Robert is a licensed Indiana broker who has been working under Managing Broker Patricia for three years. Patricia decides to close her office and surrender her managing broker license. What must Robert do to continue practicing real estate in Indiana?
Correct Answer
B) Robert must affiliate his broker license with a new managing broker or have his license placed on inactive status
Under Indiana's two-tier license structure (IC 25-34.1), a Broker license must be affiliated with a Managing Broker to be active. When a managing broker closes their office or surrenders their license, the affiliated brokers do not lose their licenses but must either affiliate with a new managing broker or have their licenses placed on inactive status. They cannot practice until a new affiliation is established.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
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.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
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A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
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