Title 876 Indiana Real Estate
Commission: General Provisions
Questions Fully Solved.
The fundamental and primary purpose of the Commission is to safeguard the public interest
through the following: - Answer 1. encouraging the requiring high standards of knowledge
2. encouraging ethical practices
3. discipling licensees who engage in dishonest, fraudulent, or criminal activities
4. chasing the discipline of persons who violate Indiana Code or these provisions
Branch manager - Answer an individual broker who manages a branch office
Branch office - Answer a broker company's office other than its principal place of business
Broker - Answer a person who holds a valid broker license issued by the Commission, also
referred to as a licensee
Broker company - Answer any business licensed as a broker to practice real estate, whether as
a sole proprietorship, partnership, corporation, or limited liability company. For sole
proprietorships, the sole proprietor's individual license is the business license
Commission - Answer the Indiana Real Estate Commission
Licensing agency - Answer the Indiana Professional Licensing Agency
Listing broker - Answer a broker company who has a written contract with an owner to
perform real estate services
Managing broker - Answer an individual broker whom the Commission holds responsible for
the actions of licensees who are affiliated with the broker company. The managing broker may
also be referred to as an individual broker
Owner/seller - Answer person who has an interest in the property or their duly authorized
, Referral - Answer the act of recommending or referring a sales lead to a broker
Referral service - Answer a company or part of a company or franchise system established for
the purpose of recommending or referring client or customer leads to other brokers
Selling broker - Answer a broker company that is acting on behalf of the buyer or tenant, and
provides an accepted offer to purchase of accepted lease agreement
Corporation or partnership license - Answer Applicants for licensure as a corporation or
partnership must have a sponsoring or responsible individual duly licensed as a real estate
broker within the corporation or partnership. All licensees associated with the brokerage firm
shall be supervised on site by said responsible broker. All employees, agents, and officers of said
corporation who intend to perform duties of a real estate broker must have an active broker's
license All corporation must provide a copy of the Certificate of incorporation with the
application for licensure
Evidence of current licensure - Answer Every real estate office shall maintain evidence of
current licensure for all licensees associated with that office
Operation of Broker Companies - Answer 1. Every broker company shall be managed by an
individual broker. For sole proprietorships, the sole proprietor is the individual broker. For
partnerships, corporations, or limited liability companies, the individual broker designated by
company to the Commission. The broker company shall constitute the individual broker's
principal and sole place of business. This does not prohibit the individual broker from being the
individual broker for more than 1 broker company located at the same address
2. A sole proprietor individual broker shall be primarily responsible to the Commission for the
broker company's actions
3. An individual broker may also act as a branch manager
Supervision of offices - Answer Any branch office that a broker company maintains shall be
managed by a branch manager. The broker company shall submit to the Commission a Branch
Office Registration Form prior to opening. The broker company shall notify the Commission a
branch office has a new branch manager, and when an individual broker transfers from one
branch office to another. An individual broker may be a branch manager of more than one
branch office
Associating with a broker company - Answer A broker applicant shall choose to either be
unassigned or assigned to a broker company
Commission: General Provisions
Questions Fully Solved.
The fundamental and primary purpose of the Commission is to safeguard the public interest
through the following: - Answer 1. encouraging the requiring high standards of knowledge
2. encouraging ethical practices
3. discipling licensees who engage in dishonest, fraudulent, or criminal activities
4. chasing the discipline of persons who violate Indiana Code or these provisions
Branch manager - Answer an individual broker who manages a branch office
Branch office - Answer a broker company's office other than its principal place of business
Broker - Answer a person who holds a valid broker license issued by the Commission, also
referred to as a licensee
Broker company - Answer any business licensed as a broker to practice real estate, whether as
a sole proprietorship, partnership, corporation, or limited liability company. For sole
proprietorships, the sole proprietor's individual license is the business license
Commission - Answer the Indiana Real Estate Commission
Licensing agency - Answer the Indiana Professional Licensing Agency
Listing broker - Answer a broker company who has a written contract with an owner to
perform real estate services
Managing broker - Answer an individual broker whom the Commission holds responsible for
the actions of licensees who are affiliated with the broker company. The managing broker may
also be referred to as an individual broker
Owner/seller - Answer person who has an interest in the property or their duly authorized
, Referral - Answer the act of recommending or referring a sales lead to a broker
Referral service - Answer a company or part of a company or franchise system established for
the purpose of recommending or referring client or customer leads to other brokers
Selling broker - Answer a broker company that is acting on behalf of the buyer or tenant, and
provides an accepted offer to purchase of accepted lease agreement
Corporation or partnership license - Answer Applicants for licensure as a corporation or
partnership must have a sponsoring or responsible individual duly licensed as a real estate
broker within the corporation or partnership. All licensees associated with the brokerage firm
shall be supervised on site by said responsible broker. All employees, agents, and officers of said
corporation who intend to perform duties of a real estate broker must have an active broker's
license All corporation must provide a copy of the Certificate of incorporation with the
application for licensure
Evidence of current licensure - Answer Every real estate office shall maintain evidence of
current licensure for all licensees associated with that office
Operation of Broker Companies - Answer 1. Every broker company shall be managed by an
individual broker. For sole proprietorships, the sole proprietor is the individual broker. For
partnerships, corporations, or limited liability companies, the individual broker designated by
company to the Commission. The broker company shall constitute the individual broker's
principal and sole place of business. This does not prohibit the individual broker from being the
individual broker for more than 1 broker company located at the same address
2. A sole proprietor individual broker shall be primarily responsible to the Commission for the
broker company's actions
3. An individual broker may also act as a branch manager
Supervision of offices - Answer Any branch office that a broker company maintains shall be
managed by a branch manager. The broker company shall submit to the Commission a Branch
Office Registration Form prior to opening. The broker company shall notify the Commission a
branch office has a new branch manager, and when an individual broker transfers from one
branch office to another. An individual broker may be a branch manager of more than one
branch office
Associating with a broker company - Answer A broker applicant shall choose to either be
unassigned or assigned to a broker company
