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 […]
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 […]
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 […]
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 […]
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 […]
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.
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.
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 […]
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 […]
