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TITLE 876 INDIANA REAL ESTATE COMMISSION

Economic Impact Statement
LSA Document #12-158


IC 4-22-2.1-5 Statement Concerning Rules Affecting Small Businesses
The Indiana Real Estate Commission (Commission) has determined that this proposed rule will impose minimal requirements or costs on small businesses.

Estimated Number of Small Businesses Subject to this Rule:
The Commission estimates that the total of number of small businesses, specifically active licensed course providers, currently subject to this rule is 30.

Estimated Average Annual Administrative Costs That Small Businesses Will Incur:
There are no additional annual administrative costs as a result of this rule.

Estimated Total Annual Economic Impact on Small Businesses:
Small businesses will incur minimal costs in preparing and administering the transition course; however, these costs will be offset by the considerable increase in revenue that they will experience due to the numerous licensees seeking to complete the course within the allotted two years.

Supporting Data, Studies, and Analyses:
SEA 275 requires that a 24-hour course be completed by salespersons in order to complete the required transition to broker licensure by July 1, 2014. This course must be approved by Commission and to most effective the Commission feels it necessary to establish the content of this statutorily required course. There is no supporting data, studies, or analyses.

Regulatory Flexibility Analysis of Alternative Methods:
The Commission determined that this proposed rule is the most effective way to address the course requirements. The Commission selected topics that course providers already provide in their current approved broker course, so these schools will likely be able to utilize course material they currently use.

Explanation of Preliminary Determination:
SEA 275 enacted by the Indiana General Assembly in 2012 requires that all licensed real estate salespersons complete a transition course in order to upgrade their license to a licensed real estate broker before July 1, 2014. The enrolled act requires that the transition course consist of education approved by the Commission. The benefit of this rule is that it specifies the subject matter of the education, clarifies to whom the rule applies, provides approval guidelines for course providers, and specifies exam requirements for transitioning licensees. This rule change will provide guidance to the licensed real estate salespersons and course providers during the transition period of July 1, 2012, through July 1, 2014.

Posted: 05/09/2012 by Legislative Services Agency

DIN: 20120509-IR-876120158EIA
Composed: Oct 22,2014 8:17:40AM EDT
A PDF version of this document.