The Indiana Real Estate Commission Flashcards

The Indiana Real Estate Commission Flashcards General power and duties:- Administer and enforce license law and administrative regulations- Adopt rules and adopt forms- Issue, deny, suspend, and revoke licenses- Investigate complaints- Bring lawsuits, when necessary- Inspect records- Conduct public hearings when required- Enter into contracts on behalf of state- Grant, deny, suspend, and revoke school approvals- Oversee surety bonds (real estate schools only)- Adopt rules for administration of Investigative Fund- Implement changes to Uniform Standards of Professional Appraisal Practice- Adopt rules establishing standards for competent practice Meetings of the Commission- Need a quorum (majority of current members)- Majority vote of members present gets it done Who appoints the Commission?The Governor to a four year term. If a vacancy occurs, new appointee serves the unexpired term . Members may not hold state or federal elective office Compensation of Commission- Minimum salary per diem (per day)- Reimbursement for traveling and other expenses- Monies come from general fund of the state Duties of the Commission- Schedule meetings (as directed by chairman)- Keeps record of all meetings, votes, proceedings, etc- Keeps current file of licenses and licensees- Other duties prescribed by Commission Investigative Funda fee of not more than $20 levied on real estate broker to establish a fund to investigate real estate and real estate appraisal fund Operation of the Real Estate Commission- Annually elect a chairman and vice-chairman (neither may serve more than two consecutive terms)- PLA provided an Executive Director (not a commissioner; doesn't vote; purely an administrative position) Composition of the Commission (9-1-2)9 district member (one from each congressional district)- Must have lived in their district for at least one year- Must have been a licensed broker for at least five years1 real estate member at large- Must be a resident of Indiana- Represent the general public- Must have been a licensed broker for at least five years2 citizen members at large- Must be resident of Indiana- Represent the general public- Never been associated with the real estate business other than consumer PLA (Professional Licensing Agency)issues licenses to variety of industries, including real estate. They appoint another agency to oversee the

licensees in each profession

Which agency oversee's real estate licensees? Indiana Real Estate Commission, only this agency imposes license requirements or fees on real estate licensees