Section 876 IAC 8-2-7 - Incompetent practiceAuthority: IC 25-34.1-2-5; IC 25-34.1-2-5.1
Affected: IC 22-9; IC 25-34.1
Sec. 7.
Incompetent practice of real estate includes the following:
(1) Failing to account for and remit any funds or documents belonging to others that come into the broker's possession.(2) Accepting or offering any inducement or rebate for the purpose of obtaining a listing or inducing a sale, where full disclosure in writing has not been given to all parties to the transaction at the time of the offer or acceptance.(3) Receiving, accepting, or giving an undisclosed direct profit on expenditures made in conjunction with a real estate transaction.(4) Acting in dual capacity of broker and undisclosed client in any transaction.(5) Guaranteeing, authorizing, or permitting any person to guarantee future profits that may result from the resale of real property.(6) Listing or offering real property for sale, exchange, option, rent, or lease without the written consent of, or on any terms other than those authorized by, the owner or the owner's authorized agent.(7) Inducing any party to a written agency agreement or a contract of sale to breach such agreement or contract for the purpose of substituting a new contract with another person.(8) Accepting employment or compensation that is contingent upon the issuance of an appraisal report on real estate at a predetermined value.(9) Issuing an appraisal report on real property in which the broker holds an interest and fails to disclose the interest in writing to all parties.(10) Soliciting or negotiating, or both, a written agency agreement, a sale, exchange, or lease of real property directly with lessor, lessee, seller, or buyer if the broker knows that the party has a written contract in connection with the property that guarantees an exclusive agency to another broker unless the seller, buyer, lessor, or lessee initiates the action in writing prior to expiration of the agreement.(11) Except as allowed by 876 IAC 8-1-1(a), as a broker representing, or attempting to represent, more than one (1) Indiana broker company.(12) Paying a commission to or otherwise compensating a person who is not licensed for performing the services that, by law, require a license.(13) Committing any act of fraud or material deception while engaged in acts that, by law, require a license.(14) Otherwise violating IC 25-34.1 or this title.(15) Having been finally determined to have engaged in an unlawful discriminatory practice under the Indiana Civil Rights Act, IC 22-9.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