Indiana Professional Licensing Agency - Real Estate Commission

INDIANA CODE  – Indiana Real Estate Commission 

• Corporations 
• General Partnerships 
• Limited Liablity Companies 
• Limited Liability Partnerships 

• The corporate name of every professional corporation must:
  • include the words "Professional Services Corporation" or "Professional Corporation" or an abbreviation of these words
  • may not contain any word or phrase that indicates or implies any purpose or power not possessed by the corporation
  • may not contain any word or phrase that indicates it is organized for any purpose other than listed in the articles of incorporation 
• The Secretary of State may issue a certificate of incorporation only if a certificate of registration has been obtained and must be renewed biennially before January 31. 
• There must be a managing broker
• To obtain a broker license, a partnership must:
  • have as partners only individuals who are licensed, brokers;  
  • have at least one (1) partner who qualifies as a managing broker under IC 25-34.1-4-0.5 and IC 25-34.1-4-3;
  • cause each employee of the partnership who acts as a broker to be licensed; and
  • submit the license fee established by the commission under IC 25-1-8-2 and an application setting forth the name and residence address of each partner and the information prescribed in subsection (a)(4).
•  To obtain a broker license, a corporation must:
  • have a licensed broker who qualifies as a managing broker under IC 25-34.1-4-0.5 and IC 25-34.1-4-3;
  • cause each employee of the corporation who acts as a broker to be licensed; and
  •  submit the license fee established by the commission under IC 25-1-8-2, an application setting forth the name and residence address of each officer and the information prescribed in subsection (a)(4), a copy of the certificate of incorporation, and a certificate of good standing of the corporation issued by the secretary of state.
•  To obtain a broker license, a limited liability company must:
  • if a member-managed limited liability company: have as members-only individuals who are licensed brokers; and have at least one (1) member who qualifies as a managing broker under IC 25-34.1-4-0.5 and IC 25-34.1-4-3;
  • if a manager-managed limited liability company, have a licensed broker who qualifies as a managing broker under IC 25-34.1-4-0.5 and IC 25-34.1-4-3;
  • cause each employee of the limited liability company who acts as a broker to be licensed; and
  • submit the license fee established by the commission under IC 25-1-8-2 and an application setting forth the information prescribed in subsection (a)(4), together with:
    • if a member-managed company, the name and residence address of each member; or if a manager-managed company, the name and residence address of each manager, or of each officer if the company has officers.

• A broker company shall provide a detailed summary of the broker company's escrow/trust account upon request by an authorized representative of the commission or by the office of the attorney general for investigative purposes.
• A broker company that engages in activities constituting acts as prescribed in IC 25-34.1 involving monies being collected in the performance of such activities shall establish an escrow/trust account with a federally insured financial institution as required by IC 25-34.1 

• Managing brokers are licensed as brokers in the state of Indianna. 
• Every broker company shall be directed, supervised, and managed by a managing broker as provided for in IC 25-34.1. 
• The broker company shall constitute the managing broker's principal and the sole place of real estate business. 
• Any branch office that a broker company maintains shall be managed by a branch manager. The broker company shall submit to the commission a Branch Office Registration Form prior to opening any branch office.
• A broker may not be associated with more than one Indiana broker company at the same time.