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25 Cards in this Set
- Front
- Back
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IREC |
Indiana Real Estate Commission |
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IAC |
Indiana Administrative Code |
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How many members on IREC (aka the commission)? |
12 |
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How many District members are there on the real estate commission? |
9...one for each congressional district |
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How many at-large members are on the commission? |
3 |
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How many District members are there on the real estate commission? |
9...one for each congressional district |
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How many at-large members are on the commission? |
3 |
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Who appoints the commission members and how long do they serve |
Appointed by the governor to 4 year terms |
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Who elects the chairman and vice chairman of the commission and how long are their positions? |
The commission elects them them to one year positions |
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What are the officers of the real estate commission? |
Chairman and vice chairman which serve one year and the executive director (who is not a commission member). |
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What is a quorum and how many members does it take? |
It is a majority and it takes 7 |
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How many does it take to make a majority vote of the quorum |
4 |
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How much do commissioners get paid and who pays them? |
They are paid a per diem from The states General fund; they also are reimbursed for travel and other expenses |
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When did Senate Bill 275 take effect? |
July 1, 2014 |
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What are the powers of the commission? |
1. Make and enforce the law 2. Issue in sanction licenses and licensees 3. Adopt standards of competent practice in rules of behavior 4. Investigate complaints 5. Bring actions in Circuit Court for example cease-and-desist order 6. Inspect the records of licensees for example audits of continuing education 7. Conduct hearings 8. Approve exams, courses of study, forms and CE courses 9. Adopt the seal 10. The commission doesn't rule on commissions which are civil issues |
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Requirements to become licensed |
1. 90 our pre-license course 2. Pass the state exam 3. 30 hours post license education within two years |
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Requirements to become a managing broker |
1. Practice for two years in active status under a managing broker 2. 24 hour managing broker course 3. 4 out of 12 CE classes per CE year related to the business, management and legal skills approved for managing brokers |
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What is the difference between a license cycle and a license year? |
-License cycle is the 3 year cycle prescribed by the commission (July 2014 through June 2017)
-license year a.k.a. education year or CE year is the 12 month cycle within a license cycle from July through the following June |
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How long should CE certificates be retained? |
Three years from the end of the licensing period for which the courses applied... Not the three years beyond when they were obtained |
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Active status |
Licensees who actively practice, are assigned to a managing broker or are managing brokers themselves and must complete 12 hours of CE training each license year |
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Referral status |
License is held by a managing broker and allows them to make and receive referrals from their managing broker; no CE |
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Inactive status |
License is held by managing broker, no CE requirements, does not allow referrals |
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Inactive status |
License is held by managing broker, no CE requirements, does not allow referrals |
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Unassigned status |
Used for new applicants approaching one year deadline and/or licensees he's managing broker died. Aka orphaned status; cannot perform any activity that requires a license or receive any compensation but must take CE classes; must affiliate before to renewal. +30 days or void |
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Rules if I managing broker dies |
-Counter offers and pendings die -have 90 days following death to complete business already contracted (if he earned but not yet payable) |
