Sec. 13. (a) A managing broker shall develop and enforce a broker company written office policy that identifies and describes the agency relationships that a licensee may have with a seller, landlord, buyer, or tenant and that specifically permits or rejects the practice of disclosed limited agency.

     (b) At the beginning of an agency relationship, a licensee shall disclose in writing the broker company’s written office policy set forth in this section before the disclosure by the potential seller, landlord, buyer, or tenant of any confidential information specific to that potential seller, landlord, buyer, or tenant.

Terms Used In Indiana Code 25-34.1-10-13

  • agency relationship: means a relationship in which a licensee represents a client in a real estate transaction. See Indiana Code 25-34.1-10-0.5
  • broker: means an individual or entity issued a broker's real estate license by the Indiana real estate commission. See Indiana Code 25-34.1-10-1
  • Broker company: means a licensee that is a business engaged in the activities described in Indiana Code 25-34.1-1-2
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • licensee: means an individual or entity issued a broker's real estate license by the Indiana real estate commission. See Indiana Code 25-34.1-10-6.8
  • real estate transaction: means the sale or lease of any legal or equitable interest in real estate. See Indiana Code 25-34.1-10-8
     (c) Parties to a real estate transaction shall be advised whether compensation will be shared with other broker companies that may represent other parties to the transaction whose interests are different or even adverse.

     (d) The payment of compensation does not create an agency relationship between a licensee and a seller, landlord, buyer, or tenant.

As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999, SEC.18; P.L.127-2012, SEC.46; P.L.116-2015, SEC.20.

  Previous section
Next section  
 Chapter 10 Contents