reglab/statecodes huggingface dataset:
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-2 - Property ownership and interests

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 2.
(a) The
				competency and instructional level for subdivisions (1) through (5) is Level 3.
				The following describes the concept of property:
(1) The "bundle of rights" concept.
(2) Real property.
(3) Personal property.
(4) Lands, minerals, fruits of the
				soil.
(5) The following fixtures:
(A) Definition.
(B) Criteria for determining if item is a
				fixture. (Students should be able to apply these criteria to common fact
				situations.)
(C) Trade and
				agricultural fixtures.
(D) Effect
				of Uniform Commercial Code concerning security interests in fixtures.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-3 - Transfer of title to real property

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 3.
(a) The
				competency and instructional level for subdivisions (1) through (4) is Level 1.
				The following are concepts of methods of transferring title:
(1) By descent (interstate
				succession).
(2) By will.
(3) By voluntary alienation (deed). (Cover in
				greater depth under subsection (b).)
(4) By voluntary alienation as follows:
(A) Lien foreclosure sale.
(B) Adverse possession.
(C) Escheat.
(D) Eminent domain (condemnation).
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-4 - Land use controls

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 4.
(a) The
				competency and instructional level for historical development of land use
				controls is Level 1.
(b) The
				competency and instructional level for land use control importance to real
				estate agents is Level 1.
(c) The
				competency and instructional level for subdivision (1) is Level 3. The
				competency and instructional level for subdivisions (2) through (7) is Level 1.
				The following are concepts of public land use controls:
(1) The following zoning classifications (Use
				actual local zoning ordinances, zoning maps, classification charts, and tables
				of permitted uses; students should know how to determine the zoning
				classification and permitted uses for property subject to a zoning ordinance.):
(A) Basis for governmental zoning
				authority.
(B) Purpose of zoning
				regulations.
(C) Zoning districts
				(and codes).
(D) Zoning
				ordinances.
(E) The following
				zoning concepts and terms:
(i) Nonconforming
				use.
(ii) Illegal use.
(iii) Zoning amendments.
(iv) Variance.
(v) Special use permit (or special
				exception).
(vi) Overlay
				districts.
(vii) Historic
				preservation zoning.
(viii)
				Aesthetic zoning.
(ix) Spot
				zoning.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-5 - Real estate brokerage and the law of agency

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 5.
(a) The
				competency and instructional level for general agency concepts and definitions
				is Level 2.
(b) The competency and
				instructional level for subdivisions (1) through (3) is Level 2. The following
				are concepts of classification of agency relationships:
(1) Universal.
(2) General.
(3) Special.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-6 - Real estate contracts

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 6.
(a) The
				competency and instructional level for subdivisions (1) through (6) and (10) is
				Level 4. The competency and instructional level for subdivisions (7) through
				(8) is Level 1. The competency and instructional level for subdivision (9) is
				Level 3. The following are concepts of basic contract law:
(1) The following basic contract terms and
				classifications:
(A) Definition of a
				contract.
(B)
				Express/implied.
(C)
				Bilateral/unilateral.
(D)
				Executed/executory.
(E) Valid
				(enforceable)/void (unenforceable)/voidable.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-7 - Landlord and tenant

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 7.
(a) The
				competency and instructional level for subdivisions (1) through (2) is Level 2.
				The following are concepts of relationship of landlord and tenant:
(1) Definitions: landlord (lessor), tenant
				(lessee), lease.
(2) Privity of
				estate and privity of contract concepts.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-8 - Closing real estate (sales) transactions

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 8.
(a) The
				competency and instructional level for subdivisions (1) through (3) is Level 4.
				(The prevalent closing method used in Indiana. Remainder of section on
				"closing" is based on this method.) The following are concepts of the closing
				meeting:
(1) Parties present or
				represented.
(2) Location where
				meeting is conducted.
(3) Parties
				responsible for closing.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-9 - Federal income taxation of real estate

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 9.
(a) The
				competency and instructional level for subdivisions (1) through (2) is Level 3.
				The following are concepts of homeownership:
(1) Deductions from income for homeowners
				including the following:
(A) Real property
				taxes.
(B) Mortgage interest
				(limited deduction).
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-10 - Real estate license law, commission rules; trust account guidelines

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 10.
In-depth knowledge of the Indiana Real Estate License Laws
				  and Rules booklet is required. The competency and instructional level is Level
				  4.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 12 - Real Estate Broker Course; Outline › Section 12-11 - Securities law aspects of real estate transactions

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 11.
The competency and instructional level for subdivisions (1)
				  through (5) is Level 1. The following are concepts of federal laws relating to
				  the Securities Act of 1933 and the Securities Exchange Act of 1934:
(1) Basic purpose.
(2) Definition of "security" including the
				following:
(A) Investment
				contracts.
(B) Interests in real
				estate limited partnerships.
(C)
				Other interests in real estate ownership entities involving "profit sharing
				arrangements".
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 13 - Real Estate Brokerage Operation › Section 13-1 - Earnest money accounts

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 1.
(a) The
				competency and instructional level for introduction and definition of earnest
				money accounts is Level 4.
(b) The
				competency and instructional level for legal requirements of earnest money
				accounts is Level 4. The following are concepts of legal requirements of
				earnest money accounts:
(1) Statutory
				provisions.
(2) Rule
				provisions.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-1 - Introduction to real estate finance

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 1.
(a) The
				competency and instructional level for scope and purpose of real estate
				financing is Level 1.
(b) The
				competency and instructional level for subdivision (1) is Level 2. The
				competency and instructional level for subdivisions (2) through (3) is Level 1.
				The following are concepts of historical development of real estate financing
				(an overview):
(1) English and American
				mortgage concepts and practices including the following:
(A) Definitions of basic terms: mortgage,
				mortgagor/mortgagee, deed of trust, trustee, beneficiary, pledge, security,
				collateral, etc.
(B) Title theory
				versus lien theory.
(C) Right
				(equity) of redemption.
(D)
				Foreclosure and statutory redemption period.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-2 - Sources of mortgage funds; primary mortgage market

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 2.
(a) The
				competency and instructional level for subdivisions (1) through (10) is Level
				2. The following are concepts of direct sources, mortgage lenders (Explain the
				role of each in providing various types of mortgage loans on various types of
				properties.):
(1) Savings and loan
				associations. (S&L's are the largest single source of mortgage funds,
				especially for residential loans.)
(2) Commercial banks.
(3) Mutual savings banks.
(4) Mortgage companies (mortgage bankers)
				(usually originate loans with funds provided by other institutions, such as
				life insurance companies or parent banks, but some also originate loans with
				own funds).
(5) Real estate
				investment trusts (REIT's).
(6)
				Credit unions (federal and state).
(7) Federal government agencies including the
				following:
(A) Federal Land Bank (originally
				a government agency, but now owned by the system of local Federal Land Bank
				Associations, which are cooperative credit organizations).
(B) Farmers Home Administration
				(FmHA).
(8) State
				housing finance agencies.
(9)
				Mortgage brokers. (Actually, mortgage bankers are not "lenders", but merely
				"intermediaries" who bring borrowers and lenders together and thus are involved
				in originating mortgage loans.)
(10) Individual lenders, i.e.,
				sellers.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-3 - Secondary mortgage market

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 3.
(a) The
				competency and instructional level for subdivisions (1) through (4) is Level 2.
				The following are basic concepts of the secondary mortgage market operation:
(1) Purposes.
(2) Procedures (in general).
(3) "Discounting" to adjust yield;
				"points".
(4) Advantages to
				investors, lenders, and borrowers.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-4 - Financing instruments

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 4.
(a) The
				competency and instructional level for subdivisions (1) through (4) and (6) is
				Level 2. The competency and instructional level for subdivision (5) is Level 3.
				The following are concepts of the mortgage note:
(1) Definition.
(2) Essential elements including the
				following:
(A) Promise to pay a fixed
				sum.
(B) Terms of
				payment.
(C) Signature of obligor
				(borrower).
(3) Special
				note provisions including the following:
(A)
				Acceleration clause.
(B) Prepayment
				(penalty) clause.
(C) Due-on-sale
				clause.
(4)
				Negotiability of note.
(5)
				Principal and interest (debt service) including the following:
(A) Definitions.
(B) Basic computations.
(C) Use of amortization tables. (Note:
				students should be afforded considerable practice using amortization
				tables.)
(D) Usury laws.
(6) Payment (amortization) plans
				including the following:
(A) Constant or
				level payment plan.
(B) Variable
				(or adjustable) interest rate plan.
(C) Graduated payment plan.
(D) Balloon payment plan.
(E) Term loan.
(F) "Budget" plan.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-5 - Types of mortgage loans; financing methods

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 5.
(a) The
				competency and instructional level for subdivisions (1) through (3) is Level 3.
				The following are concepts of major types of mortgage loans (Cover basic
				definitions; characteristics and uses; the major types of payment plans in
				common use; the major loan programs (for FHA and VA mortgages); and basic
				qualification requirements for various types of loans. Use examples
				extensively.):
(1) Conventional.
(2) Federal Housing Administration
				(FHA).
(3) Veterans
				Administration.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-6 - Residential loan underwriting

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 6.
(a) The
				competency and instructional level for initial interview and loan application
				is Level 3. (Note: the applicability of the underwriting procedures listed
				below to all three (3) major types of residential loans (conventional, FHA, and
				VA) should be discussed in some depth.)
(b) The competency and instructional level
				for subdivisions (1) through (4) is Level 3. The following are concepts of
				borrower analysis:
(1) Credit characteristics
				(history).
(2) Adequacy of assets
				(to close the transaction).
(3)
				Stability of income (employment).
(4) Adequacy of income. (Students should be
				afforded extensive practice in applying these ratios. Acceptable income/expense
				ratios.)
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-7 - Income property loan underwriting

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 7.
(a) The
				competency and instructional level for subdivisions (1) through (4) is Level 1.
				The following are concepts of income loan underwriting for existing property
				(project); factors examined:
(1) Borrower's
				credit history.
(2) Financial
				statements of the property (project); profitability.
(3) Property type, characteristics, and
				value.
(4) Loan terms.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-8 - Consumer legislation affecting real estate financing

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 8.
(a) The
				competency and instructional level for subdivisions (1) through (4) is Level 2.
				The following are concepts of the Truth-in-Lending Act and Truth-in-Lending
				Simplification and Reform Act of 1980 (effective October 1, 1982); also
				"Regulation Z" of the Federal Reserve Board which implements truth-in-lending
				laws:
(1) Basic purpose.
(2) Disclosure of credit information
				including the following:
(A) Chief
				disclosures: annual percentage rate (APR), finance charge, amount financed, and
				total of payments.
(B) Other
				disclosures: payment schedule, "demand feature" (if any), variable interest
				rate (if applicable), prepayment penalties, late payment charges, credit
				insurance, loan assumption policy, and required escrow deposits (for taxes and
				insurance).
(C) Timing of
				disclosures.
(3)
				Applicability to "arrangers of credit". (Note: Real estate brokers in arranging
				seller financing are not considered "arrangers of credit" under the current
				federal regulations.)
(4)
				Disclosure of credit terms in advertising the sale of real estate. (General
				rule: If any specific credit terms are included in the advertisement, then all
				credit terms, i.e., APR, down payment, repayment terms, must also be included.
				This requirement applies to real estate brokers as well as others advertising
				real estate for sale.)
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-9 - Real property valuation; appraisal

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 9.
(a) The
				competency and instructional level for subdivisions (1) through (5) is Level 3.
				The following are basic appraisal concepts:
(1) Definition of "appraisal" including the
				following:
(A) Who can perform?
(B) Liability.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 14 - Real Estate Finance › Section 14-10 - Real estate finance and appraisal mathematics

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 10.
(a) The
				competency and instructional level for real estate finance and appraisal
				mathematics is Level 2. This section is included only for the purpose of
				listing in one (1) place the types of applied real estate finance and related
				mathematics calculations which students should master in this course. As a
				practical matter, it will be necessary to cover most of these various
				mathematics calculations at various points during the course. It is not
				feasible to cover all real estate finance and related mathematics required in
				the course as a separate subject area, although instructors may wish to have a
				"review" on real estate finance mathematics near the end of the
				course.
(b) It should be noted that
				the mathematics listed below is applied real estate finance and related
				mathematics. This course outline does not provide for instruction in basic
				mathematics concepts such as addition, subtraction, multiplication, division,
				decimals, fractions, or percentages. It is presumed that entering students
				possess these elementary mathematics skills. Should it be necessary to provide
				students with remedial instruction in basic mathematics, schools must include
				additional time for such instruction over and above the minimum time required
				for this course.
(c) Instructors
				will note that competency and instructional levels are not assigned to topics
				in this section. Since all the topics (types of mathematics calculations)
				listed should be "mastered" by students, it is considered obvious that a
				working knowledge of these topics is required. Students are still expected to
				have a working knowledge of the mathematics associated with such
				topics.
(d) The following are
				concepts of applied real estate finance and related mathematics calculations:
(1) Financial calculations including the
				following:
(A) Simple interest (how to
				compute monthly interest and amount of interest paid over life of a fixed-rate
				loan).
(B) Debt service/mortgage
				debt reduction (how to use amortization tables and how to compute principal
				balance for a point in time, given previous principal balance, monthly payment,
				and interest rate, without amortization tables).
(C) Loan origination fees and discount
				points.
(D) Loan value (applying
				loan-to-value ratios).
(E) Yields
				on mortgage loans (including loans involving discount points and wraparound
				mortgages).
(F) Qualifying a
				buyer.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 15 - Real Estate Broker Course; Required Instructional Materials › Section 15-1 - Required instructional materials

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 1.
(a) The
				Indiana real estate license law booklet, which is available without charge from
				the Indiana real estate commission, is required instructional material for the
				real estate broker course.
(b)
				Schools may also use such other textbooks and materials for instructional
				purposes that are appropriate and useful in teaching the broker curriculum
				provided for in 876 IAC 2-10 through 876 IAC 2-14.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 15.1 - Transition from Salesperson License to Broker License under IC 25-341-45 (Repealed) › Section 15.1-1 - License transition; scope of rule

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-3-5; IC 25-34.1-4.5
Sec. 1.
(a) This rule
				establishes the educational and examination requirements for salespersons to
				obtain broker licenses under the transitional provisions found in IC
				25-34.1-4.5. Its provisions apply to broker applicants and broker course
				providers as applicable.
(b) This
				rule does not apply to obtaining the following:
(1) A broker license by reciprocity under IC
				25-34.1-3-5.
(2) A partnership,
				corporation, or limited liability company broker license.
(3) A salesperson license.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 15.1 - Transition from Salesperson License to Broker License under IC 25-341-45 (Repealed) › Section 15.1-2 - Educational requirements

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-4.5
Sec. 2.
(a) This
				section through section 4 of this rule establish the educational requirements.
(b) The broker course shall be
				twenty-four (24) hours of education as provided for in this rule.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 15.1 - Transition from Salesperson License to Broker License under IC 25-341-45 (Repealed) › Section 15.1-3 - Applicability of existing broker course provisions

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-4.5; IC 25-34.1-5-4; IC
				  25-34.1-5-8
Sec. 3.
(a) 876 IAC
				2-1 through 876 IAC 2-5 and 876 IAC 2-15 shall apply to the twenty-four (24)
				hour broker course under this rule except for the following, which shall not
				apply:
(1)
										876 IAC
				2-2-2.
(2)
										876 IAC
				2-2-12(a)(2).
(3)
										876 IAC
				2-4-2.
(4)
										876
				IAC 2-4-3.
(5)
										876 IAC
				2-4-6.
(6)
										876 IAC
				2-5-7.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 15.1 - Transition from Salesperson License to Broker License under IC 25-341-45 (Repealed) › Section 15.1-4 - Broker course; subject matter and hour requirements

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-4.5
Sec. 4.
The subject matter and hour requirements for the twenty-four
				  (24) hour broker course under this rule are as follows:
Subject Area
Number of Hours
BROKERAGE OPERATIONS
Broker Business Operations/Relationships
2
Agency Relationships
1
Law of Contract
2
Listing/Purchase Agreements/Other Forms
2
Closing the Transaction/Procedures/Issues
2
Trust Account Management
1
FINANCING AND APPRAISING
Broker Price Opinion (BPO)/Uniform Standards of
							 Professional Appraisal Practice (USPAP)
2
Financing and Lending Markets
1
Mortgage Fraud
1
Loan Types: Mortgage Markets
1
Credit Scoring
1
GOVERNMENT REGULATIONS
Consumer Legislation
1
Land Use Controls/Environmental Issues
1
INDIANA LICENSE LAW AND PROFESSIONAL
							 STANDARDS
Indiana Real Estate License Law
4
Ethics in Real Estate
2
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 15.1 - Transition from Salesperson License to Broker License under IC 25-341-45 (Repealed) › Section 15.1-5 - Transitional broker examination

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-4.5
Sec. 5.
(a) 876 IAC
				2-17 shall not apply to examinations under this rule.
(b) The broker examination under this rule
				shall be an examination for the testing of real estate brokers.
(c) The broker examination will be
				administered by the commission's duly appointed agent.
(d) Prior to sitting for the broker
				examination under this rule, an applicant for a broker license must have
				completed the twenty-four (24) hour broker course under this rule.
(e) An applicant shall be deemed to have
				passed the examination upon attaining a score of at least seventy percent
				(70%).
(f) An applicant who does
				not pass the broker examination under this rule in three (3) attempts must
				again complete the broker course under this rule. However, the broker
				examination under this rule shall not be available after December 31, 2014, so
				all applicants must pass it by that date or be required to meet all the
				requirements for the initial licensure as a real estate broker that are in
				effect on January 1, 2015.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 15.1 - Transition from Salesperson License to Broker License under IC 25-341-45 (Repealed) › Section 15.1-6 - Miscellaneous provisions

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-4.5
Sec. 6.
(a) An
				applicant who is not yet licensed as a broker, but completed the fifty-four
				(54) hour broker course under 876 IAC 2-10 through 876 IAC 2-15 prior to, or
				after, the effective date of this rule, shall for all purposes, including
				section 5(b) of this rule, be considered to have passed the twenty-four (24)
				hour broker course under this rule.
(b) An applicant who is not yet licensed as a
				broker, but passed the broker examination prior to the effective date of this
				rule shall for all purposes be considered to have passed the broker
				examination.
(c) An applicant who
				had taken and not passed the broker examination before the effective date of
				this rule shall be allowed to take the broker examination under this rule three
				(3) times as provided for in section 5(f) of this rule.
(d) This rule shall not be construed to allow
				any broker applicant who:
(1) applies after
				June 30, 2014; and
(2) was not
				previously licensed as a salesperson;
to qualify for licensure without meeting all the requirements
				  for broker licensure then in effect under IC 25-34.1 and this
				  title.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 16 - Licensure; Miscellaneous Educational and Experience Provisions (Repealed) › Section 16-1 - Broker license; experience requirement and waiver

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-3-4.1; IC 25-34.1-9-19
Sec. 1.
(a) Referral
				status under IC 25-34.1-9-19(2) does not qualify as accrued continuous active
				experience as a licensed salesperson as required under IC
				25-34.1-3-4.1(a)(2).
(b) To qualify
				for a waiver of the requirement under IC 25-34.1-3-4.1(a)(2) of one (1) year
				experience immediately preceding the application as a licensed salesperson in
				Indiana, an applicant for a broker license must have at least two (2) years of
				experience within the previous five (5) years as a salesperson or broker in
				Indiana or any other state requiring licensure.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 16 - Licensure; Miscellaneous Educational and Experience Provisions (Repealed) › Section 16-2 - Real estate school instructors; education requirement for licensure

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-3-3.1; IC 25-34.1-3-4.1
Sec. 2.
(a) An
				individual who has taught a broker course approved under this article, and who
				subsequently applies for a broker license shall be deemed to have successfully
				completed the course under IC 25-34.1-3-4.1.
(b) An individual who has taught a
				salesperson course approved under this article, and who subsequently applies
				for a salesperson license shall be deemed to have successfully completed the
				course under IC 25-34.1-3-3.1.
(c)
				The one (1) year limitation contained in
				876 IAC
				2-17-1(c)  applies to the completion
				of the broker or salesperson course under subsections (a) through
				(b).
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 17 - Examinations (Repealed) › Section 17-1 - Requirements for admission to examination

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-3-3.1; IC 25-34.1-3-4.1
Sec. 1.
(a) Prior to
				sitting for the salesperson examination, an applicant for a salesperson license
				must have completed the educational requirements established by IC
				25-34.1-3-3.1(a)(2) and this article.
(b) Prior to sitting for the broker
				examination an applicant for a broker license must have completed the
				educational requirements established by IC 25-34.1-3-4.1(a)(3) and this
				article.
(c) An applicant who does
				not pass the applicable examination within one (1) year of completion of the
				salesperson or broker course must again comply with the educational
				requirements established by IC 25-34.1-3-3.1(a)(2) or IC 25-34.1-3-4.1(a)(3)
				and this article before being entitled to any further taking of the
				examination. This subsection does not apply to an applicant for a salesperson
				license who met the educational requirements by successful completion of
				college or university courses in the principles, practices, and law of real
				estate as provided for in IC 25-34.1-3-3.1(a)(2).
(d) Notwithstanding subsection (c), an
				applicant who completed the salesperson or broker course before January 1,
				1989, has until December 31, 1989, to pass the examination without having to
				again comply with the educational requirements.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 17 - Examinations (Repealed) › Section 17-2 - Application for examination; fee

Current through July 10, 2024
Authority: IC 25-1-8-2; IC 25-34.1-2-5
Affected: IC 25-34.1-3-3.1; IC 25-34.1-3-4.1
Sec. 2.
Applicants for licensure as a broker or salesperson who have
				  completed all requirements for licensure except passing the applicable
				  examination may take the examination upon payment of the applicant's cost of
				  purchasing the examination, payable to the examination service.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 17 - Examinations (Repealed) › Section 17-3 - Examinations; passing score

Current through July 10, 2024
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-3-3.1; IC 25-34.1-3-4.1
Sec. 3.
(a) The
				broker and salesperson examinations shall be standardized examinations for the
				testing of real estate brokers and salespersons. The examination required of
				all applicants for licensure as a broker or salesperson shall be divided into
				the following two (2) sections:
(1) General
				real estate practices.
(2) Indiana
				licensure law.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 2 - REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS › Rule 18 - Fee Schedule (Repealed) › Section 18-1 - Fee schedule

Current through July 10, 2024
Authority: IC 25-1-8-2; IC 25-34.1-2-5
Affected: IC 25-34.1-8-7.5
Sec. 1.
(a) The fee
				schedule is as follows:
(1) Application for real estate salesperson license
$25
(2) Application for real estate broker license
$50
(3) Renewal of real estate salesperson license
$25
(4) Renewal of real estate broker license
$50
(5) Transfer of license
$10
(6) Activation of inactive license
$10
(7) Application for continuing education course sponsor
$50
(8) Renewal of continuing education course sponsor
$50
(b)
				In addition to the fees required under subsection (a), the commission shall
				charge and collect the following fees for the investigative fund under IC
				25-34.1-8-7.5 for the issuance and renewal of a:
(1) Real estate salesperson license
				$10
(2) Real estate broker license
				$10
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 1 - Definitions › Section 1-1 - Applicability

Current through July 10, 2024
Authority: IC
				  25-34.1-3-8
Affected: IC 25-34.1
Sec. 1.
The definitions in this rule apply throughout this article.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 1 - Definitions › Section 1-3 - "License" defined

Current through July 10, 2024
Authority: IC
				  25-34.1-3-8
Affected: IC
				  25-34.1-1-2
Sec. 3.
"License" has the meaning set forth in IC
				  25-34.1-1-2(5),
				  and includes any of the following:
(1)
				Indiana licensed trainee appraiser.
(2) Indiana licensed residential
				appraiser.
(3) Indiana certified
				residential appraiser.
(4) Indiana
				certified general appraiser.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-1 - Licenses issued by the board

Current through July 10, 2024
Authority: IC
				  25-34.1-3-8
Affected: IC 25-34.1
Sec. 1.
(a) There
				shall be three (3) licenses issued by the board, specifically, the following:
(1) Indiana licensed trainee
				appraiser.
(2) Indiana certified
				residential appraiser.
(3) Indiana
				certified general appraiser.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-2 - Types of appraisals of real estate governed by federal law

Current through July 10, 2024
Authority: IC
				  25-34.1-3-8
Affected: IC 25-34.1
Sec. 2.
Types of appraisals of real estate involved in transactions
				  governed by the federal act allowed to be done by holders of the various
				  licenses shall be governed by federal law.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-3 - Types of real estate transactions not governed by federal law

Current through July 10, 2024
Authority: IC 25-34.1-3-8
Affected: IC 25-34.1
Sec. 3.
(a) As
				concerns appraisals of real estate not involved in transactions governed by the
				federal act, holders of any of the four (4) licenses may do any type of
				appraisal they are competent to conduct as provided by the competency provision
				of the Uniform Standards of Professional Appraisal Practice (as adopted in
				876
				IAC 3-6-2 and
				876
				IAC 3-6-3 ) subject to the limitations provided for in
				subsection (b).
(b) Subject to the
				limitations stated in subsection (a), the following apply:
(1) Indiana licensed trainee appraisers may
				do appraisals (not review appraisals) identified in
				876 IAC
				3-3-11 and
				876
				IAC 3-3-12 subject to the requirements of
				876
				IAC 3-6-8 and
				876 IAC
				3-6-9.
(2)
				Indiana licensed residential appraisers may independently do appraisals of
				other types of property, or review appraisals performed by others, in the
				residential category identified in
				876 IAC
				3-3-11. Indiana licensed residential appraisers may do
				appraisals of other types of property identified in
				876
				IAC 3-3-12 if these appraisals are cosigned by an
				appraiser certified to complete these appraisals and the cosigner accepts full
				responsibility for all appraisals completed by the licensed residential
				appraiser.
(3) Indiana certified
				residential appraisers may independently do appraisals of other types of
				property, or review appraisals performed by others, in the residential category
				as identified in
				876 IAC
				3-3-11 and appraisals in the general (nonresidential)
				category identified in
				876
				IAC 3-3-12(a)(1). Indiana certified
				residential appraisers may do appraisals of other types of property identified
				in
				876
				IAC 3-3-12 if these appraisals are in compliance with
				the Uniform Standards of Professional Appraisal Practice as adopted in
				876
				IAC 3-6-2 and
				876
				IAC 3-6-3 and are cosigned by a certified general
				appraiser and the cosigner accepts full responsibility for all appraisals
				completed by the certified residential appraiser.
(4) Indiana certified general appraisers may
				do appraisals, or review appraisals performed by others, of all types of real
				property.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-4 - Expiration of licenses

Current through July 10, 2024
Authority: IC 25-34.1-3-8
Affected: IC 25-1-6-4; IC 25-34.1-3-10
Sec. 4.
(a) Licenses
				issued under this article shall expire on a date established by the Indiana
				professional licensing agency under IC 25-1-6-4(j).
(b) To renew a license, an individual must do
				the following:
(1) Pay the fee required by
				section 7(b)(2) of this rule.
(2)
				Complete an application for renewal on a form provided by the board.
(3) Satisfactorily complete the continuing
				education required by
				876 IAC 3-5.
(4) Sign a statement under penalty of perjury
				that:
(A) the hours submitted are
				correct;
(B) the licensee attended
				and completed courses taken; and
(C) to the best of the licensee's knowledge,
				the courses completed meet the requirements of
				876 IAC 3-5.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-5 - Reinstatement of expired license

Current through July 10, 2024
Authority: IC 25-1-8-2; IC 25-34.1-3-8
Affected: IC 25-1-8-6; IC 25-34.1
Sec. 5.
To reinstate an expired license, a licensee must:
(1) meet the requirements of IC
				25-1-8-6;
(2) have obtained the
				number of qualifying continuing education hours required under IC 25-1-8-6 and
				the provisions of
				876 IAC 3-5-1; and
(3) within the continuing education required
				by subdivision (2), have obtained seven (7) hours of Uniform Standards of
				Professional Appraisal Practice (USPAP) as required by
				876 IAC 3-5-1.5 that covered the
				version of the USPAP in effect at the time the application for reinstatement is
				filed.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-7 - Fee schedule

Current through July 10, 2024
Authority: IC
				  25-1-8-2;
				  IC
				  25-34.1-3-8
Affected: IC
				  25-34.1-8-7.5
Sec. 7.
(a) This
				section establishes the fee schedule for the real estate appraiser licensure
				and certification program. The fees stated in subsection (b) apply to the
				following:
(1) Indiana licensed trainee
				appraisers.
(2) Indiana licensed
				residential appraisers.
(3) Indiana
				certified residential appraisers.
(4) Indiana certified general appraisers.
				However, the fee for licensed trainee appraisers under subsection (b)(2),
				(b)(3), and (b)(5) through (b)(7) shall be one hundred ten dollars ($110)
				(including the ten dollars ($10) for the investigative fund under IC
				25-34.1-8-7.5
				), because there is not a requirement under federal law to transmit these
				amounts for licensed trainee appraisers.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-8 - Change of name or address

Current through July 10, 2024
Authority: IC
				  25-34.1-3-8
Affected: IC 25-34.1
Sec. 8.
All licenses and certificate holders shall notify the board
				  in writing of each change of address or name under which the licensee conducts
				  business, within ten (10) days of said change. The address shall be
				  sufficiently descriptive to enable the board to correspond with and locate the
				  licensee or certificate holder.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-9 - Use of titles

Current through July 10, 2024
Authority: IC
				  25-34.1-3-8
Affected: IC 25-34.1
Sec. 9.
(a) Inasmuch
				as individuals licensed by the board are not required to be designated and
				because many appraisers are designated, Indiana licensed trainee appraisers,
				Indiana licensed residential appraisers, Indiana certified residential
				appraisers, or Indiana certified general appraisers, cannot use abbreviations
				connoting licensure or certification after their names.
(b) Whenever a licensee signs the licensed
				appraiser's name on an appraisal report or correspondence concerning an
				appraisal report, the licensed appraiser must include, with the licensed
				appraiser's signature, the words, "Indiana licensed trainee appraiser",
				"Indiana licensed residential appraiser", "Indiana certified residential
				appraiser", or "Indiana certified general appraiser", whichever is applicable,
				and the licensed appraiser's license number. This wording shall not be in
				letters larger than the licensed appraiser's name.
(c) Whenever an individual licensed by a
				temporary permit signs an appraisal report or correspondence concerning an
				appraisal report, the temporary permit holder must include with the signature
				the words "Operating under Indiana Temporary Permit Number" followed by the
				temporary permit number. The temporary permit holder must also state the
				license type, license number, and state of issue of the appraisal license given
				on the temporary permit application.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-10 - Use of designation; corporation; partnership

Current through July 10, 2024
Authority: IC
				  25-34.1-3-8
Affected: IC 25-34.1
Sec. 10.
The terms "Indiana licensed residential appraiser", "Indiana
				  certified residential appraiser", or "Indiana certified general appraiser"
				  shall only be used to refer to individuals who hold licenses or certificates
				  and may not be used following or immediately in connection with the name of a
				  partnership, association, corporation, or group, or in such a manner that it
				  might be interpreted as referring to a firm, partnership, corporation, group,
				  or anyone other than an individual holder of the license or certificate. No
				  license or certificate shall be issued to a firm, partnership, corporation, or
				  group practice. However, this shall not be construed to prevent an appraiser
				  licensed by the board from signing an appraisal report on behalf of a
				  corporation, partnership, firm, or group practice, although the individual is
				  solely responsible for the appraisal.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 2 - General Provisions › Section 2-11 - Investigation of appraisals and file records

Current through July 10, 2024
Authority: IC
				  25-34.1-2-5
Affected: IC
				  25-34.1-2-5
Sec. 11.
An appraiser shall provide access to all appraisal records
				  and related documents upon request by Indiana professional licensing agency
				  compliance officers for investigative purposes. Indiana professional licensing
				  agency compliance officers shall have the right to inspect, review, and copy
				  these documents.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 3 - Requirements for Real Estate Appraisers; Licensure and Certification › Section 3-1 - Scope of rule

Current through July 10, 2024
Authority: IC 25-34.1-3-8
Affected: IC 25-34.1
Sec. 1.
This rule establishes education, experience, and examination requirements to obtain a license from the board.
Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 3 - Requirements for Real Estate Appraisers; Licensure and Certification › Section 3-2 - Admittance to examination

Current through July 10, 2024
Authority: IC 25-34.1-3-8
Affected: IC 25-34.1
Sec. 2.
To be admitted to the examination for any of the licenses, an applicant must:
(1) meet all the requirements for the license for which application has been made except for the passing of the examination;
(2) complete the application provided for in section 15 of this rule; and
(3) pay the applicant's cost of purchasing the examination, payable to the examination service.