.14; P.L.116-2015, SEC.3.
IN Code § 25-34.1-3-6 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-6. Change of Name, Business Address, or Association of Licensee or Managing Broker

Sec. 6. Each licensee and each licensee's managing broker, if any, shall notify the commission immediately of any change of name, name under which the licensee transacts business, business address, or association.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.127-2012, SEC.15.
IN Code § 25-34.1-3-8 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-8. Real Estate Appraiser Licensure and Certification Program; Necessity for Licensure or Certification

Sec. 8. (a) This section does not preclude a person who:(1) is not licensed or certified as a real estate appraiser under this section; and(2) is licensed as a broker under this article;from appraising real estate in Indiana for compensation.(b) As used in this section, "federal act" refers to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (12 U.S.C. 3331 through 3351).(c) The commission shall adopt rules to establish a real estate appraiser licensure and certification program to be administered by the board.(d) The commission may not adopt rules under this section except upon the action and written recommendations of the board under IC 25-34.1-8-6.5.(e) The real estate appraiser licensure and certification program established by the commission under this section must meet the requirements of:(1) the federal act;(2) any federal regulations adopted under the federal act; and(3) any other requirements established by the commission as recommended by the board, including requirements for education, experience, examination, reciprocity, and temporary practice.(f) The real estate appraiser licensure and certification requirements established by the commission under this section must require a person to meet the standards for real estate appraiser certification and licensure established:(1) under the federal act;(2) by federal regulations; and(3) under any other requirements established by the commission as recommended by the board, including requirements for education, experience, examination, reciprocity, and temporary practice.(g) The commission may require continuing education as a condition of renewal for real estate appraiser licensure and certification.(h) The following are not required to be a licensed or certified real estate appraiser to perform the requirements of IC 6-1.1-4:(1) A county assessor.(2) A township assessor.(3) An employee of a county or township assessor.(i) Notwithstanding IC 25-34.1-3-2(a):(1) only a person who receives a license or certificate issued under the real estate appraiser licensure and certification program established under this section may appraise real estate involved in transactions governed by:(A) the federal act; and(B) any regulations adopted under the federal act;as determined under rules adopted by the commission, as recommended by the board; and(2) a person who receives a license or certificate issued under the real estate appraiser licensure and certification program established under this section may appraise real estate not involved in transactions governed by:(A) the federal act; and(B) any regulations adopted under the federal act;as determined under rules adopted by the commission, as recommended by the board.As added by P.L.186-1990, SEC.12. Amended by P.L.183-1991, SEC.7; P.L.57-2007, SEC.3; P.L.146-2008, SEC.530.
IN Code § 25-34.1-3-9.5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-9.5. Fees; Real Estate Appraiser Licensure and Certification Program

Sec. 9.5. (a) The commission shall establish fees under IC 25-1-8-2 to implement section 8 of this chapter.(b) Notwithstanding IC 25-1-8-2, a fee established under IC 25-1-8-2 to implement section 8 of this chapter may not be less than fifty dollars ($50).(c) The commission shall establish fees to provide funding for the investigative fund established by IC 25-34.1-8-7.5. The fees under this subsection may not be more than twenty dollars ($20).(d) The board may collect a fee required by federal law and transmit the fees to the federal government as required by federal law.(e) A fee described in subsection (a) is in addition to any fees required by federal law.As added by P.L.57-2007, SEC.4.
IN Code § 25-34.1-3-10 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-10. Inactive License Requirements; Continuing Education; Reactivation Requirements

Sec. 10. (a) A broker licensed under section 4.1 of this chapter may apply for and receive an inactive license from the commission.(b) An individual may not be granted an inactive license without the approval of the commission if a disciplinary or suspension hearing is pending against the individual.(c) An individual with an inactive license:(1) may not perform an act that requires a broker's license;(2) is not required to fulfill the continuing education requirements under IC 25-34.1-9;(3) is required to pay any fees that a licensee is required to pay; and(4) must fulfill the:(A) requirements under IC 25-34.1-9-11 for the current licensing period; or(B) postlicensing education requirements as described in subsection (f);whichever is applicable, before applying for reactivation of the individual's license.(d) Notwithstanding IC 25-34.1-9-11(2), the commission may adopt rules under IC 4-22-2 establishing continuing education requirements for individuals who have reactivated a license with less than twelve (12) months remaining in the licensing period.(e) A valid inactive salesperson license issued before July 1, 2014, under subsection (a), becomes a broker's license on July 1, 2014.(f) Notwithstanding subsection (c), an individual whose salesperson's license becomes a broker's license under subsection (e) may not perform an act that requires a broker's license under this article unless the individual does all of the following:(1) Completes at least twenty-four (24) hours of the education described in IC 25-34.1-5-5.(2) Meets the requirements to be a licensed broker under IC 25-34.1-3-4.1.(3) Attests to the commission that the individual has completed the twenty-four (24) hours of education described in subdivision (1).(g) Beginning July 1, 2014, a person who was licensed as a salesperson under section 3.1 of this chapter, before its repeal, and who applies for reactivation must complete the twenty-four (24) hour course required to become a broker under this article. The course described under this subsection may count toward the person's continuing education requirements.(h) Beginning June 30, 2014, a broker licensed after June 30, 2014, who becomes inactive before completing the thirty (30) hour postlicensing education required under section 4.1(f) of this chapter, must complete the thirty (30) hours of postlicensure education before reactivation of the broker's license.As added by P.L.120-1992, SEC.1. Amended by P.L.157-2006, SEC.73; P.L.127-2012, SEC.16; P.L.200-2013, SEC.4; P.L.200-2013, SEC.5.
IN Code § 25-34.1-3-10.5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-10.5. "Referral Status"

Sec. 10.5. (a) For purposes of this section, "referral status" means that the commission has granted an applicant of a license a waiver under IC 25-34.1-9-19 as a result of the applicant meeting the requirements under IC 25-34.1-9-19(2).(b) For purposes of this section, "salesperson" has the meaning set forth in IC 25-34.1-1-2(5) (before that subdivision was removed).(c) For purposes of this section, "salesperson's license" means a license issued under section 3.1 of this chapter (before its repeal).(d) Subject to subsection (e), the following applies to an individual whose salesperson's license is in referral status on June 30, 2014:(1) On July 1, 2014, the salesperson's license of the individual becomes a broker's license under this article.(2) The individual may continue to make referrals to a licensed broker after June 30, 2014.(e) An individual whose salesperson's license becomes a broker's license under subsection (d) may only make referrals to a licensed broker and may not perform any other act that requires a broker's license under this article unless the individual does all of the following:(1) Completes at least twenty-four (24) hours of the education described in IC 25-34.1-5-5.(2) Meets the requirements to be a licensed broker under IC 25-34.1-3-4.1.(3) Attests to the commission that the individual has completed the twenty-four (24) hours of education described in subdivision (1).(f) If:(1) a broker is licensed under this article after June 30, 2014; and(2) the broker's license is placed on referral status before the broker completes the thirty (30) hours of postlicensing education required under section 4.1(f) of this chapter;the broker must complete the thirty (30) hours of postlicensing education before the broker's license may be moved from referral status and the broker may perform acts that require a broker's license under this article beyond making referrals to licensed brokers.As added by P.L.127-2012, SEC.17.
IN Code § 25-34.1-3-12 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 3. Licensing|25-34.1-3-12. Criminal Convictions

Sec. 12. A licensee who is convicted of a crime (as defined in IC 33-23-1-4) shall send a copy of the:(1) complaint or other information that describes the crime; and(2) judgment of conviction;to the commission not more than thirty (30) days after the date of the conviction.As added by P.L.87-2006, SEC.3.
IN Code § 25-34.1-4-0.5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-0.5. Prerequisites to Becoming a Managing Broker

Sec. 0.5. Except as provided in section 6 of this chapter, to become a managing broker, an individual must:(1) hold an active broker's license for at least two (2) years; and(2) take and pass at least twenty-four (24) hours of broker management courses approved by the commission.As added by P.L.127-2012, SEC.19. Amended by P.L.116-2015, SEC.4.
IN Code § 25-34.1-4-0.6 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-0.6. Real Estate Schools

Sec. 0.6. Beginning July 1, 2013, a real estate school may offer courses described in section 0.5(2) of this chapter. An individual who takes and passes a course offered under this section is entitled to credit under section 0.5(2) of this chapter for the hours taken and passed under the course, regardless of whether the individual takes and passes the course before, on, or after July 1, 2014.As added by P.L.200-2013, SEC.6.
IN Code § 25-34.1-4-1 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-1. Responsibilities of Broker Company

Sec. 1. A broker company and its managing broker are responsible under this article for the actions of any broker who is associated with the broker company. Any broker company that maintains two (2) or more separate offices for associated licensees shall notify the commission of the name and address of the broker who manages each office.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.127-2012, SEC.20; P.L.116-2015, SEC.5.
IN Code § 25-34.1-4-2 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-2. Partnership, Corporation, or Limited Liability Company as Broker Company

Sec. 2. Except as provided in IC 23-1.5, a partnership broker, corporate broker, or limited liability company broker:(1) may act only as a broker company; and(2) shall designate to the commission a managing broker who meets the requirements for managing brokers set forth in IC 25-34.1-3-4.1 to be primarily responsible to the commission for its actions.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.128-1994, SEC.4; P.L.229-1995, SEC.7; P.L.127-2012, SEC.21; P.L.116-2015, SEC.6.
IN Code § 25-34.1-4-3 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-3. Residency Requirements of Managing Brokers; Certain Nonresidents May Be Managing Brokers

Sec. 3. (a) Except as provided in subsection (b), each individual who is a managing broker shall be a resident of Indiana.(b) A nonresident may be a managing broker if none of the licensees associated with the managing broker's broker company are residents of Indiana.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.128-1994, SEC.5; P.L.64-2004, SEC.21; P.L.127-2012, SEC.22; P.L.116-2015, SEC.7.
IN Code § 25-34.1-4-3.1 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-3.1. Individuals Who Became Managing Brokers on July 1, 2014

Sec. 3.1. An individual who, on June 30, 2014, was:(1) a principal broker; or(2) the designated individual broker under IC 25-34.1-4-2 (as in effect on June 30, 2014) of a partnership broker, corporate broker, or limited liability company broker;became a managing broker on July 1, 2014.As added by P.L.116-2015, SEC.8.
IN Code § 25-34.1-4-4 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-4. Independent Contractor Relationship

Sec. 4. Notwithstanding IC 23-1.5, the association of a broker with a broker company, as provided by this article, creates an independent contractor relationship unless otherwise specified by a written contract entered into by the broker company and the broker.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.229-1995, SEC.8; P.L.127-2012, SEC.23; P.L.116-2015, SEC.9.
IN Code § 25-34.1-4-5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-5. Trust Accounts

Sec. 5. (a) Each broker company:(1) shall keep in one (1) or more trust accounts (interest or noninterest bearing) all funds belonging to others that come into the possession of the broker company or of any broker whose license the broker company is holding; and(2) shall clearly identify any account containing those funds as a trust account.The trust accounts shall contain all earnest money deposits, funds held for closing escrows, sale proceeds not yet disbursed, and all other funds belonging to others.(b) The broker company shall not use any trust account for the deposit of any personal funds or other business funds and shall keep a detailed record of the funds and any interest accrued in each trust account that identifies the amount of funds held for each beneficiary. Any interest earned shall be held for the beneficiary.(c) Upon:(1) the death of the sole proprietor, in the case of a sole proprietorship broker company;(2) the termination of a broker company; or(3) the expiration, revocation, or suspension of a broker company's license;the commission shall take custody of each trust account of the broker company and may appoint a successor trustee to protect and distribute the proceeds of that account.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.255-1987, SEC.5; P.L.114-2010, SEC.22; P.L.127-2012, SEC.24; P.L.116-2015, SEC.10.