Indiana Real Estate Commission Laws and Regulations

(A) Calculations involved with market data approach as follows:
(i) Adjustments to sale prices of comparables.
(ii) Calculating estimate of value.
(B) Calculations involved with cost approach as follows:
(i) Determining cost per square foot.
(ii) Calculating depreciation by straight-line method.
(iii) Calculating estimate of value.
(C) Calculations involved with income approach as follows:
(i) Determining and applying gross rent multiplier.
(ii) Deriving net operating expenses.
(iii) Capitalization of income (calculating estimate of value).
(iv) Computing present value (discounted cash flow analysis).
(Indiana Real Estate Commission; 876 IAC 2-14-10; filed Dec 1, 1989,
5:00 p.m.: 13 IR 672; errata filed Jun 2, 1998, 11:33 a.m.: 21 IR 3940;
readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul
19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA)
Rule 15. Real Estate Broker Course; Required Instructional
Materials
876 IAC 2-15-1 Required instructional materials
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 Real Estate Commission; 876 IAC 2-15-1; filed Dec 1, 1989,
5:00 p.m.: 13 IR 673; filed Jul 25, 1991, 3:30 p.m.: 14 IR 2257; filed Jun
30, 1999, 2:41 p.m.: 22 IR 3418; 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876 IAC 2-15-2 Approved textbooks (Repealed)
Sec. 2. (Repealed by Indiana Real Estate Commission; filed Jul 25,
1991, 3:30 p.m.: 14 IR 2257)
876 IAC 2-15-3 Resource and supplemental course materials
(Repealed)
Sec. 3. (Repealed by Indiana Real Estate Commission; filed Jul 25,
1991, 3:30 p.m.: 14 IR 2257)
Rule 16. Licensure; Miscellaneous Educational and Experience
Provisions
876 IAC 2-16-1 Broker license; experience requirement and waiver
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 Real Estate Commission; 876 IAC 2-16-1; filed Dec 9, 1988,
1:25 p.m.: 12 IR 935, 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;
filed May 27, 2003, 11:00 a.m.: 26 IR 3342)
876 IAC 2-16-2 Real estate school instructors; education
requirement for licensure
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 Real Estate Commission; 876 IAC 2-16-2; filed Dec 9, 1988,
1:25 p.m.: 12 IR 935, 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)
Rule 17. Examinations
876 IAC 2-17-1 Requirements for admission to examination
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 Real Estate Commission; 876 IAC 2-17-1; filed Dec 9, 1988,
1:25 p.m.: 12 IR 936, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45
p.m.: 12 IR 1209; errata filed May 15, 1989, 2:20 p.m.: 12 IR 1907;
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 2-17-2 Application for examination; fee
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 Real Estate Commission; 876 IAC 2-17-2; filed Dec 9, 1988,
1:25 p.m.: 12 IR 936, eff Jan 8, 1989; errata filed Dec 21, 1988, 3:45
p.m.: 12 IR 1209; filed Oct 23, 1990, 1:48 p.m.: 14 IR 450; filed Dec 6,
1994, 4:57 p.m.: 18 IR 1285; filed Jun 21, 1996, 10:00 a.m.: 19 IR 3111;
readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul
19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA)
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