INDIANA REAL ESTATE STATE EXAM PREP Flashcards

INDIANA REAL ESTATE (STATE EXAM PREP) Flashcards what is the investigative fund max balance $750,000 anything more goes to the states general fund at the end of the year if there is a complaint files against someone preforming real estate practices that DOES NOT have a licenses, what can the attorney generals office do file a cease a desist order that is enforceable in circuit or superior court probationa sanction that requires the practitioner to meet the designated requirements to terminate the probation status the investigative fundcreated to supply found for violation/ complaint investigationadministered by the attorney generals office reinstatement requirementsfailure to renew your license before the due date it becomes a invalid license, to reinstate your license your must-submit renewal application-pay renewal fees-complete all continuing education requirements-provide a sworn statement that all continuing education requirements have been meant amount covered by the recovery fundcovers up to $20,000 per casecovers a max of $50,000 for an individual broker for the duration of there careerminimum recovery fund balance $600,000 unassigned to reinstatedAn unassigned broker requesting assignment to a new broker company must complete the same reassignment application steps to have his or her license status changed from unassigned to assigned.attorney generals office of consumer protectionwhat do they do?review, investigate and resolve complaintsif they find merit in the complaint it is sent to the commission and a notice is sent to the licensee the complaint is about. if it is not solved by the commission in 30DAYS the division begins to investigate LLCcan be member managed or manger managed(member managed)-only licensed brokers may be members-one member must be a resident-employees must be licensed-license fees and application investigation/ hearing and appealscomplains or accusations must be in writing and and signed by the complaintcomplaints filed with the attorney generals office if the attorney generals office find the licensee guilty what happens?the division notifies the attorney general, who may prosecute for the commission.the practitioner is entitled to a hearing in-front of the commission what power does the attorney generals office of consumer protection have can subpoena witnesses and documents involving the case general application for license requirements the applicant must be at least 18 years oldthe applicant must have no convictions for any act included inIndiana

real estate law violations and prohibited activitiesthe applicant must also have a high school diploma or the equivalentthe applicant must have successfully completed an approved real estate broker course of studythe applicant must submit the application fee and an application with the required informationthe applicant must pass the real estate broker examination

requirements if your don't reinstate for 3 years or more-submit renewal application-pay renewal fees-pay a reinstatement fee that is equal to the cost of the current application fee-complete 36hrs of continuing education prior to reinstatement-provide a sworn statement that all requirements are meant-complete any other requirements/ additional training given by the real estate commission the purpose of the real estate commission require a standard of knowledgeencourage ethical practicediscipline brokers who commit frauddiscipline brokers who break laws maintaining a Indiana real estate licensecontinuing education 30 hour within the 3year licensing periodcan be 1 Course or 5 separate summary suspension90-day license suspension imposed as a sanction when the Commission finds that the real estate professional is a clear and immediate danger to the public health and safety if he or she continues to practice.license renewal extension requirements-active duty for 30+ days OUT of state-license must not be revoked, suspended, expired or subject to a complaint-the license expiration must happen while on active duty-provide proof of out of state duty-must not have received notice of a license expiration prior to leaving for active duty who gives licensethe Indiana real estate commission How long is a real estate license valid? 3 years broker continuing education requirements -each broker is to complete 30 hours of approved post-licensing coursework during the first 2 years after initial licensingeach broker is then to complete 12 hours of approved continuing education coursework each year after the first 2 years license requirements for a business partnership -only licensed brokers-one partner must be licensed managing broker, who is a resident of Indiana-employees must be licensed to conduct real estate-application and licensing fee required renwel procedures- licenses must submit a renewal application- pay renewal fees- provide proof they meet the minimum requirements of licencingall before the expiration date of their license renewal delayIf the licensing agency has received information that the practitioner may have committed an act which would warrant discipline, the agency may delay the renewal up to 90 days. in this time they will investigate complaintpractitioner must be notified None resident license requirement-pass the license law section of the Indiana broker exam-file the written consent with the commission Law that regulates Indiana real estatetitle 876 what can a violator of Indiana state law do if the disagree with the verdict from the commission they may appeal under the Indiana administrative rules and procedures act

sanctiona disciplinary action imposed by the real estate regulatory board against a violator of real estate law military licenseactivity practiced real estate for at least 2 of the last 5 years prior to application lincense transfer ( assigned and unassigned) when a brokers terminates there association with a brokerage they have 5DAYS to request to be assigned to a new brokerage or to obtain unassigned statusduring the time of termination, they may NOT practice real estateAll listings obtained at the current brokerage must be turned over to that brokerage licence education requirements90hr course for a broker90hr course +24 hour course for managing broker renewal extension180 daysfor full time active duty practitioner180 days start after being released from active duty365 day for a sick or injured practitioner on active dutystarts after release license requirements for a corparation-corp must have a license broker who is a officer resident in Indiana-employees must be licensed-license fees and application-copy of the certificate of incorporation-certification of good standing from security of state Suspensionprohibits practice for a period of time prohibited Indiana law activitiespreform real estate transaction without a license for moneyhaving been found guilty of a crime that effects the ability to competently practicecommitted Crime that endangers the publiccheat on examfalse advertisement/misleadingfraudulent billingrefuse a mental exam order by the commissionposses or distribute illegal drugssex crimenot paying child supportallowing another to use your licensecorrupt a real estate appraiserbribery ,coercion, extortion, intimidation, collusion the recovery fundmade to cover claims against licenseescovers court cost NOT attorney fees or punitive damagesclaims must be submitted within a yearand they case must have happened at a time they were licensed inactive licenses requirements- may not perform any act that requires a broker license- is not required to complete continuing education requirements forthe period the license is inactive-must pay any fees that a licensee is required to pay-must comply with license renewal requirements- must satisfy post-licensing or continuing education requirementsbefore applying for reactivation of the license the Indiana commission members12 total9 district members ( 1 from each district,member has to live in district for 1 year)members must be brokers for 5yrs1 member (in large)2 citizen members they serve 4 years termsappointed by the governorcommission elects