Real estate brokers and broker companies.

Authors: Senator James Merritt, Senator Erin Houchin

Co-authors: Senator John Broden, Senator Lonnie Randolph

Sponsors: Representative Robert Morris

Co-Sponsors: Representative Christina Hale


Defines "broker company" as a partnership, limited liability company, corporation, or individual acting as a sole proprietorship that is licensed as a broker and, for consideration, undertakes or offers to undertake certain activities with respect to real estate. Provides that an individual, to obtain a broker license, must associate with a broker company (instead of with a managing broker). Provides that a partnership, a limited liability company, or a corporation, to obtain a broker license, must include a licensed broker who qualifies as a managing broker. Defines "managing broker" as an individual who is a broker and whom the real estate commission holds responsible for the actions of the licensees affiliated with the broker company. Provides that an individual, to become a managing broker, must have held an active broker's license for at least two years. Requires a person conducting a broker course to have a permit issued by the real estate commission. Defines "in-house agency relationship" as an agency relationship involving two or more clients who are represented by different licensees within the same broker company. Provides that, in an in-house agency relationship, an individual licensee affiliated with a broker company represents only the client with which the licensee is working. Removes Indiana residency as a prerequisite for corporation broker licenses and manager-managed limited liability companies. Provides that a licensed real estate broker is not liable for certain real estate related reports, statements, or information except in certain circumstances. Adds a reference to the list of statutes that grant immunity from civil liability. Makes additional changes concerning brokers and broker companies and corresponding changes in current law.