§ 25-34.1-3-11 — Acts permitted by unlicensed out-of-state commercial broker; written consent

Indiana § 25-34.1-3-11

• Jurisdiction: Indiana
• Title 25: PROFESSIONS AND OCCUPATIONS
• Art. 34.1: REAL ESTATE BROKERS AND
• Ch. 3: Licensing

Text

(a) An out-of-state commercial broker, for
a fee, commission, or other valuable consideration, or in expectation,
or upon the promise of receiving or collecting a fee, commission, or
other valuable consideration, may perform acts with respect to
commercial real estate that require a license under this article without
a license under this article, if the out-of-state commercial broker does
all of the following:
(1) Works in cooperation with a broker who holds a valid license
issued under this article.
(2) Enters into a written agreement with the broker described in
subdivision (1) that includes the terms of cooperation and
compensation and a statement that the out-of-state commercial
broker and the broker's agents will comply with the laws of this
state.
(3) Furnishes the broker described in subdivision (1) with a copy
of the out-of-state commercial broker's current certificate of good
standing or other proof of a license in good standing from a
jurisdiction where the out-of-state commercial broker maintains
a valid real estate license.
(4) Files an irrevocable written consent with the commission that
legal actions arising out of the conduct of the out-of-state
commercial broker or the broker's agents may be commenced
against the out-of-state commercial broker in a court with
jurisdiction in a county in Indiana in which the cause of action
accrues.
(5) Advertises in compliance with state law and includes the
name of the broker described in subdivision (1) in all advertising.
(6) Deposits all escrow funds, security deposits, and other money
received by either the out-of-state commercial broker or the
broker described in subdivision (1) in a trust account maintained
by the broker described in subdivision (1).
(7) Deposits all documentation required by this section and
records and documents related to the transaction with the broker
described in subdivision (1).
(b) The broker described in subsection (a)(1) shall retain the
documentation that is provided by the out-of-state commercial broker
as required under this section, and the records and documents related
to a transaction, for at least five (5) years.
(c) An out-of-state commercial salesperson may perform acts with
respect to commercial real estate that require a broker to be licensed
under this article without a license under this article if the out-of-state
commercial salesperson meets all of the following requirements:
(1) The out-of-state commercial salesperson:
(A) is licensed with and works under the direct supervision of
the out-of-state commercial broker;
(B) provides the broker described in subsection (a)(1) with a
copy of the out-of-state commercial salesperson's current
certificate of good standing or other proof of a license in good
standing from the jurisdiction where the out-of-state
commercial salesperson maintains a valid real estate license in
connection with the out-of-state commercial broker; and
(C) collects money, including:
(i) commissions;
(ii) deposits;
(iii) payments;
(iv) rentals; or
(v) escrow funds;
only in the name of and with the consent of the out-of-state
commercial broker under whom the out-of-state commercial
salesperson is licensed.
(2) The out-of-state commercial broker described in subdivision
(1)(A) meets all of the requirements of subsection (a).
(d) An out-of-state commercial broker or out-of-state commercial
salesperson acting under this section shall file a written consent as
provided in section 5(b) of this chapter.

Legislative History

As added by P.L.64-2004, SEC.20. Amended by P.L.127-2012, SEC.18.