Chapter 27 - Maintaining an Indiana License Flashcards
Post-Licensing Education:
After an individual has completed the 90-hour broker course, passed the examination, and met all other licensure application requirements, he or she will be issued a broker license. Within the next 2 years, the new licensee will be required to complete 30 hours of post-licensing education. This coursework covers the practical matters of real estate transactions. The 30 hours of post-licensing education may be taken as one 30-hour course or as five separate courses that cover all required content.
Continuing Education:
The continuing education requirements for brokers are as follows:
each broker is to complete 30 hours of approved post-licensing coursework during the first 2 years after initial licensing
each broker is then to complete 12 hours of approved continuing education coursework each year after the first 2 years
each continuing education course is to include at least 2 hours of instruction with 50 minutes equaling 1 hour
each course must be completed for credit to be given
hours in excess of the required 12 may not be carried over to help meet the following year’s requirements
at license renewal, the broker is to provide a sworn statement to the commission that he or she completed all continuing education requirements for that license period
the broker is to retain copies of coursework completion certificates for at least 3 years after the end of the license period
Expiration:
If a broker fails to renew the license by the expiration date, the license expires and automatically becomes invalid.
Renewal:
To renew a broker license, the licensee must submit a renewal application and pay the renewal fee on or before the expiration date specified by the licensing agency. Remember, the agency sets the expiration date when the license is initially issued.
Reinstatement:
If the broker fails to renew the license by the expiration date, the license expires and automatically becomes invalid. The broker may be reinstated by the Commission if he or she completes all of the following requirements within 3 years after the license expired:
submits a completed renewal application
pays the renewal fee
pays a reinstatement fee
completes all continuing education or other requirements imposed
provides a sworn statement that continuing education requirements have been met, or meets any other imposed requirements in lieu of continuing education completion
Extension:
The deadline to renew a broker license or to complete continuing education may be extended for any licensed real estate practitioner who is called to full-time active duty in a branch of the U.S. military. The extension is for 180 days which begins after the practitioner has been discharged or released from active duty. Late renewal fees will be waived with this extension.
Renewal Delay:
If the licensing agency has received information that the practitioner may have committed an act which would warrant discipline, the agency may delay the renewal up to 90 days. The agency would use that time to investigate the allegation. The agency must notify the practitioner of the investigation.
Reassignement:
If a broker’s association with a brokerage company is terminated, the broker must submit a reassignment application to the Commission, attesting to the termination. The application must include the broker’s request to either be unassigned or be assigned to a new brokerage company. The application must be submitted within 5 business days of termination. All listings the broker obtained through the current brokerage company must be turned over to that company upon termination.
Prior to reassignment, the broker may not practice real estate except as a sole proprietor brokerage company.
Active Status:
After an individual has met all licensing requirements, has been issued a broker license, and has been assigned to a brokerage company, the license is in active status. This allows the broker to engage in real estate activities that require a broker license.
Inactive Status:
A licensed broker may apply for an inactive license from the Commission. If the broker has a disciplinary or suspension hearing pending, the Commission will not grant the inactive license.
A broker whose license status has been changed to inactive
may not perform any act that requires a broker license
is not required to complete continuing education requirements for the period the license is inactive
must pay any fees that a licensee is required to pay
must comply with license renewal requirements
must satisfy post-licensing or continuing education requirements before applying for reactivation of the license
Noncompliance:
If a broker does not complete the required post-licensing or continuing education coursework, or if the coursework completed is not approved by the Commission, the broker will be in noncompliance and will not be allowed to renew the license. The Commission will send the broker a notice of noncompliance and deny the application for renewal or reinstatement.
Distance Learning:
In addition to classroom coursework, practitioners are allowed to complete their continuing education through distance learning coursework. With distance learning, the instruction is presented in a sequential and logical order and is offered primarily through any media or media format, such as printed materials, communication technologies, and Internet-based delivery systems. Distance learning courses must be approved by the Commission and must meet all requirements under Title 876.
