Section 2: Unit 13: Definitions and Activities Requiring Licensure
Unit 13 NASCLA Section 2 Definitions and Activities Requiring Contractor Licensure Explained
Study online at https://quizlet.com/_8jgvgc
1. Real estate transaction - the sale or lease of any legal or equitable interest in real
estate and/or the making, refinancing, or consolidation of a
mortgage loan.
2. License - a broker license issued under Title 876 which is not expired,
suspended, or revoked and allows the broker to conduct real
estate transactions.
3. Broker - a person with a valid broker's real estate license who buys,
sells, trades, exchanges, leases, manages, and lists real es-
tate for consideration.
4. Commission - the Indiana Real Estate Commission which was established
by Title 876 of the Indiana Administrative Code and which
regulates the real estate business in Indiana.
5. 5 transactions that require a real Negotiating and agreeing to commissions
estate license other than buy-
ing, selling, leasing, and manag- Showing real property
ing.
Creating promotional materials
Listing a property for sale
Discussing and explaining contracts
6. 4 exceptions to transactions that Actions of an attorney in the practice of law
require a real estate license.
Actions by the executor of a will
Rental of a lodging for less than 30 days
Sale of a cemetery lot
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Unit 13 NASCLA Section 2 Definitions and Activities Requiring Contractor Licensure Explained
Study online at https://quizlet.com/_8jgvgc
1. Real estate transaction - the sale or lease of any legal or equitable interest in real
estate and/or the making, refinancing, or consolidation of a
mortgage loan.
2. License - a broker license issued under Title 876 which is not expired,
suspended, or revoked and allows the broker to conduct real
estate transactions.
3. Broker - a person with a valid broker's real estate license who buys,
sells, trades, exchanges, leases, manages, and lists real es-
tate for consideration.
4. Commission - the Indiana Real Estate Commission which was established
by Title 876 of the Indiana Administrative Code and which
regulates the real estate business in Indiana.
5. 5 transactions that require a real Negotiating and agreeing to commissions
estate license other than buy-
ing, selling, leasing, and manag- Showing real property
ing.
Creating promotional materials
Listing a property for sale
Discussing and explaining contracts
6. 4 exceptions to transactions that Actions of an attorney in the practice of law
require a real estate license.
Actions by the executor of a will
Rental of a lodging for less than 30 days
Sale of a cemetery lot
1/3
Page 1
