Terms Used In Indiana Code > Title 25 > Article 34.1 - Real Estate Brokers and Salespersons

• 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
• appraisal: has the meaning set forth in Indiana Code 25-34.1-11-1
• Appraisal: A determination of property value.
• appraisal management company: means a person that, for compensation, acts as a third party intermediary by contracting with independent real estate appraisers to perform appraisals for other persons. See Indiana Code 25-34.1-11-2
• appraisal management services: means any of the following functions:

  Indiana Code 25-34.1-11-3

• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• board: refers to the real estate appraiser licensure and certification board established by Indiana Code 25-34.1-11-4
• Board: refers to the real estate appraiser licensure and certification board established under Indiana Code 25-34.1-1-2
• 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: means a person who:

  Indiana Code 25-34.1-1-2

• Broker company: means a licensee that is a business engaged in the activities described in Indiana Code 25-34.1-1-2
• client: means a person who has entered into an agency relationship with a licensee. See Indiana Code 25-34.1-10-5
• Commercial real estate: means a parcel of real estate other than real estate containing one (1) to four (4) residential units. See Indiana Code 25-34.1-1-2
• Commission: means the Indiana real estate commission. See Indiana Code 25-34.1-1-2
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• council: refers to the real estate education advisory council established by this chapter. See Indiana Code 25-34.1-9-1
• Course approval: means approval of a broker course granted under this article which is not expired, suspended, or revoked. See Indiana Code 25-34.1-1-2
• 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
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• in-house agency relationship: means an agency relationship involving two (2) or more clients who are represented by different licensees within the same broker company. See Indiana Code 25-34.1-10-6.5
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• License: means a broker license issued under this article and which is not expired, suspended, or revoked. See Indiana Code 25-34.1-1-2
• 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
• Licensee: means a person who holds a license issued under this article. See Indiana Code 25-34.1-1-2
• Licensing agency: means the Indiana professional licensing agency established by IC 25-1-5-3. See Indiana Code 25-34.1-1-2
• limited agent: means a licensee who, with the written and informed consent of all parties to a real estate transaction, represents both the seller and buyer or both the landlord and tenant and whose duties and responsibilities to a client are only those set forth in this chapter. See Indiana Code 25-34.1-10-7
• Managing broker: refers to an individual broker whom the commission holds responsible for the actions of licensees who are affiliated with the broker company. See Indiana Code 25-34.1-1-2
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Out-of-state commercial broker: includes a person, a partnership, an association, a limited liability company, a limited liability partnership, or a corporation that is licensed to do business as a broker in a jurisdiction other than Indiana. See Indiana Code 25-34.1-1-2
• Out-of-state commercial salesperson: includes a person affiliated with an out-of-state commercial broker who is not licensed as a broker under this article. See Indiana Code 25-34.1-1-2
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: means an individual engaged in a trade or business, an association, a partnership, a limited partnership, a limited liability company, a corporation, or a similar entity. See Indiana Code 25-34.1-11-5
• Person: means an individual, a partnership, a corporation, or a limited liability company. See Indiana Code 25-34.1-1-2
• Population: has the meaning set forth in Ind. See Indiana Code 1-1-4-5
• Probate: Proving a will
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Real estate: means any right, title, or interest in real property. See Indiana Code 25-34.1-1-2
• real estate appraiser: means a person who:

  Indiana Code 25-34.1-11-6

• 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
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Statute: A law passed by a legislature.
• subagent: means a broker engaged to act for another broker in performing brokerage services for a client. See Indiana Code 25-34.1-10-9
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5