Sec. 13. (a) A managing broker shall develop and enforce a broker company written office policy that identifies and describes the agency relationships that a licensee may have with a seller, landlord, buyer, or tenant and that specifically permits or rejects the practice of disclosed limited agency.
(b) At the beginning of an agency relationship, a licensee shall disclose in writing the broker company's written office policy set forth in this section before the disclosure by the potential seller, landlord, buyer, or tenant of any confidential information specific to that potential seller, landlord, buyer, or tenant.
(c) Parties to a real estate transaction shall be advised whether compensation will be shared with other broker companies that may represent other parties to the transaction whose interests are different or even adverse.
(d) The payment of compensation does not create an agency relationship between a licensee and a seller, landlord, buyer, or tenant.
As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999, SEC.18; P.L.127-2012, SEC.46; P.L.116-2015, SEC.20.
Structure Indiana Code
Title 25. Professions and Occupations
Article 34.1. Real Estate Brokers and Salespersons
Chapter 10. Real Estate Agency Relationships
25-34.1-10-0.5. "Agency Relationship"
25-34.1-10-6.5. "In-House Agency Relationship"
25-34.1-10-8. "Real Estate Transaction"
25-34.1-10-9.5. Agency Relationship; Performance of Duties
25-34.1-10-10. Licensee Representing Seller or Landlord; Duties; Disclosure of Information
25-34.1-10-11. Licensee Representing Buyer or Tenant; Duties; Disclosure of Information
25-34.1-10-12. Licensee Acting as Limited Agent
25-34.1-10-12.5. Representations by Licensees
25-34.1-10-14. Commencement and Termination of Agency Relationship
25-34.1-10-15. Fiduciary Duties Superseded