In sync with a nationwide trend, the State of Indiana has elected to change the requirements both 1) obtaining and 2) maintaining a real estate license. If you have, or wish to have, a real estate license, you will find the following information useful.
Let's get the important part out of the way first. None of the following information applies until July 1st of 2014. Century 21 Scheetz offers the most comprehensive business building training program available as well as the guidance needed to obtain or upgrade your license as seamlessly as possible.
Quoting the Indiana Real Estate commission, there are 4 main areas where the new requirements will be noticed the most: More Info from IAR
1) All licensees are put on the same license renewal cycle, which is extended by 1 year,
and all licensees have the same C.E. requirement 36 hours over 3 years with a minimum of 12 specific hours per year determined by the Indiana Real Estate Commission according to license type. More info for licensees
2) Eliminates the salesperson license. Those entering profession will do so as a broker and those currently licensed as a salesperson must have upgraded their license to broker status by passing a 24 hour broker transition course. Brokers, read this
3) Eliminates the term principal broker. Those currently licensed as a broker and designated a principal broker will be known as a managing broker.
4) Increases the amount of education needed to enter the profession.
The Indiana Association of Realtors posted the following comments about the reasons why the big change is being implemented: "It was time to renovate. Many business practices that are commonplace today – mainly involving
the electronic exchange of information – were not envisioned when the current regulatory framework
was put in place in 1979 – 33 years ago.
We needed to make some things right. You may not know, but the real estate commission has
a joint mission to one, maintain a climate that fosters the growth of commerce while two, ensuring the
health, safety and welfare of the citizens of Indiana. In our role as consumer advocate we have observed
a pattern of complaints against licensees that we believe can be mitigated with better and more
We are under increased scrutiny. The Commission believed we needed to clean up our house
before someone did it for us. The real estate industry in recent years has experienced one of the most
challenging periods in its history. The bursting of the real estate bubble coincided with a rise in
borderline actions by too many industry participants, and often these actions crossed the line into illegal
activity. Large numbers of lending abuses, appraisal fraud and other forms of illegal activity
have been uncovered.
We’ve listened to you. We at your local and state REALTOR® associations have been listening.
Member surveys consistently show that issues of professionalism rank highly on the list of your
concerns. In essence, you’re tired of doing the other guy’s – or gal’s – job at the closing table."
- Charlie Shook. President,Indiana Association of Realtors