Sec. 14. (a) The duties and obligations set forth in this chapter begin at the time the
licensee enters into an
agency relationship with a party to a
real estate transaction and continues until the agency relationship terminates.
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Terms Used In Indiana Code 25-34.1-10-14
- 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
- client: means a person who has entered into an agency relationship with a licensee. See Indiana Code 25-34.1-10-5
- 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
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- 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
(1) a date of expiration agreed upon by the parties; or
(2) a termination of the relationship by the parties.
(c) Except as otherwise agreed to in writing and as provided in subsection (b), a licensee representing a seller, landlord, buyer, or tenant owes no further duties or obligations after termination, expiration, or completion of the agency relationship, except:
(1) accounting for all money and property received during the agency relationship; and
(2) keeping confidential all information received during the course of the agency relationship that was made confidential by request or instructions from the client, unless:
(A) the disclosure is required by law;
(B) the client gives written consent to the disclosure; or
(C) the information becomes public from a source other than the licensee or by subsequent words or conduct of the client.
As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999, SEC.19.
