Indiana Code 25-34.1-10-9.5. Agency relationship; performance of duties
(1) there is a written agreement to the contrary; or
Terms Used In Indiana Code 25-34.1-10-9.5
- 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
- customer: means a person who is provided services in the ordinary course of business by a licensee but who is not a client. See Indiana Code 25-34.1-10-6
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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: means any right, title, or interest in real property. See Indiana Code 25-34.1-1-2
- 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
(b) If a licensee, under subsection (a)(1), does not have an agency relationship with the individual with whom the licensee is working due to the existence of a written agreement to the contrary, the licensee must perform at least the following duties under the written agreement:
(1) Be available to receive and timely present offers and counteroffers for the purchase or lease of:
(A) the property of the individual, if the individual is a seller or landlord; or
(B) the property that the individual seeks to purchase or lease, if the individual is a buyer or tenant.
(2) Assist in negotiating, completing real estate forms, communicating, and timely presenting offers, counteroffers, notices, and various addenda relating to the offers and counteroffers until:
(A) a purchase agreement or lease is signed; and
(B) all contingencies are satisfied or waived.
(3) Timely respond to questions relating to offers, counter offers, notices, various addenda, and contingencies from the seller, landlord, buyer, or tenant pertaining to the subject property.
(c) If:
(1) a licensee described in subsection (b) fails to perform the duties set forth in subsection (b); and
(2) another licensee performs those duties on behalf of or at the request of a seller, landlord, buyer, or tenant;
the performance of those duties by the other licensee referred to in subdivision (2) does not constitute an agency relationship.
(d) This section does not prohibit a licensee from performing duties in addition to the duties specified in this section on behalf of or at the request of a seller, landlord, buyer, or tenant in a real estate transaction.
As added by P.L.130-1999, SEC.13. Amended by P.L.87-2006, SEC.8.