§ 25-34.1-1-2 — Definitions

Indiana § 25-34.1-1-2

• Jurisdiction: Indiana
• Title 25: PROFESSIONS AND OCCUPATIONS
• Art. 34.1: REAL ESTATE BROKERS AND
• Ch. 1: Definitions and General Provisions

Text

As used in this article:
(1) "Person" means an individual, a partnership, a corporation, or
a limited liability company.
(2) "Commission" means the Indiana real estate commission.
(3) "Real estate" means any right, title, or interest in real property.
(4) "Broker" means a person who:
(A) 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
(B) is acting in association with and under the auspices of a
managing broker and broker company.
(5) "License" means a broker license issued under this article and
which is not expired, suspended, or revoked.
(6) "Licensee" means a person who holds a license issued under
this article. The term does not include a person who holds a real
estate appraiser license or certificate issued under the real estate
appraiser licensure and certification program established under IC 25-34.1-3-8.
(7) "Course approval" means approval of a broker course granted
under this article which is not expired, suspended, or revoked.
(8) "Licensing agency" means the Indiana professional licensing
agency established by IC 25-1-5-3.
(9) "Board" refers to the real estate appraiser licensure and
certification board established under IC 25-34.1-8-1.
(10) "Commercial real estate" means a parcel of real estate other
than real estate containing one (1) to four (4) residential units.
This term does not include single family residential units such as:
(A) condominiums;
(B) townhouses;
(C) manufactured homes; or
(D) homes in a subdivision;
when sold, leased, or otherwise conveyed on a unit-by-unit basis,
even if those units are part of a larger building or parcel of real
estate containing more than four (4) residential units.
(11) "Out-of-state commercial broker" includes a person, a
partnership, an association, a limited liability company, a limited
liability partnership, or a corporation that is licensed to do
business as a broker in a jurisdiction other than Indiana.
(12) "Out-of-state commercial salesperson" includes a person
affiliated with an out-of-state commercial broker who is not
licensed as a broker under this article.
(13) "Managing broker" refers to an individual broker whom the
commission holds responsible for the actions of licensees who are
affiliated with the broker company.
(14) "Broker company" means a licensee that is a business
engaged in the activities described in IC 25-34.1-3-2(a), whether
as a sole proprietorship, a partnership, a limited liability company,
or a corporation. In the case of a broker company that is a sole
proprietorship, the individual broker who is the sole proprietor is
the broker company and the managing broker for the broker
company.
As added by Acts 1979, P.L.248, SEC.1. Amended by Acts
1982, P.L.113, SEC.79; P.L.132-1984, SEC.42; P.L.186-1990, SEC.11;
P.L.183-1991, SEC.5; P.L.128-1994, SEC.1; P.L.64-2004, SEC.16;
P.L.2-2005, SEC.71; P.L.1-2006, SEC.479; P.L.127-2012, SEC.7;
P.L.200-2013, SEC.1; P.L.116-2015, SEC.1.