Section 876 IAC 8-1-1 - Supervision of broker companyAuthority: IC 25-34.1-2-5
Affected: IC 25-34.1-3-4.1; IC 25-34.1-4-2
Sec. 1.
(a) Every broker company shall be directed, supervised, and managed by a managing broker as provided for in IC 25-34.1 and this title. For a sole proprietorship, the sole proprietor shall be the managing broker. For partnerships, limited liability companies, and corporations, the managing broker shall be the managing broker designated to the commission under IC 25-34.1-4-2. The broker company shall constitute the managing broker's principal and sole place of real estate business. This subsection shall not prohibit the managing broker from being the managing broker for more than one (1) broker company located at the same address.(b) A sole proprietor managing broker, and, as provided for in IC 25-34.1-4-2, the designated managing broker described in subsection (a) shall be primarily responsible to the commission for the broker company's actions.(c) The managing broker described in subsection (a) may also be a branch manager under section 2 of this rule.Filed 5/22/2014, 11:50 a.m.: 20140618-IR-876140061FRA, eff 7/1/2014Readopted filed 11/19/2020, 9:56 a.m.: 20201216-IR-876200513RFAReadopted filed 3/21/2024, 4:07 p.m.: 20240417-IR-876230829RFA