Term
| What is the application fee for a salesperson? A broker? |
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Definition
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Term
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Definition
| One who acts as an intermediary on behalf of others for a fee or commission. |
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Term
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Definition
| Inappropriate practices that affect a licensee's ability to practice. |
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Term
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Definition
| agreement between Indiana and other states to allow salespeople to operate licenses. |
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Term
| How many commissioners are there? |
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Definition
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Term
| How many years do the commissioners reign? |
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Definition
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Term
| Who appoints the commissioners? |
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Definition
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Term
| How many members at large are there? Who appoints them? What are their demographics? |
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Definition
| 3, the governor, 1 broker for at least 5 years and 2 normal citizens. |
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Term
| Who are the other nine members? |
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Definition
| They represent each congressional district. Must be broker for at least 5 years. |
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Term
| Who are the officers of the commission? |
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Definition
| Chair and vice chair. 1 year terms. Max two terms consecutively. |
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Term
| How many members must be present for a quorom? For a majority? |
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Definition
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Term
| What are the requirements for licensing in Indiana? |
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Definition
1. Min age 18
2. 54 hours education
3. Testing taken within one year of taking course.
4. Must sign with broker within one year of application.
5. $39.25 fee for licensure. |
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Term
| Is a temporary permit allowed? |
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Definition
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Term
| How long after termination of association with a broker does a salesperson have to turn in his license? |
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Definition
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Term
| When does a RE license expire? |
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Definition
| June 30th of even numbered years. Renewal fee applies. |
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Term
| How long does a RE agent have to reinstate his license? |
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Definition
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Term
| What happens to a salesperson who applies without broker affiliation? |
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Definition
| It is considered inactive/unassigned, and it will be that way for two complete renewal periods. |
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Term
| What are the requirements for a broker license? |
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Definition
1) Min age. 18
2) Education
3) Exam must be taken within one year of completion of course. |
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Term
| How many Indiana residents must a corporation have to be a licensee? |
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Definition
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Term
| How many partners in a partnership must be brokers? |
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Definition
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Term
| What is the status of a salesperson under a broker if nothing is put in writing. |
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Definition
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Term
| What is the purpose of the recovery fund? |
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Definition
| Protects against embezzlement and fraud. |
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Term
| What is the fee for assessment on licensees? |
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Definition
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Term
| What is the dollar amount needed for the recovery fund? |
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Definition
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Term
| Where does interest on the fund go? |
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Definition
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Term
| What are the amounts for the awards for the recovery fund? |
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Definition
Up to $20,000 per judgment.
Up to $50,000 total per licensee
If there are multiple judgments and they exceed $50K, they will be distributed proportionally. |
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Term
| Where must proof of licensure be located? |
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Definition
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Term
| To whom do listing contracts belong when an agent severs a relationship with a broker? |
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Definition
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Term
| How much is the fee to transfer a license? |
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Definition
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Term
| What is the penalty for associating with unlicensed persons? |
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Definition
| Suspension or revocation of license. |
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Term
| How many copies of a listing agreement must there be? |
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Definition
| Two - original to broker, copy to seller. |
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Term
| What are the requirements for "net" listings? |
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Definition
| Maximum commission must be stated. |
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Term
| Who many copies of offers to purchase must there be? |
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Definition
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Term
| How many days does a broker have to deposit earnest money? |
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Definition
| Two banking days after acceptance of offer. |
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Term
| How long must closing statements be kept on file by a broker? |
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Definition
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Term
| Is a broker required to be present at a closing? |
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Definition
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Term
| Must a principal broker's name be larger than a salesperson's on advertising? |
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Definition
| Yes, except on business cards. |
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Term
| Does a salesperson/broker have permission to put "For Sale" signs on a property? |
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Definition
| Yes, in writing on the listing agreement. |
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Term
| When must the commission be notified of a change of address? |
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Definition
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Term
| Is a person required to disclose information on a psychologically affected property? |
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Definition
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Term
| What is the difference between a fine and a civil penalty |
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Definition
| Commission cannot fine, but can give a civil penalty up to $1,000 per penalty. Commission also cannot put people in jail. Attorney general does that. |
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Term
| what are the CE requirements? |
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Definition
Every two years.
Each course a minimum of 2 hours.
Mandatory hours - 16
Elective topics hours - 10 |
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Term
| How does the commission review CE requirements? |
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Definition
| random audit. Hold on to docs for two complete renewal periods. |
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Term
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Definition
| Yes, due to hardship, military, etc. |
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