TITLE 876 INDIANA REAL ESTATE COMMISSION

Under IC 4-22-2-23, the Indiana Real Estate Commission intends to adopt a rule concerning the following:

OVERVIEW: This proposed rule repeals all of the Commission's rules (except 876 IAC 3 concerning the licensure of appraisers) and adds new rules (876 IAC 5 through 876 IAC 9) in their place. Most of the changes are based upon recent legislation (P.L.127-2012 (SEA 275) and P.L.200-2013 (SEA 615)) among other things addressing the elimination of the salesperson license and educational requirements for brokers. Other rules are reorganized and streamlined with some changes in substantive requirements. Adds 876 IAC 5 to add definitions and fee schedule. Adds 876 IAC 6 to add definitions and requirements for real estate schools, establishes the hours of classroom instruction for real estate broker prelicensing education, establishes real estate broker licensing exam requirements, and adds other related miscellaneous provisions. Adds 876 IAC 7 to establish requirements for sponsors of continuing education for real estate licensees, establishes managing broker educational requirements, establishes postlicensing educational requirements, establishes the continuing education requirements for brokers including managing brokers, establishes instructor continuing education requirements, and other related miscellaneous requirements. Adds 876 IAC 8 to establish broker supervision requirements, escrow account requirements, advertising requirements, provisions regarding listing agreements, offers to purchase, closing statements, attendance at closings, licensee interest in property, incompetent practice, fee appraisals conducted by licensed brokers, and other miscellaneous requirements concerning the practice of real estate. Adds 876 IAC 9 to provide the sellers disclosure form. Repeals 876 IAC 1-1-1, 876 IAC 1-1-3, 876 IAC 1-1-11, 876 IAC 1-1-17, 876 IAC 1-1-18, 876 IAC 1-1-19, 876 IAC 1-1-20, 876 IAC 1-1-21, 876 IAC 1-1-22, 876 IAC 1-1-23, 876 IAC 1-1-24, 876 IAC 1-1-25, 876 IAC 1-1-26, 876 IAC 1-1-30.1, 876 IAC 1-1-33, 876 IAC 1-1-36, 876 IAC 1-1-37, 876 IAC 1-1-39, 876 IAC 1-1-40, 876 IAC 1-1-41, 876 IAC 1-1-42, 876 IAC 1-1-43, 876 IAC 1-4, 876 IAC 2-1, 876 IAC 2-2-1, 876 IAC 2-2-3, 876 IAC 2-2-4, 876 IAC 2-2-6, 876 IAC 2-2-7, 876 IAC 2-2-8, 876 IAC 2-2-9, 876 IAC 2-2-10, 876 IAC 2-2-11, 876 IAC 2-2-12, 876 IAC 2-3, 876 IAC 2-4-1, 876 IAC 2-4-3, 876 IAC 2-4-4, 876 IAC 2-4-5, 876 IAC 2-4-6, 876 IAC 2-4-7, 876 IAC 2-5, 876 IAC 2-6-1, 876 IAC 2-6-2, 876 IAC 2-6-3, 876 IAC 2-6-5, 876 IAC 2-6-6, 876 IAC 2-6-7, 876 IAC 2-6-8, 876 IAC 2-6-9, 876 IAC 2-6-10, 876 IAC 2-7, 876 IAC 2-8, 876 IAC 2-9-1, 876 IAC 2-15.1, 876 IAC 2-16, 876 IAC 2-17, 876 IAC 2-18, and 876 IAC 4. Effective July 1, 2014. Comments and questions may be addressed to the Small Business Regulatory Coordinator for this rule. Statutory authority: IC 25-1-8-2; IC 25-34.1-2-5; IC 25-34.1-2-5.1; IC 25-34.1-3-10; IC 25-34.1-5-4; IC 25-34.1-5-13; IC 25-34.1-5-15; IC 25-34.1-9-12; IC 25-34.1-9-21; IC 25-34.1-9-22.

For purposes of IC 4-22-2-28.1, the Small Business Regulatory Coordinator for this rule is:

Jeanette Langford

Commission Director, Indiana Real Estate Commission

Professional Licensing Agency

Indiana Government Center South

402 West Washington Street, Room W072

Indianapolis, IN 46204

(317) 234-3046

jlangford@pla.in.gov

For purposes of IC 4-22-2-28.1, the Small Business Ombudsman designated by IC 5-28-17-5 is:

Jacob Schpok

Indiana Small Business Development Center

One North Capitol, Suite 600

Indianapolis, IN 46204

(317) 232-8805

ombudsman@osbe.in.gov

Resources available to regulated entities through the small business ombudsman include the ombudsman's duties stated in IC 5-28-17-5, specifically IC 5-28-17-5(9), investigating and attempting to resolve any matter regarding compliance by a small business with a law, rule, or policy administered by a state agency, either as a party to a proceeding or as a mediator.

DIN: 20140226-IR-876140061NIA

Composed: Apr 29,2024 3:21:49PM EDT

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