§ 25-34.1-3-4.1 — Requirements for broker's license

Indiana § 25-34.1-3-4.1

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

Text

1. (a) To obtain a broker license, an
individual must:
(1) be at least eighteen (18) years of age before applying for a
license and must not have a conviction for:
(A) an act that would constitute a ground for disciplinary
sanction under IC 25-1-11;
(B) a crime that has a direct bearing on the individual's ability
to practice competently; or
(C) a crime that indicates the individual has the propensity to
endanger the public;
(2) have a high school diploma or a general educational
development (GED) diploma under IC 20-20-6 (before its repeal)
or IC 22-4.1-18;
(3) have successfully completed an approved broker course of
study as prescribed in IC 25-34.1-5-5;
(4) apply for a license by submitting the application fee
prescribed by the commission and an application specifying:
(A) the name, address, and age of the applicant;
(B) the broker company with which the applicant intends to
associate;
(C) the address of the broker company;
(D) proof of compliance with subdivisions (2) and (3); and
(E) any other information the commission requires;
(5) pass a written examination prepared and administered by the
commission or its duly appointed agent; and
(6) within one (1) year after passing the commission examination,
submit the license fee established by the commission under IC 25-1-8-2. If an individual applicant fails to file a timely license
fee, the commission shall void the application and may not issue
a license to that applicant unless that applicant again complies
with the requirements of subdivisions (4) and (5) and this
subdivision.
(b) To obtain a broker license, a partnership must:
(1) have as partners only individuals who are licensed brokers;
(2) have at least one (1) partner who qualifies as a managing
broker under IC 25-34.1-4-0.5 and IC 25-34.1-4-3;
(3) cause each employee of the partnership who acts as a broker
to be licensed; and
(4) submit the license fee established by the commission under IC 25-1-8-2 and an application setting forth the name and residence
address of each partner and the information prescribed in
subsection (a)(4).
(c) To obtain a broker license, a corporation must:
(1) have a licensed broker who qualifies as a managing broker
under IC 25-34.1-4-0.5 and IC 25-34.1-4-3;
(2) cause each employee of the corporation who acts as a broker
to be licensed; and
(3) submit the license fee established by the commission under IC 25-1-8-2, an application setting forth the name and residence
address of each officer and the information prescribed in
subsection (a)(4), a copy of the certificate of incorporation, and a
certificate of good standing of the corporation issued by the
secretary of state.
(d) To obtain a broker license, a limited liability company must:
(1) if a member-managed limited liability company:
(A) have as members only individuals who are licensed
brokers; and
(B) have at least one (1) member who qualifies as a managing
broker under IC 25-34.1-4-0.5 and IC 25-34.1-4-3;
(2) if a manager-managed limited liability company, have a
licensed broker who qualifies as a managing broker under IC 25-34.1-4-0.5 and IC 25-34.1-4-3;
(3) cause each employee of the limited liability company who acts
as a broker to be licensed; and
(4) submit the license fee established by the commission under IC 25-1-8-2 and an application setting forth the information
prescribed in subsection (a)(4), together with:
(A) if a member-managed company, the name and residence
address of each member; or
(B) if a manager-managed company, the name and residence
address of each manager, or of each officer if the company has
officers.
(e) Licenses granted to partnerships, corporations, and limited
liability companies are issued, expire, are renewed, and are effective on
the same terms as licenses granted to individual brokers, except as
provided in subsection (h), and except that expiration or revocation of
the license of:
(1) any partner in a partnership or all individuals in a corporation
satisfying subsection (c)(1); or
(2) a member in a member-managed limited liability company or
all individuals in a manager-managed limited liability company
satisfying subsection (d)(2);
terminates the license of that partnership, corporation, or limited
liability company.
(f) Upon the applicant's compliance with the requirements of
subsection (a), (b), or (c), the commission shall issue the applicant a
broker license and an identification card which certifies the issuance
of the license and indicates the expiration date of the license. The
license shall be displayed at the broker's place of business. For at least
two (2) years after the issuance of a license, the individual cannot be a
managing broker. An individual who applies for a broker's license after
June 30, 2014, must, during the first two (2) years after the license is
issued, take and pass at least thirty (30) hours of postlicensing
education focused on the practical matters of real estate transactions
instead of the continuing education requirements under IC 25-34.1-9.
(g) Subject to IC 25-1-2-6(e), unless the license is renewed, a broker
license expires, for individuals, on a date specified by the licensing
agency under IC 25-1-6-4 and expires three (3) years after the initial
expiration date. An applicant for renewal shall submit an application
in the manner prescribed by the commission and pay the renewal fee
established by the commission under IC 25-1-8-2 on or before the
renewal date specified by the licensing agency. If the holder of a
license does not renew the license by the date specified by the licensing
agency, the license expires and becomes invalid without the
commission taking any action.
(h) Subject to IC 25-1-2-6(e), if the holder of a license under this
section fails to renew the license on or before the date specified by the
licensing agency, the license may be reinstated by the commission if
the holder of the license, not later than three (3) years after the
expiration of the license, meets the requirements of IC 25-1-8-6(c).
(i) If a license under this section has been expired for more than
three (3) years, the license may be reinstated by the commission if the
holder meets the requirements for reinstatement under IC 25-1-8-6(d).
(j) A partnership, corporation, or limited liability company may be
only a broker company, except as authorized in IC 23-1.5 and subject
to section 4.5 of this chapter. An individual broker who associates with
a broker company shall immediately notify the commission:
(1) of the name and business address of the broker company with
which the individual broker is associating; and
(2) of any changes of the broker company with which the
individual broker is associated that may occur.
Upon receiving notice under subdivision (1) or (2), the commission
shall change the address of the individual broker on its records to that
of the broker company.
As added by Acts 1982, P.L.156, SEC.3. Amended by
P.L.255-1987, SEC.3; P.L.5-1988, SEC.139; P.L.214-1993, SEC.83;
P.L.128-1994, SEC.3; P.L.229-1995, SEC.6; P.L.236-1995, SEC.50;
P.L.182-1996, SEC.2; P.L.64-2004, SEC.18; P.L.194-2005, SEC.86;
P.L.157-2006, SEC.72; P.L.105-2008, SEC.63; P.L.127-2012, SEC.13;
P.L.116-2015, SEC.2; P.L.177-2015, SEC.72; P.L.32-2020,
SEC.1.