1. licensee ANS >> a person who holds a license
2. broker ANS >> a person who for consideration, sells, buys, trades, exchanges,
options, leases, rents, manages, lists, or appraises real estate or negotiates or
offers to perform any of those acts; and is acting in association with and under the
auspices of a managing broker
3. commission ANS >> the indiana real estate commission or IREC
4. managing broker ANS >> a broker whom the commission
5. commercial real estate ANS >> A parcel of real estate other than real estate
containing one to four residential units
6. Out of State Commercial Broker ANS >> person affiliated with an out-of-state
commer- cial broker who is not licensed as a broker in Indiana
7. broker company ANS >> a licensee that is a business. could be a sole
proprietorship, a partnership, a limited liability company or a corporation
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, 8. Out of State Commercial Broker ANS >> licensed to do business as a
broker in a jurisdiction other than Indiana
9. person ANS >> an individual, a partnership, a corporation, or a limited liability
company
10. license ANS >> a broker license issued that is not expired, suspended, or revoke
11. real estate ANS >> any right, title, or interest in real property
12. licensing agency ANS >> the Indiana Professional Licensing Agency or IPLA
13. Indiana Real Estate Commission (IREC) ANS >> Safeguard the public interest
by encouraging and requiring a high standard of knowledge and ethical practice on
the part of the licensees.
14. Members of the Real Estate Commission ANS >> members at large meaning
one real estate member at large who has been a broker for not less than 5 years
and then 2 citizen members who are residents of Indiana and have never been
associated with the real estate business other than as a consumer and then 9
district members that have real estate licenses (that are from each district and
have had a license for 5+ years)
15. members of the REC ANS >> - cannot hold a state or federal elective office
- hold office for 4 years and are appointed by the governor
16. action may be ANS >> taken without a meeting whether it's written or oral
17. powers of the REC ANS >> - administer and enforce
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, - right to establish standards for competent practice and rules and regulations
- issue, deny, suspend, and revoke licenses
- investigate complaints concerning licensees or persons the commission has rea-
son to believe should be licensed
-bring action in circuit court
- can inspect licenses at any time without warning
-enforce the laws
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, 18. action required by the commission may be conducted without a meeting if,
prior to that action ANS >> a written consent to the action is signed by all of the
members
19. if a licensee is convicted of a crime, how soon must they notify the Real
Estate Commission ANS >> within 30 days
20. in house agency relationship ANS >> an agency relationship involving two or
more clients who are represented by different licenses within the same real
estate firm
21. limited agent ANS >> A licensee who works with both parties to a transaction
(i.e., buyer and seller) and legally can do this only with written "informed consent"
of all parties.
22. Agency Relationship ANS >> a relationship in which a licensee represents a
client in a real estate transaction
23. client ANS >> a person who has entered into an agency relationship with a
licensee
24. defect ANS >> a condition that would have a significant adverse effect on the
value of the property, that would significantly impair the health or safety of future
occupants of the property, or that if not repaired, removed, or if replaced would
significantly shorten or adversely affect the expected normal life of the premises
25. customer ANS >> a person who is provided services in the ordinary course of
business by a licensee but who is not a client
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2. broker ANS >> a person who for consideration, sells, buys, trades, exchanges,
options, leases, rents, manages, lists, or appraises real estate or negotiates or
offers to perform any of those acts; and is acting in association with and under the
auspices of a managing broker
3. commission ANS >> the indiana real estate commission or IREC
4. managing broker ANS >> a broker whom the commission
5. commercial real estate ANS >> A parcel of real estate other than real estate
containing one to four residential units
6. Out of State Commercial Broker ANS >> person affiliated with an out-of-state
commer- cial broker who is not licensed as a broker in Indiana
7. broker company ANS >> a licensee that is a business. could be a sole
proprietorship, a partnership, a limited liability company or a corporation
mailto:https://www.stuvia.com/user/techgrades
, 8. Out of State Commercial Broker ANS >> licensed to do business as a
broker in a jurisdiction other than Indiana
9. person ANS >> an individual, a partnership, a corporation, or a limited liability
company
10. license ANS >> a broker license issued that is not expired, suspended, or revoke
11. real estate ANS >> any right, title, or interest in real property
12. licensing agency ANS >> the Indiana Professional Licensing Agency or IPLA
13. Indiana Real Estate Commission (IREC) ANS >> Safeguard the public interest
by encouraging and requiring a high standard of knowledge and ethical practice on
the part of the licensees.
14. Members of the Real Estate Commission ANS >> members at large meaning
one real estate member at large who has been a broker for not less than 5 years
and then 2 citizen members who are residents of Indiana and have never been
associated with the real estate business other than as a consumer and then 9
district members that have real estate licenses (that are from each district and
have had a license for 5+ years)
15. members of the REC ANS >> - cannot hold a state or federal elective office
- hold office for 4 years and are appointed by the governor
16. action may be ANS >> taken without a meeting whether it's written or oral
17. powers of the REC ANS >> - administer and enforce
mailto:https://www.stuvia.com/user/techgrades
, - right to establish standards for competent practice and rules and regulations
- issue, deny, suspend, and revoke licenses
- investigate complaints concerning licensees or persons the commission has rea-
son to believe should be licensed
-bring action in circuit court
- can inspect licenses at any time without warning
-enforce the laws
mailto:https://www.stuvia.com/user/techgrades
, 18. action required by the commission may be conducted without a meeting if,
prior to that action ANS >> a written consent to the action is signed by all of the
members
19. if a licensee is convicted of a crime, how soon must they notify the Real
Estate Commission ANS >> within 30 days
20. in house agency relationship ANS >> an agency relationship involving two or
more clients who are represented by different licenses within the same real
estate firm
21. limited agent ANS >> A licensee who works with both parties to a transaction
(i.e., buyer and seller) and legally can do this only with written "informed consent"
of all parties.
22. Agency Relationship ANS >> a relationship in which a licensee represents a
client in a real estate transaction
23. client ANS >> a person who has entered into an agency relationship with a
licensee
24. defect ANS >> a condition that would have a significant adverse effect on the
value of the property, that would significantly impair the health or safety of future
occupants of the property, or that if not repaired, removed, or if replaced would
significantly shorten or adversely affect the expected normal life of the premises
25. customer ANS >> a person who is provided services in the ordinary course of
business by a licensee but who is not a client
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