reglab/housing_qa huggingface dataset:
IN Code § 25-34.1-4-6 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 4. Principal Brokers|25-34.1-4-6. Death of Sole Proprietor or Partner; Carrying Out Business Contracted Before Death; Brokers Associated With Broker Company

Sec. 6. (a) In the event of:(1) the death of the sole proprietor of a sole proprietorship broker company; or(2) the termination of a partnership broker company by the death of a partner;a broker formerly associated with the broker company may continue to carry out business contracted for before the death of the sole proprietor or termination of the broker company for a maximum period of ninety (90) days after the death or termination. During that period, the broker shall maintain a trust account as provided in section 5 of this chapter. However, until associating with another broker company, the broker may not undertake any new business.(b) Upon associating with a new broker company, the broker may conduct on behalf of the deceased proprietor or terminated managing broker only that business which is necessary to complete obligations assumed while associated with the broker company. All other acts performed by the broker shall be performed in association with the new managing broker.(c) Each broker formerly associated with the deceased or terminated managing broker becomes, upon the death or termination of the managing broker, a managing broker by law until the broker elects to act as a broker for another broker company.(d) This section applies only to matters of licensing and responsibility under this article and does not affect the transfer of the deceased broker's property interests as provided by IC 29 and other laws of succession.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.127-2012, SEC.25; P.L.116-2015, SEC.11.
IN Code § 25-34.1-5-1 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-1. Approval and Permit Required for Broker Course

Sec. 1. No person shall conduct, solicit or accept student enrollment for a broker course as prescribed in this chapter without:(1) the approval of the course by the commission; and(2) the issuance of a permit under section 15 of this chapter.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.127-2012, SEC.27; P.L.116-2015, SEC.12.
IN Code § 25-34.1-5-2 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-2. Application for Approval

Sec. 2. To obtain course approval, a person must apply to the commission by submitting a bond in the amount of ten thousand dollars ($10,000) and an application which includes a copy of the accreditation certificate issued by the appropriate accreditation body, if any, a detailed teaching syllabus, a proposed certificate to be issued to students who successfully complete the course, and other information and documents which may be required by the commission. If the course is to be conducted by a corporation, the application shall also include the names and residence addresses of all directors and officers, a copy of the certificate of incorporation, and a certificate of good standing of the corporation issued by the secretary of state of Indiana.As added by Acts 1979, P.L.248, SEC.1.
IN Code § 25-34.1-5-3 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-3. Bond; Obligee; Requirements; Liability; Continuity; Cancellation

Sec. 3. (a) The commission shall be the obligee under the bond.(b) The bond shall be:(1) executed by the person seeking course approval and by a corporate surety, licensed to do business in the state, as surety;(2) in such form and with such terms and conditions as the commission may require;(3) conditioned upon faithful compliance with all requirements of an approved course as provided by this article and the commission's regulations; and(4) effective from its effective date and continue in effect until cancelled.The total and aggregate liability of the surety on a bond is limited to the amount specified in the bond and the continuous nature of the bond may in no event be construed as allowing the liability of the surety under a bond to accumulate for each successive approval period during which the bond is in force.(c) To provide continuous bonding of the school's activities, a school providing an approved course may not cancel a bond without the commission's prior written approval of cancellation and approval of a substitute bond.(d) The surety on a bond may cancel a bond filed under this article only after ninety (90) days from the date the surety mails a notice of intent to cancel, by registered or certified mail with return receipt requested, to the commission and to the school.(e) To provide continuous bond coverage of the school's activities, the school shall give written notice to the commission, not later than thirty (30) days prior to the date upon which a bond cancellation becomes effective, that a new bond has been obtained.As added by Acts 1979, P.L.248, SEC.1.
IN Code § 25-34.1-5-4 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-4. Approval of Broker Education Courses

Sec. 4. (a) To obtain approval of a broker course, a school shall:(1) provide the curriculum prescribed in section 5 of this chapter;(2) have no more than thirty-five (35) students per instructor per classroom;(3) provide adequate educational facilities and supportive personnel as is necessary to implement the purpose of this article;(4) schedule not more than the maximum number of hours of instruction established by the commission in any twenty-four (24) hour period;(5) administer at least two (2) written examinations during the broker course which are approved, and passing scores established, by the commission;(6) within thirty (30) days of the end of each course, submit to the commission the names and addresses of those students who successfully complete the course;(7) maintain records of students who successfully complete and pass the course of study for a minimum of five (5) years or, in the event the school should cease operation, the owner shall provide a custodian acceptable to the commission to keep those records and provide copies to students at the fee in effect when the school ceases operation; and(8) meet any other standards the commission may establish by regulation.(b) Any instruction conducted in a broker office does not apply to the minimum hour requirements of section 5 of this chapter.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.127-2012, SEC.28.
IN Code § 25-34.1-5-5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-5. Curriculum

Sec. 5. The required curriculum for brokers shall consist of a total of at least ninety (90) hours of instruction and shall include the following subjects: principles, practices, Indiana license law and professional standards, law of agency, contracts, financing, settlement procedures, escrow responsibility, recordkeeping, government regulations, and appraising.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.127-2012, SEC.29.
IN Code § 25-34.1-5-6 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-6. Commission's Considerations; Factors

Sec. 6. In determining whether to grant approval of the curriculum, the commission shall consider, in addition to the requirements of sections 4 and 5 of this chapter, the following factors: accreditation, administration, ownership, instructors' qualifications, director's qualifications, course records, textbooks and related materials, cost of tuition and materials, and other means of evaluation as the commission establishes by regulation.As added by Acts 1979, P.L.248, SEC.1.
IN Code § 25-34.1-5-7 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-7. Expiration of Approval and Permit; Renewal

Sec. 7. (a) The following expire on December 31 of each calendar year:(1) The approval of a course by the commission.(2) A permit issued under section 15 of this chapter.(b) To obtain renewal of approval for the ensuing calendar year, the school must submit to the commission by November 30 of the current year:(1) a letter requesting renewal;(2) an annual report; and(3) a bond in the amount of twenty percent (20%) of the previous year's total tuition, but in no event less than ten thousand dollars ($10,000) or more than fifty thousand dollars ($50,000).As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.116-2015, SEC.13.
IN Code § 25-34.1-5-8 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-8. Inspection of Records and Facilities

Sec. 8. Each school conducting an approved course shall allow the commission to inspect its records and facilities. Each school shall report any significant proposed change in curriculum, faculty, or facilities to the commission at least thirty (30) days before the change, if possible. No change is effective unless it is approved by the commission.As added by Acts 1979, P.L.248, SEC.1.
IN Code § 25-34.1-5-9 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-9. Denial, Suspension, or Revocation of Approval and Permit

Sec. 9. The commission may deny, suspend, or revoke:(1) the approval of any course; and(2) the permit issued to a school under section 15 of this chapter;if it determines the school failed to comply with the standards established in this chapter and the commission's rules.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.116-2015, SEC.14.
IN Code § 25-34.1-5-10 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-10. Prohibited Advertising

Sec. 10. A school may not advertise that it or its course is endorsed, recommended, or accredited by the commission.As added by Acts 1979, P.L.248, SEC.1.
IN Code § 25-34.1-5-11 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-11. Additional Fees for Review Class Prohibited

Sec. 11. Schools conducting approved courses may not charge an additional fee for any review class.As added by Acts 1979, P.L.248, SEC.1.
IN Code § 25-34.1-5-12 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-12. Real Estate Education Advisory Council Makes Course Recommendations

Sec. 12. (a) The real estate education advisory council established by IC 25-34.1-9-2 shall make recommendations to the commission concerning the following:(1) Requirements for sponsors of courses.(2) Requirements for instructors to be used by sponsors in providing courses.(3) Requirements for the curricula for education courses required under this article.(4) Rules to implement this chapter.(5) Other issues identified by the commission in implementing this chapter.(b) The commission shall approve all prelicensing courses.(c) The commission may, with the advice of the council, approve online education required for licensing under this article.As added by P.L.127-2012, SEC.30.
IN Code § 25-34.1-5-13 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-13. Instructor Permits

Sec. 13. (a) Each instructor of a prelicensing education course under this chapter must have a permit issued by the commission.(b) An instructor permit under subsection (a) must:(1) be issued for a term of three (3) years, ending on a date set by the licensing agency; and(2) expire if not renewed by the end of the permit period.(c) An instructor issued a permit under subsection (a) must meet the following requirements:(1) Be a licensed real estate broker or attorney licensed in Indiana, or an expert in the field working in conjunction with a licensed real estate broker or licensed attorney.(2) Each year, complete four (4) hours of continuing education approved by the licensing agency and specific to providing real estate instruction. Hours earned under this subdivision may be used toward the completion of the continuing education requirement for a broker under IC 25-34.1-9-11.(3) Pay applicable fees established under rules adopted by the commission under IC 4-22-2.(4) Meet any additional requirements established by the commission under rules adopted under IC 4-22-2.(d) If a permit expires under subsection (b)(2), to return the permit to active status, the instructor must:(1) successfully complete continuing education requirements required by the commission;(2) file a renewal application;(3) pay a renewal fee under rules adopted by the commission under IC 4-22-2;(4) pay any applicable late fees established under rules adopted by the commission under IC 4-22-2; and(5) meet any additional requirements established by the commission.(e) Instructors approved by the commission before July 1, 2013, shall be exempted from the requirement under subsection (c)(1).As added by P.L.200-2013, SEC.8. Amended by P.L.2-2014, SEC.112.
IN Code § 25-34.1-5-15 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 5. Educational Courses|25-34.1-5-15. Real Estate Schools

Sec. 15. (a) Each real estate school approved under this chapter to conduct a prelicensing broker course must have a permit issued by the commission.(b) A real estate school issued a permit under subsection (a) must meet the following requirements:(1) For online courses, an instructor that has been issued a permit under this chapter must be available during normal business hours.(2) Course rosters must be provided to the commission each month.(3) The school must pay the permit fees established by the commission under subsection (d).(c) To remain in effect, a permit issued under this section must be renewed by the commission before its expiration under section 7(a) of this chapter.(d) The commission shall establish, by rule adopted under IC 4-22-2, fees for permits under this section.(e) A school must annually file with the commission a list of courses offered by the school.As added by P.L.200-2013, SEC.9. Amended by P.L.2-2014, SEC.113; P.L.116-2015, SEC.15.
IN Code § 25-34.1-6-2 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 6. Enforcement|25-34.1-6-2. Penalties; Supplemental Procedures

Sec. 2. (a) A person who:(1) performs the acts of a broker without a broker license; or(2) conducts, or solicits or accepts enrollment of students for, a course as prescribed in IC 25-34.1-3 without course approval;commits a Class A infraction. Upon conviction for an offense under this section, the court shall add to any fine imposed the amount of any fee or other compensation earned in the commission of the offense. Each transaction constitutes a separate offense.(b) In all actions for the collection of a fee or other compensation for performing acts regulated by this article, it must be alleged and proved that, at the time the cause of action arose, the party seeking relief was not in violation of this section.(c) Each enforcement procedure established in this section and IC 25-1-7-14 is supplemental to other enforcement procedures established in this section.As added by Acts 1979, P.L.248, SEC.1. Amended by P.L.214-1993, SEC.84; P.L.84-2010, SEC.71; P.L.127-2012, SEC.31.
IN Code § 25-34.1-6-2.5 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 6. Enforcement|25-34.1-6-2.5. Violation of Credit Service Organization Statute or Mortgage Rescue Protection Fraud Statute; Class a Infraction; Enforcement Procedures and Sanctions

Sec. 2.5. (a) A violation of:(1) IC 24-5-15; or(2) IC 24-5.5;by a person licensed or required to be licensed under this article is a violation of this article.(b) A person who commits a violation described in subsection (a) commits a Class A infraction and is subject to:(1) the enforcement procedures described in section 2 of this chapter; and(2) any sanction that may be imposed by the commission under IC 25-1-11-12.As added by P.L.52-2009, SEC.12; P.L.105-2009, SEC.15. Amended by P.L.114-2010, SEC.23.
IN Code § 25-34.1-6-3 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 6. Enforcement|25-34.1-6-3. Criminal Conviction; Discipline

Sec. 3. A licensee who is convicted of a crime that substantially relates to the practice of real estate may be disciplined under IC 25-1-11. A certified copy of a judgment of conviction from a court is presumptive evidence of a conviction for purposes of this section.As added by P.L.87-2006, SEC.4. Amended by P.L.1-2007, SEC.180.
IN Code § 25-34.1-6-4 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 6. Enforcement|25-34.1-6-4. Not Grounds for Liability

Sec. 4. (a) The mere transporting, transmitting, or delivering of a document related to a real estate transaction does not impose any liability for the content of the document or any statement within the document.(b) A licensee is not liable for a report or statement made by a person who has made a report concerning the real estate, including inspection reports and surveys, unless:(1) the report or statement was made by a person employed by either the licensee or a broker with whom the licensee is associated;(2) the report or statement was made by a person selected and hired by the licensee; however, ordering a report from a person does not constitute selecting or hiring a person; or(3) the licensee knew before closing occurred that the report or statement was false or the licensee acted in reckless disregard as to whether the report or statement was true or false.(c) A licensee is not liable for the information contained in a seller's real estate disclosure form prepared under IC 32-21-5, unless:(1) the licensee signed the disclosure form; or(2) the licensee knew before closing occurred that the information was false or the licensee acted in reckless disregard as to whether the information was true or false.(d) A licensee is not liable for the information that was obtained from:(1) the licensee's client;(2) a governmental entity;(3) a person who obtained the information from a governmental entity; or(4) a person who is licensed, certified, or registered to provide professional services on which the licensee relies;unless the licensee knew before closing occurred that the information was false or the licensee acted in reckless disregard as to whether the information was true or false.As added by P.L.116-2015, SEC.16.
IN Code § 25-34.1-7-1 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-1. Establishment of Fund; Administration; Investments

Sec. 1. (a) The real estate recovery fund is established for the purpose set out in this chapter. The fund shall be administered by the real estate commission.(b) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. Interest that accrues from these investments shall be deposited in the fund.(c) Money in the fund at the end of a state fiscal year does not revert to the state general fund, except as provided in section 2.1 of this chapter.As added by P.L.255-1987, SEC.6. Amended by P.L.143-1990, SEC.9.
IN Code § 25-34.1-7-2 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-2. Surcharge; Formula; Assessment; Application of Section

Sec. 2. (a) If the total amount in the real estate recovery fund (including principal and interest) is less than four hundred fifty thousand dollars ($450,000) on June 30 in an odd-numbered year after the payment of all claims and expenses, the real estate commission shall assess a surcharge according to the following formula in order to maintain the fund at an approximate level of six hundred thousand dollars ($600,000):STEP ONE: Determine the amount remaining in the fund on June 30 of the current year after all expenses and claims have been paid.STEP TWO: Subtract the amount determined under STEP ONE from six hundred thousand dollars ($600,000).STEP THREE: Determine the number of licensees who had licenses in effect on June 30 of the current year.STEP FOUR: Divide the number determined under STEP TWO by the number determined under STEP THREE.(b) The real estate commission shall assess the surcharge described in subsection (a) against each licensee who:(1) receives an initial license; or(2) receives a renewal license.(c) The real estate commission shall assess the surcharge described in subsection (a) for the two (2) year period beginning on July 1 of the current year through June 30 of the next odd-numbered year.(d) The surcharge assessed under this section is in addition to any other fee under this article.(e) This section does not apply to a person who:(1) receives an initial license or certificate; or(2) receives a renewal license or certificate;under the real estate appraiser licensure and certification program established under IC 25-34.1-3-8.As added by P.L.255-1987, SEC.6. Amended by P.L.143-1990, SEC.10; P.L.183-1991, SEC.9.
IN Code § 25-34.1-7-2.1 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-2.1. Reversion of Excess Funds

Sec. 2.1. If the total amount in the real estate recovery fund (including principal and interest) exceeds seven hundred fifty thousand dollars ($750,000) at the end of a state fiscal year after the payment of all claims and expenses, the amount in excess of seven hundred fifty thousand dollars ($750,000) reverts to the state general fund.As added by P.L.143-1990, SEC.11.
IN Code § 25-34.1-7-3 (2021)
2021 Indiana Code|Title 25. Professions and Occupations|Article 34.1. Real Estate Brokers and Salespersons|Chapter 7. Real Estate Recovery Fund|25-34.1-7-3. Interest on Investments; Payment of Expenses

Sec. 3. Any interest earned on investment of money in the real estate recovery fund shall be credited at least annually to the fund. No money may be appropriated from the general fund for payment of any expenses incurred under this chapter, and none of these expenses may be charged against the state.As added by P.L.255-1987, SEC.6.