A managing broker reviews a real estate member is considered for Commission appointment. Which answer follows Indiana law?
Correct Answer
B) A real estate Commission member must have engaged in business as a licensed broker for at least five years
IC 25-34.1-2-1 requires real estate members described in the statute to have engaged in business as licensed brokers for at least five years. Source basis: Indiana PLA Real Estate Home official Statutes & Rules page links IGA Title 25 Article 34.1; IC 25-34.1-2-1 creates the Indiana Real Estate Commission and IC 25-34.1-2-5 states commission powers; checked 2026-04-30.
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Related Topics & Key Terms
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Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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