Indiana Real Estate Commission Laws and Regulations

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Property Address (number and street, city, state, ZIP code) 2. ROOF YES NO Age, if known: ________ Years Does the roof leak? Is there present damage to the roof? Is there more than one roof on the house? If so, how many layers? __________ DO NOT KNOW 4. OTHER DISCLOSURES YES NO Do improvements have aluminum wiring? Are there any foundation problems with the improvements? Are there any encroachments? Are there any violations of zoning, building codes, or restrictive covenants? Is the present use a nonconforming use? Explain: DO NOT KNOW 3. HAZARDOUS CONDITIONS YES NO Have there been or are there any hazardous conditions on the property, such as methane gas, lead paint, radon gas in house or well, radioactive material, landfill, mineshaft, expansive soil, toxic materials, mold, other biological contaminants, asbestos insulation, or PCB’s? Explain: DO NOT KNOW E. ADDITIONAL COMMENTS AND/OR EXPLANATIONS: (Use additional pages if necessary). Is the access to your property via a private road? Is the access to your property via a public road? Is access to your property via an easement? Have you received any notices by any governmental or quasigovernmental agencies affecting this property? Are there any structural problems with the building? Have any substantial additions or alterations been made without a required building permit? Are there moisture and/or water problems in the basement, crawl space area, or any other area? Is there any damage due to wind, flood, termites, or rodents? Have any improvements been treated for wood destroying insects? Are the furnace/woodstove/chimney/flue all in working order? Is the property in a flood plain? Do you currently pay flood insurance? Does the property contain underground storage tank(s)? Is the homeowner a licensed real estate salesperson or broker? Is there any threatened or existing litigation regarding the property? Is the property subject to covenants, conditions, and/or restrictions of a homeowner’s association? Is the property located within one (1) mile of an airport? The information contained in this Disclosure has been furnished by the Seller, who certifies to the truth thereof, based on the Seller’s CURRENT ACTUAL KNOWLEDGE. A disclosure form is not a warranty by the owner or the owner’s agent, if any, and the disclosure form may not be used as a substitute for any inspections or warranties that the prospective buyer or owner may later obtain. At or before settlement, the owner is required to disclose any material change in the physical condition of the property or certify to the purchaser at settlement that the condition of the property is substantially the same as it was when the disclosure form was provided. Seller and Purchaser hereby acknowledge receipt of this Disclosure by signing below: Signature of Seller: Date: Signature of Buyer: Date: Signature of Seller: Date: Signature of Buyer: Date: The seller hereby certifies that the condition of the property is substantially the same as it was when the Seller’s Disclosure form was originally provided to the Buyer. Signature of Seller: Date: Signature of Seller: Date: 56
(Indiana Real Estate Commission; 876 IAC 1-4-2; filed Jun 1, 1994, 5:00 p.m.: 17 IR 2352; filed Jun 14, 1995, 11:00 a.m.: 18 IR 2787; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; filed Oct 28, 2002, 12:01 p.m.: 26 IR 789; filed Aug 6, 2003, 12:00 p.m.: 27 IR 186, eff Jan 1, 2004; filed Jan 27, 2006, 10:30 a.m.: 29 IR 1932, eff Jan 1, 2006 [IC 4-22-2-36 suspends the effectiveness of a rule document for 30 days after filing with the Secretary of State. LSA Document #05-101(F) was filed Jan 27, 2006.]) ARTICLE 2. REAL ESTATE COURSES AND LICENSING REQUIREMENTS FOR BROKERS AND SALESPERSONS Rule 1. Definitions; General Provisions 876 IAC 2-1-1 Scope Authority: IC 25-34.1-2-5 Affected: IC 25-34.1-5 Sec. 1. (a) This article establishes requirements for the education and examination of applicants for licensure as salespersons and brokers and establishes requirements for salesperson and broker courses pursuant to IC 25-34.1-5. (b) The definitions in this rule apply throughout this article. (Indiana Real Estate Commission; 876 IAC 2-1-1; filed Dec 9, 1988, 1:25 p.m.: 12 IR 927, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45 p.m.: 12 IR 1209; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA) 876 IAC 2-1-2 “Course session” defined Authority: IC 25-34.1-2-5 Affected: IC 25-34.1-5 Sec. 2. “Course session” means a particular broker course or salesperson course conducted by a real estate school. (Indiana Real Estate Commission; 876 IAC 2-1-2; filed Dec 9, 1988, 1:25 p.m.: 12 IR 927, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45 p.m.: 12 IR 1209; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA) 876 IAC 2-1-3 “Real estate school” defined Authority: IC 25-34.1-2-5 Affected: IC 25-34.1-5 Sec. 3. “Real estate school” means any person that has, or is seeking to have, broker course or salesperson course approval from the commission pursuant to IC 25-34.1-5 and this article. (Indiana Real Estate Commission; 876 IAC 2-1-3; filed Dec 9, 1988, 1:25 p.m.: 12 IR 927, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45 p.m.: 12 IR 1209; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA) 876 IAC 2-1-4 “School” defined Authority: IC 25-34.1-2-5 Affected: IC 25-34.1-5 Sec. 4. “School” means real estate school. (Indiana Real Estate Commission; 876 IAC 2-1-4; filed Dec 9, 1988, 1:25 p.m.: 12 IR 927, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45 p.m.: 12 IR 1209; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA) 876 IAC 2-1-5 “School director” defined Authority: IC 25-34.1-2-5 Affected: IC 25-34.1-5 Sec. 5. “School director” means the individual responsible for real estate school administrative matters such as program development, scheduling of classes, advertising, maintaining facilities and equipment, recordkeeping, and general supervision of the instructional program. (Indiana Real Estate Commission; 876 IAC 2-1-5; filed Dec 9, 1988, 1:25 p.m.: 12 IR 927, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45 p.m.: 12 IR 1209; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA) 876 IAC 2-1-6 Violations of statute and rules Authority: IC 25-34.1-2-5 Affected: IC 4-21.5-3; IC 4-21.5-4; IC 25-34.1-5 Sec. 6. (a) Failure of a real estate school to comply with the provisions of IC 25-34.1-5 and this article, shall subject it to denial of course approval or revocation or suspension of course approval as appropriate. (b) If a real estate school fails to meet the requirements for course approval renewal established in IC 25-34.1-5-7 and 876 IAC 2-2-9, the renewal shall be denied. (c) Under subsections (a) through (b), real estate schools shall be responsible for the actions of their employees and other agents. (d) Notices of denials of course approval or renewals and administrative review of such denials are governed by IC 4-21.5-3-4 and IC 4-21.5-3-7. (e) Institution of proceedings to revoke or suspend course approval is governed by IC 4-21.5-3-8. Emergency suspensions may be issued, where appropriate, under IC 4-21.5-4. (Indiana Real Estate Commission; 876 IAC 2-1-6; filed Dec 9, 1988, 1:25 p.m.: 12 IR 927, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45 p.m.: 12 IR 1209; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA) 876 IAC 2-1-7 Revocation, suspension, or denial of renewal of course approval; completion of courses Authority: IC 25-34.1-2-5 Affected: IC 25-34.1-5 Sec. 7. In the event it suspends, revokes, or denies renewal of course approval, the commission may, at its discretion, allow any course already in progress to be completed. (Indiana Real Estate Commission; 876 IAC 2-1-7; filed Dec 9, 1988, 1:25 p.m.: 12 IR 928, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45 p.m.: 12 IR 1209; filed Jul 25, 1991, 3:30 p.m.: 14 IR 2255; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA) 876 IAC 2-1-7.5 Payments of bond proceeds Authority: IC 25-34.1-2-5 Affected: IC 25-34.1-5 Sec. 7.5. (a) If the commission does not allow completion of a course under section 7 of this rule or if a course cannot be completed by the school for any other reason, each student enrolled in the course, who has a valid legal cause of action against the school, would be entitled to reimbursement for the enrollment fee and the cost of any required text or material if not included in the enrollment fee (provided the student presents proof of payment in connection with the uncompleted course) from the school's bond proceeds if said money cannot be recovered from the school. (b) Because the commission is obligee under the bonds of schools, payments from the proceeds of the bond shall be distributed to qualifying students by direction of the commission. (Indiana Real Estate Commission; 876 IAC 2-1-7.5; filed Jul 25, 1991, 3:30 p.m.: 14 IR 2256; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR- 876070067RFA) 57
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Indiana Real Estate Commission Laws
Page 3 and 4:
INDIANA REAL ESTATE COMMISSION July
Page 5 and 6: INDIANA CODE § 25-34.1 ARTICLE 34.
Page 7 and 8: perform any of those acts in Indian
Page 9 and 10: address of the principal broker and
Page 11 and 12: IC 25-34.1-4-3 Residency requiremen
Page 13 and 14: a hearing at which the affected per
Page 15 and 16: (1) information concerning the comm
Page 17 and 18: As added by P.L.145-2003, SEC.13. I
Page 19 and 20: IC 25-34.1-10-6.8 "Licensee" define
Page 21 and 22: and is required to comply with the
Page 23 and 24: INDIANA CODE § 23-1.5 ARTICLE 1.5.
Page 25 and 26: the professional corporation under
Page 27 and 28: (g) If a purchase, redemption, or t
Page 29 and 30: INDIANA CODE § 24-4.6 ARTICLE 4.6.
Page 31 and 32: form upon request. This subsection
Page 33 and 34: As added by P.L.67-1990, SEC.8. Ame
Page 35 and 36: IC 25-1-2-5 Rules and regulations S
Page 37 and 38: as a condition of certification, re
Page 39 and 40: cause to believe that the applicant
Page 41 and 42: (b) The director has the following
Page 43 and 44: IC 25-1-8-5 Employment of professio
Page 45 and 46: (3) a practitioner has knowingly vi
Page 47 and 48: (5) Perform or refrain from perform
Page 49 and 50: TITLE 876 INDIANA REAL ESTATE COMMI
Page 51 and 52: filed Mar 13, 1980, 2:40 p.m.: 3 IR
Page 53 and 54: 876 IAC 1-1-37 Disclosure of intere
Page 55: SELLER’S RESIDENTIAL REAL ESTATE
Page 59 and 60: all course sessions then in session
Page 61 and 62: (b) Each salesperson course shall b
Page 63 and 64: Rule 6. Fundamentals of Real Estate
Page 65 and 66: (2) Public and private land use res
Page 67 and 68: (A) Loyalty and obedience. (Note po
Page 69 and 70: for subdivision (3) is Level 3. The
Page 71 and 72: (1) Purpose and preparation. (2) Br
Page 73 and 74: (C) Gross rent multiplier (GRM) met
Page 75 and 76: IR 3824; readopted filed Jul 19, 20
Page 77 and 78: substantial emphasis on practice pr
Page 79 and 80: (D) Informal reference, i.e., stree
Page 81 and 82: (x) Wood-destroying insects. (xi) C
Page 83 and 84: 876 IAC 2-12-10 Real estate license
Page 85 and 86: (iv) Federal Deposit Insurance Corp
Page 87 and 88: (e) The competency and instructiona
Page 89 and 90: (A) Calculations involved with mark
Page 91 and 92: (3) A new instructor. (4) Any chang
Page 93 and 94: (7) Environmental issues. (8) Ethic
Page 95 and 96: 876 IAC 4-2-10 License reinstatemen
Page 97: 876 IAC 4-3-6 Video instruction dis
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Indiana Real Estate Commission Laws and Regulations

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