Section 876 IAC 2-8-13 - Real estate managementAuthority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 13.
(a) The competency and instructional level for subdivisions (1) through (2) is Level 2. The following are concepts of real estate management: (1) Purpose of real property management.(2) Types of properties requiring management as follows: (b) The competency and instructional level for subdivisions (1) through (3) is Level 2. The following are concepts of the owner/property manager relationship: (1) Authority of property manager (agent) including the following: (A) Established by property management contract.(B) Property manager is normally a special agent.(2) Duties of property manager (in general, a property manager owes the same duties to his principal and to third persons as those covered under "real estate brokerage and the law of agency").(3) Property management fee (including calculations).(c) The competency and instructional level for subdivisions (1) through (8) is Level 2. The following are concepts of the principal functions of property managers: (1) Establishing a rental schedule.(2) Preparing a proposed operating budget.(3) Marketing (advertising) and renting the property.(4) Collecting and accounting for rents and security deposits including the following: (A) Establishing policies.(B) Statutory requirements.(5) Instituting legal actions (to recover rents or to evict tenants).(6) Maintaining and protecting the property (including supervision of maintenance personnel, paying property insurance, establishing and enforcing rules for tenants, and providing tenant services).(7) Performing landlord's duties under leases.(8) Maintaining records and reporting to owner (including periodic income and expense reports).Indiana Real Estate Commission; 876 IAC 2-8-13; filed Dec 1, 1989, 5:00 p.m.: 13 IR 649; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA; readopted filed November 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA