There are 12 Members on the Indiana Real Estate Commission (IREC), all are appointed by the Governor to 4-year terms. (They are considered Political Appointees) The Governor may appoint and/or reappoint as needed. Commission members must be residents of the State and may not hold any elected State or Federal office.
How are members of the Indiana real estate commission selected?
(a) The Indiana real estate commission is created. … (c) Each member of the commission shall be appointed by the governor under IC 25-1-6.5.
Who or what established the Indiana real estate commission?
Formed by the Indiana Legislature, the Indiana Real Estate Commission (IREC) has the legal authority to license and regulate real estate licensees. The rules and regulations created by IREC carry the force of law.
Does a person who agrees to a commission for the sale of real estate require an Indiana real estate license?
No, because in Indiana, a real estate broker must have a permanent office in which his or her license is displayed.
Who appoints members of the Washington real estate commission?
The governor must appoint six commission members for a term of six years each.
How many members are on the Indiana Real Estate Commission?
B. There are 12 Members on the Indiana Real Estate Commission (IREC), all are appointed by the Governor to 4-year terms. (They are considered Political Appointees) The Governor may appoint and/or reappoint as needed. Commission members must be residents of the State and may not hold any elected State or Federal office.
What happens if managing broker dies?
Each broker associated with the deceased or terminated managing broker becomes a managing broker until the broker chooses to conduct business as a broker in association with another managing broker. For example, if Managing Broker Joe dies, Brokers Tom, Bob, and Mary all become managing brokers.
Where does the Indiana Real Estate Commission maintain all of its official records?
The brokerage is obligated to produce its records upon request by the commission. The brokerage must convey copies of all its records to the offices of the Indiana Real Estate Commission within five business days.
Who pays the commission in an agency relationship quizlet?
An agent who pays part of the commission to the buyer: must inform the seller. -An agent may pay part of the commission to the buyer if he informs the seller. Under Article 3, Section 10176, of the California Real Estate Law, a broker could not be disciplined for which of the following?
Which of the following is the correct process for obtaining a real estate license in Indiana?
Hold a high school diploma or its equivalent.
- Complete 90 hours of approved Pre-Licensing education. …
- Pass the course final exam. …
- Pass the Indiana Real Estate Examination. …
- Select a sponsoring broker. …
- Complete your real estate broker license application.
How much does a realtor make in Indiana?
The average salary for a real estate agent in Indiana is around $48,562 per year.
Which of the following protects the broker’s commission?
A safety protection clause in a listing agreement entitles the real estate broker or agent to a commission after the listing expires or is canceled. This applies when the final buyer was brought to the deal by the broker.
Why would a seller want an exclusive listing?
Entering an exclusive listing agreement is choosing not to have different brokerages and agents try to sell your property. It makes selling your property simpler in that you refer all prospective buyers to just one brokerage and the agent it represents.
Who appoints the director of the commission quizlet?
(a) The Director is appointed by the Secretary of the Department of Business and Professional Regulation. 10.
What is considered a ministerial act?
A ministerial act is an act performed in a prescribed manner and in obedience to a legal authority, without regard to one’s own judgment or discretion.
What is a latent fact?
A material fact is anything about the property that could affect the decision of whether to purchase the house or affect the offer price. … In short, a latent defect is something wrong with the home and a material fact is something that could change the potential buyers mind about buying the home.