IC 25-34.1-10
Chapter 10. Real Estate Agency Relationships
IC 25-34.1-10-0.5 "Agency relationship" defined
Sec. 0.5. As used in this chapter, "agency relationship" means a
relationship in which a licensee represents a client in a real estate
transaction. As added by P.L.130-1999, SEC.3.
IC 25-34.1-10-1 "Broker" defined
Sec. 1. As used in this chapter, "broker" means an individual or
entity issued a broker's real estate license by the Indiana real estate
commission. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.4.
IC 25-34.1-10-2
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-3
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-4
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-5 "Client" defined
Sec. 5. As used in this chapter, "client" means a person who has
entered into an agency relationship with a licensee. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.5.
IC 25-34.1-10-6 "Customer" defined
Sec. 6. As used in this chapter, "customer" means a person who
is provided services in the ordinary course of business by a licensee
but who is not a client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.6.
IC 25-34.1-10-6.5 "In-house agency relationship" defined
Sec. 6.5. As used in this chapter, "in-house agency relationship"
means an agency relationship involving two (2) or more clients who
are represented by different licensees within the same real estate
firm. As added by P.L.130-1999, SEC.7.
IC 25-34.1-10-6.8 "Licensee" defined
Sec. 6.8. As used in this chapter, "licensee" means an individual
or entity issued a salesperson's or broker's real estate license by the
Indiana real estate commission. As added by P.L.130-1999, SEC.8.
IC 25-34.1-10-7 "Limited agent" defined
Sec. 7. As used in this chapter, "limited agent" means a licensee
who, with the written and informed consent of all parties to a real
estate transaction, represents both the seller and buyer or both the
landlord and tenant and whose duties and responsibilities to a client
are only those set forth in this chapter. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.9.
IC 25-34.1-10-7.5 "Managing broker" defined
Sec. 7.5. As used in this chapter, "managing broker" means a
broker who manages a branch office or who acts on behalf of a
principal broker. As added by P.L.130-1999, SEC.10.
IC 25-34.1-10-7.8 "Principal broker" defined
Sec. 7.8. As used in this chapter, "principal broker" means the
individual broker (including the broker designated or representative
of a partnership, corporation, or limited liability company) whom the
Indiana real estate commission shall hold responsible for the actions
of licensees who are affiliated with the individual broker. As added by P.L.130-1999, SEC.11.
IC 25-34.1-10-8 "Real estate transaction" defined
Sec. 8. As used in this chapter, "real estate transaction" means the
sale or lease of any legal or equitable interest in real estate. As added by P.L.128-1994, SEC.6.
IC 25-34.1-10-9 "Subagent" defined
Sec. 9. As used in this chapter, "subagent" means a broker
engaged to act for another broker in performing brokerage services
for a client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.12. IC 25-34.1-10-9.5 Agency relationship; performance of duties
Sec. 9.5. (a) A licensee has an agency relationship with, and is
representing, the individual with whom the licensee is working
unless:
(1) there is a written agreement to the contrary; or
(2) the licensee is merely assisting the individual as a customer
without compensation.
(b) If a licensee, under subsection (a)(1), does not have an agency
relationship with the individual with whom the licensee is working
due to the existence of a written agreement to the contrary, the
licensee must perform at least the following duties under the written
agreement:
(1) Be available to receive and timely present offers and
counteroffers for the purchase or lease of:
(A) the property of the individual, if the individual is a seller
or landlord; or
(B) the property that the individual seeks to purchase or
lease, if the individual is a buyer or tenant.
(2) Assist in negotiating, completing real estate forms,
communicating, and timely presenting offers, counteroffers,
notices, and various addenda relating to the offers and
counteroffers until:
(A) a purchase agreement or lease is signed; and
(B) all contingencies are satisfied or waived.
(3) Timely respond to questions relating to offers, counter
offers, notices, various addenda, and contingencies from the
seller, landlord, buyer, or tenant pertaining to the subject
property.
(c) If:
(1) a licensee described in subsection (b) fails to perform the
duties set forth in subsection (b); and
(2) another licensee performs those duties on behalf of or at the
request of a seller, landlord, buyer, or tenant;
the performance of those duties by the other licensee referred to in
subdivision (2) does not constitute an agency relationship.
(d) This section does not prohibit a licensee from performing
duties in addition to the duties specified in this section on behalf of
or at the request of a seller, landlord, buyer, or tenant in a real estate
transaction. As added by P.L.130-1999, SEC.13. Amended by P.L.87-2006,
SEC.8.
IC 25-34.1-10-10 Licensee representing seller or landlord; duties; disclosure of
information
Sec. 10. (a) A licensee representing a seller or landlord has the
following duties and obligations:
(1) To fulfill the terms of the agency relationship made with the
seller or landlord.
(2) To disclose the nature of the agency relationship with the
seller or landlord, and redefine and disclose if the relationship
changes.
(3) To promote the interests of the seller or landlord by:
(A) seeking a price or lease rate and contract terms
satisfactory to the seller or landlord; however, the licensee
is not obligated to seek additional offers to purchase or lease
after an offer to purchase or lease has been accepted by the
seller or landlord, unless otherwise agreed between the
parties;
(B) presenting all offers to purchase or lease to and from the
seller or landlord immediately upon receipt of the offers
regardless of whether an offer to purchase or lease has been
accepted, unless otherwise directed by the seller or landlord;
(C) disclosing to the seller or landlord adverse material facts
or risks actually known by the licensee concerning the real
estate transaction;
(D) advising the seller or landlord to obtain expert advice
concerning material matters that are beyond the licensee's
expertise;
(E) timely accounting for all money and property received
from the seller or landlord;
(F) exercising reasonable care and skill; and
(G) complying with the requirements of this chapter and all
applicable federal, state, and local laws, rules, and
regulations, including fair housing and civil rights statutes,
rules, and regulations.
(b) A licensee representing a seller or landlord may not disclose
the following without the informed written consent of the seller or
landlord:
(1) That a seller or landlord will accept less than the listed price
or lease rate for the property or other contract concessions.
(2) What motivates the seller to sell or landlord to lease the
property.
(3) Any material or confidential information about the seller or
landlord unless the disclosure is required by law or where
failure to disclose would constitute fraud or dishonest dealing.
(c) A licensee representing a seller or landlord owes no duties or
obligations to the buyer or tenant except that a licensee shall treat all
prospective buyers or tenants honestly and shall not knowingly give
them false information.
(d) A licensee shall disclose to a prospective buyer or tenant
adverse material facts or risks actually known by the licensee
concerning the physical condition of the property and facts required
by statute or regulation to be disclosed and that could not be
discovered by a reasonable and timely inspection of the property by
the buyer or tenant. A licensee representing a seller or landlord owes
no duty to conduct an independent inspection of the property for the
buyer or tenant or to verify the accuracy of any statement, written or
oral, made by the seller, the landlord, or an independent inspector.
This subsection does not limit the obligation of a prospective buyer
or tenant to obtain an independent inspection of the physical
condition of the property. A cause of action does not arise against a
licensee for disclosing information in compliance with this section.
(e) A licensee representing a seller or landlord may:
(1) show alternative properties not owned by the seller or
landlord to a prospective buyer or tenant and may list
competing properties for sale or lease without breaching any
duty or obligation to the seller or landlord; and
(2) provide to a buyer or tenant services in the ordinary course
of a real estate transaction and any similar services that do not
violate the terms of the agency relationship made with the seller
or landlord. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.14.
IC 25-34.1-10-11 Licensee representing buyer or tenant; duties; disclosure of
information
Sec. 11. (a) A licensee representing a buyer or tenant has the
following duties and obligations:
(1) To fulfill the terms of the agency relationship made with the
buyer or tenant.
(2) To disclose the nature of the agency relationship with the
buyer or tenant, and redefine and disclose if the relationship
changes.
(3) To promote the interests of the buyer or tenant by:
(A) seeking a property with a price or lease rate and contract
terms satisfactory to the buyer or tenant; however, the
licensee is not obligated to locate other properties to
purchase or lease while the buyer is under contract to buy
property or while the tenant is under contract to lease
property, unless otherwise agreed between the parties;
(B) presenting all offers to purchase and lease to and from
the buyer or tenant immediately upon receipt of an offer
regardless of whether the buyer is already under contract to
buy or the tenant is under contract to lease property, unless
otherwise directed by the buyer or tenant;
(C) disclosing to the buyer or tenant adverse material facts
or risks actually known by the licensee concerning the real
estate transaction;
(D) advising the buyer or tenant to obtain expert advice
concerning material matters that are beyond the licensee's
expertise;
(E) timely accounting for all money and property received
from the buyer or tenant;
(F) exercising reasonable care and skill; and
(G) complying with the requirements of this chapter and all
applicable federal, state, and local laws, rules, and
regulations, including fair housing and civil rights statutes,
rules, and regulations.
(b) A licensee representing a buyer or tenant shall not disclose the
following without the informed consent, in writing, of the buyer or
tenant:
(1) That a buyer or tenant will pay more than the offered
purchase price or offered lease rate for the property or other
contract concessions.
(2) What motivates the buyer to buy or tenant to lease the
property.
(3) Any material or confidential information about the buyer or
tenant unless this disclosure is required by law or where failure
to disclose would constitute fraud or dishonest dealing.
(c) A licensee representing a buyer or tenant owes no duties or
obligations to the seller or landlord except that a licensee shall treat
all prospective sellers or landlords honestly and not knowingly give
them false information.
(d) A licensee representing a buyer or tenant owes no duty to
conduct an independent investigation of the buyer's or tenant's
financial ability to perform for the benefit of the seller or landlord or
to verify the accuracy of any statement, written or oral, made by the
buyer, the tenant, or a third party.
(e) A licensee representing a buyer or tenant may:
(1) show properties in which the buyer or tenant is interested to
other prospective buyers or tenants and may show competing
buyers or tenants the same property or assist other buyers or
tenants in purchasing or leasing a particular property without
breaching any duty or obligation to the buyer or tenant; and
(2) provide to a seller or landlord services in the ordinary
course of a real estate transaction and any similar services that
do not violate the terms of the agency relationship made with
the buyer or tenant. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.15.
IC 25-34.1-10-12 Licensee acting as limited agent
Sec. 12. (a) A licensee may act as a limited agent only with the
written consent of all parties to a real estate transaction. The written
consent is presumed to have been given and all parties are considered
informed for any party who signs a writing or writings at the time of
entering into an agency relationship with the licensee that contains
the following:
(1) A description of the real estate transaction or types of real
estate transactions in which the licensee will serve as a limited
agent.
(2) A statement that in serving as a limited agent, the licensee
represents parties whose interests are different or even adverse.
(3) A statement that a limited agent shall not disclose the
following without the informed consent, in writing, of the
parties to the real estate transaction:
(A) Any material or confidential information, except adverse
material facts or risks actually known by the licensee
concerning the physical condition of the property and facts
required by statute, rule, or regulation to be disclosed and
that could not be discovered by a reasonable and timely
inspection of the property by the parties.
(B) That a buyer or tenant will pay more than the offered
purchase price or offered lease rate for the property.
(C) That a seller or landlord will accept less than the listed
price or lease rate for the property.
(D) What motivates a party to buy, sell, or lease the
property.
(E) Other terms that would create a contractual advantage
for one (1) party over another party.
(4) A statement that there will be no imputation of knowledge
or information between any party and the limited agent or
among licensees.
(5) A statement that a party does not have to consent to the
limited agency.
(6) A statement that the consent of each party has been given
voluntarily and that any limited agency disclosure has been read
and understood.
(b) A licensee acting as a limited agent may disclose and provide
to both the seller and buyer property information, including listed
and sold properties available through a multiple listing service or
other information source.
(c) A cause of action does not arise against a licensee for
disclosing or failing to disclose information in compliance with this
section, and the limited agent does not terminate the limited agency
relationship by making a required disclosure. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.16.
IC 25-34.1-10-12.5 Representations by licensees
Sec. 12.5. (a) An individual licensee affiliated with a principal
broker represents only the client with which the licensee is working
in an in-house agency relationship. A client represented by an
individual licensee affiliated with a principal broker is represented
only by that licensee to the exclusion of all other licensees. A
principal or managing broker does not represent any party in such
transactions unless the principal or managing broker has an agency
relationship to personally represent a client.
(b) A licensee who personally represents both the seller and buyer
or both the landlord and tenant in a real estate transaction is a limited
agent and is required to comply with the provisions of this chapter
governing limited agents.
(c) A licensee representing a client in an in-house agency
relationship owes the client duties and obligations set forth in this
chapter and shall not disclose material or confidential information
obtained from the client to other licensees, except to the principal or
managing broker for the purpose of seeking advice or assistance for
the client's benefit.
(d) A principal broker, managing broker, and any affiliated
licensee shall take reasonable and necessary care to protect any
material or confidential information disclosed by a client to the
client's in-house agent.
(e) In all in-house agency relationships, a principal broker,
managing broker, and an individual licensee possess only actual
knowledge and information. There is no imputation of agency,
knowledge, or information among or between clients, the principal
broker, the managing broker, and licensees. As added by P.L.130-1999, SEC.17.
IC 25-34.1-10-13 Written office policy regarding agency relationships; disclosure of
policy; disclosure of compensation; compensation not creating
agency relationship
Sec. 13. (a) A principal broker shall develop and enforce a 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 principal broker'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 principal brokers who 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.
IC 25-34.1-10-14 Commencement and termination of agency relationship
Sec. 14. (a) The duties and obligations set forth in this chapter
begin at the time the licensee enters into an agency relationship with
a party to a real estate transaction and continues until the agency
relationship terminates.
(b) If the agency relationship is not fulfilled or completed for any
reason, the agency relationship ends at the earlier of:
(1) a date of expiration agreed upon by the parties; or
(2) a termination of the relationship by the parties.
(c) Except as otherwise agreed to in writing and as provided in
subsection (b), a licensee representing a seller, landlord, buyer, or
tenant owes no further duties or obligations after termination,
expiration, or completion of the agency relationship, except:
(1) accounting for all money and property received during the
agency relationship; and
(2) keeping confidential all information received during the
course of the agency relationship that was made confidential by
request or instructions from the client, unless:
(A) the disclosure is required by law;
(B) the client gives written consent to the disclosure; or
(C) the information becomes public from a source other than
the licensee or by subsequent words or conduct of the client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.19.
IC 25-34.1-10-15 Fiduciary duties superseded
Sec. 15. The duties and obligations of a licensee set forth in this
chapter supersede any fiduciary duties of a licensee to a party based
on common law principles of agency to the extent that those common
law fiduciary duties are inconsistent with the duties and obligations
set forth in this chapter. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.20.
IC 25-34.1-10-16 Liability for misrepresentation
Sec. 16. (a) A client is not liable for any misrepresentation made
by a licensee in connection with the agency relationship, unless the
client knew or should have known of the misrepresentation.
(b) A licensee is not liable for any misrepresentation made by
another licensee, unless the licensee knew or should have known of
the other licensee's misrepresentation. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.21.
IC 25-34.1-10-17 Subagency prohibited
Sec. 17. A licensee may not make an offer of subagency through
a multiple listing service or other information source, or agree to
appoint, cooperate with, compensate, or otherwise associate with a
subagent in a real estate transaction. The elimination of subagency
by this section is not intended to limit the rights of a licensee to
cooperate with, compensate, or otherwise associate with another
licensee who is not acting on behalf of a client. As added by P.L.130-1999, SEC.22.
IC 25-34.1-10
Chapter 10. Real Estate Agency Relationships
IC 25-34.1-10-0.5 "Agency relationship" defined
Sec. 0.5. As used in this chapter, "agency relationship" means a
relationship in which a licensee represents a client in a real estate
transaction. As added by P.L.130-1999, SEC.3.
IC 25-34.1-10-1 "Broker" defined
Sec. 1. As used in this chapter, "broker" means an individual or
entity issued a broker's real estate license by the Indiana real estate
commission. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.4.
IC 25-34.1-10-2
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-3
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-4
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-5 "Client" defined
Sec. 5. As used in this chapter, "client" means a person who has
entered into an agency relationship with a licensee. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.5.
IC 25-34.1-10-6 "Customer" defined
Sec. 6. As used in this chapter, "customer" means a person who
is provided services in the ordinary course of business by a licensee
but who is not a client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.6.
IC 25-34.1-10-6.5 "In-house agency relationship" defined
Sec. 6.5. As used in this chapter, "in-house agency relationship"
means an agency relationship involving two (2) or more clients who
are represented by different licensees within the same real estate
firm. As added by P.L.130-1999, SEC.7.
IC 25-34.1-10-6.8 "Licensee" defined
Sec. 6.8. As used in this chapter, "licensee" means an individual
or entity issued a salesperson's or broker's real estate license by the
Indiana real estate commission. As added by P.L.130-1999, SEC.8.
IC 25-34.1-10-7 "Limited agent" defined
Sec. 7. As used in this chapter, "limited agent" means a licensee
who, with the written and informed consent of all parties to a real
estate transaction, represents both the seller and buyer or both the
landlord and tenant and whose duties and responsibilities to a client
are only those set forth in this chapter. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.9.
IC 25-34.1-10-7.5 "Managing broker" defined
Sec. 7.5. As used in this chapter, "managing broker" means a
broker who manages a branch office or who acts on behalf of a
principal broker. As added by P.L.130-1999, SEC.10.
IC 25-34.1-10-7.8 "Principal broker" defined
Sec. 7.8. As used in this chapter, "principal broker" means the
individual broker (including the broker designated or representative
of a partnership, corporation, or limited liability company) whom the
Indiana real estate commission shall hold responsible for the actions
of licensees who are affiliated with the individual broker. As added by P.L.130-1999, SEC.11.
IC 25-34.1-10-8 "Real estate transaction" defined
Sec. 8. As used in this chapter, "real estate transaction" means the
sale or lease of any legal or equitable interest in real estate. As added by P.L.128-1994, SEC.6.
IC 25-34.1-10-9 "Subagent" defined
Sec. 9. As used in this chapter, "subagent" means a broker
engaged to act for another broker in performing brokerage services
for a client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.12. IC 25-34.1-10-9.5 Agency relationship; performance of duties
Sec. 9.5. (a) A licensee has an agency relationship with, and is
representing, the individual with whom the licensee is working
unless:
(1) there is a written agreement to the contrary; or
(2) the licensee is merely assisting the individual as a customer
without compensation.
(b) If a licensee, under subsection (a)(1), does not have an agency
relationship with the individual with whom the licensee is working
due to the existence of a written agreement to the contrary, the
licensee must perform at least the following duties under the written
agreement:
(1) Be available to receive and timely present offers and
counteroffers for the purchase or lease of:
(A) the property of the individual, if the individual is a seller
or landlord; or
(B) the property that the individual seeks to purchase or
lease, if the individual is a buyer or tenant.
(2) Assist in negotiating, completing real estate forms,
communicating, and timely presenting offers, counteroffers,
notices, and various addenda relating to the offers and
counteroffers until:
(A) a purchase agreement or lease is signed; and
(B) all contingencies are satisfied or waived.
(3) Timely respond to questions relating to offers, counter
offers, notices, various addenda, and contingencies from the
seller, landlord, buyer, or tenant pertaining to the subject
property.
(c) If:
(1) a licensee described in subsection (b) fails to perform the
duties set forth in subsection (b); and
(2) another licensee performs those duties on behalf of or at the
request of a seller, landlord, buyer, or tenant;
the performance of those duties by the other licensee referred to in
subdivision (2) does not constitute an agency relationship.
(d) This section does not prohibit a licensee from performing
duties in addition to the duties specified in this section on behalf of
or at the request of a seller, landlord, buyer, or tenant in a real estate
transaction. As added by P.L.130-1999, SEC.13. Amended by P.L.87-2006,
SEC.8.
IC 25-34.1-10-10 Licensee representing seller or landlord; duties; disclosure of
information
Sec. 10. (a) A licensee representing a seller or landlord has the
following duties and obligations:
(1) To fulfill the terms of the agency relationship made with the
seller or landlord.
(2) To disclose the nature of the agency relationship with the
seller or landlord, and redefine and disclose if the relationship
changes.
(3) To promote the interests of the seller or landlord by:
(A) seeking a price or lease rate and contract terms
satisfactory to the seller or landlord; however, the licensee
is not obligated to seek additional offers to purchase or lease
after an offer to purchase or lease has been accepted by the
seller or landlord, unless otherwise agreed between the
parties;
(B) presenting all offers to purchase or lease to and from the
seller or landlord immediately upon receipt of the offers
regardless of whether an offer to purchase or lease has been
accepted, unless otherwise directed by the seller or landlord;
(C) disclosing to the seller or landlord adverse material facts
or risks actually known by the licensee concerning the real
estate transaction;
(D) advising the seller or landlord to obtain expert advice
concerning material matters that are beyond the licensee's
expertise;
(E) timely accounting for all money and property received
from the seller or landlord;
(F) exercising reasonable care and skill; and
(G) complying with the requirements of this chapter and all
applicable federal, state, and local laws, rules, and
regulations, including fair housing and civil rights statutes,
rules, and regulations.
(b) A licensee representing a seller or landlord may not disclose
the following without the informed written consent of the seller or
landlord:
(1) That a seller or landlord will accept less than the listed price
or lease rate for the property or other contract concessions.
(2) What motivates the seller to sell or landlord to lease the
property.
(3) Any material or confidential information about the seller or
landlord unless the disclosure is required by law or where
failure to disclose would constitute fraud or dishonest dealing.
(c) A licensee representing a seller or landlord owes no duties or
obligations to the buyer or tenant except that a licensee shall treat all
prospective buyers or tenants honestly and shall not knowingly give
them false information.
(d) A licensee shall disclose to a prospective buyer or tenant
adverse material facts or risks actually known by the licensee
concerning the physical condition of the property and facts required
by statute or regulation to be disclosed and that could not be
discovered by a reasonable and timely inspection of the property by
the buyer or tenant. A licensee representing a seller or landlord owes
no duty to conduct an independent inspection of the property for the
buyer or tenant or to verify the accuracy of any statement, written or
oral, made by the seller, the landlord, or an independent inspector.
This subsection does not limit the obligation of a prospective buyer
or tenant to obtain an independent inspection of the physical
condition of the property. A cause of action does not arise against a
licensee for disclosing information in compliance with this section.
(e) A licensee representing a seller or landlord may:
(1) show alternative properties not owned by the seller or
landlord to a prospective buyer or tenant and may list
competing properties for sale or lease without breaching any
duty or obligation to the seller or landlord; and
(2) provide to a buyer or tenant services in the ordinary course
of a real estate transaction and any similar services that do not
violate the terms of the agency relationship made with the seller
or landlord. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.14.
IC 25-34.1-10-11 Licensee representing buyer or tenant; duties; disclosure of
information
Sec. 11. (a) A licensee representing a buyer or tenant has the
following duties and obligations:
(1) To fulfill the terms of the agency relationship made with the
buyer or tenant.
(2) To disclose the nature of the agency relationship with the
buyer or tenant, and redefine and disclose if the relationship
changes.
(3) To promote the interests of the buyer or tenant by:
(A) seeking a property with a price or lease rate and contract
terms satisfactory to the buyer or tenant; however, the
licensee is not obligated to locate other properties to
purchase or lease while the buyer is under contract to buy
property or while the tenant is under contract to lease
property, unless otherwise agreed between the parties;
(B) presenting all offers to purchase and lease to and from
the buyer or tenant immediately upon receipt of an offer
regardless of whether the buyer is already under contract to
buy or the tenant is under contract to lease property, unless
otherwise directed by the buyer or tenant;
(C) disclosing to the buyer or tenant adverse material facts
or risks actually known by the licensee concerning the real
estate transaction;
(D) advising the buyer or tenant to obtain expert advice
concerning material matters that are beyond the licensee's
expertise;
(E) timely accounting for all money and property received
from the buyer or tenant;
(F) exercising reasonable care and skill; and
(G) complying with the requirements of this chapter and all
applicable federal, state, and local laws, rules, and
regulations, including fair housing and civil rights statutes,
rules, and regulations.
(b) A licensee representing a buyer or tenant shall not disclose the
following without the informed consent, in writing, of the buyer or
tenant:
(1) That a buyer or tenant will pay more than the offered
purchase price or offered lease rate for the property or other
contract concessions.
(2) What motivates the buyer to buy or tenant to lease the
property.
(3) Any material or confidential information about the buyer or
tenant unless this disclosure is required by law or where failure
to disclose would constitute fraud or dishonest dealing.
(c) A licensee representing a buyer or tenant owes no duties or
obligations to the seller or landlord except that a licensee shall treat
all prospective sellers or landlords honestly and not knowingly give
them false information.
(d) A licensee representing a buyer or tenant owes no duty to
conduct an independent investigation of the buyer's or tenant's
financial ability to perform for the benefit of the seller or landlord or
to verify the accuracy of any statement, written or oral, made by the
buyer, the tenant, or a third party.
(e) A licensee representing a buyer or tenant may:
(1) show properties in which the buyer or tenant is interested to
other prospective buyers or tenants and may show competing
buyers or tenants the same property or assist other buyers or
tenants in purchasing or leasing a particular property without
breaching any duty or obligation to the buyer or tenant; and
(2) provide to a seller or landlord services in the ordinary
course of a real estate transaction and any similar services that
do not violate the terms of the agency relationship made with
the buyer or tenant. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.15.
IC 25-34.1-10-12 Licensee acting as limited agent
Sec. 12. (a) A licensee may act as a limited agent only with the
written consent of all parties to a real estate transaction. The written
consent is presumed to have been given and all parties are considered
informed for any party who signs a writing or writings at the time of
entering into an agency relationship with the licensee that contains
the following:
(1) A description of the real estate transaction or types of real
estate transactions in which the licensee will serve as a limited
agent.
(2) A statement that in serving as a limited agent, the licensee
represents parties whose interests are different or even adverse.
(3) A statement that a limited agent shall not disclose the
following without the informed consent, in writing, of the
parties to the real estate transaction:
(A) Any material or confidential information, except adverse
material facts or risks actually known by the licensee
concerning the physical condition of the property and facts
required by statute, rule, or regulation to be disclosed and
that could not be discovered by a reasonable and timely
inspection of the property by the parties.
(B) That a buyer or tenant will pay more than the offered
purchase price or offered lease rate for the property.
(C) That a seller or landlord will accept less than the listed
price or lease rate for the property.
(D) What motivates a party to buy, sell, or lease the
property.
(E) Other terms that would create a contractual advantage
for one (1) party over another party.
(4) A statement that there will be no imputation of knowledge
or information between any party and the limited agent or
among licensees.
(5) A statement that a party does not have to consent to the
limited agency.
(6) A statement that the consent of each party has been given
voluntarily and that any limited agency disclosure has been read
and understood.
(b) A licensee acting as a limited agent may disclose and provide
to both the seller and buyer property information, including listed
and sold properties available through a multiple listing service or
other information source.
(c) A cause of action does not arise against a licensee for
disclosing or failing to disclose information in compliance with this
section, and the limited agent does not terminate the limited agency
relationship by making a required disclosure. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.16.
IC 25-34.1-10-12.5 Representations by licensees
Sec. 12.5. (a) An individual licensee affiliated with a principal
broker represents only the client with which the licensee is working
in an in-house agency relationship. A client represented by an
individual licensee affiliated with a principal broker is represented
only by that licensee to the exclusion of all other licensees. A
principal or managing broker does not represent any party in such
transactions unless the principal or managing broker has an agency
relationship to personally represent a client.
(b) A licensee who personally represents both the seller and buyer
or both the landlord and tenant in a real estate transaction is a limited
agent and is required to comply with the provisions of this chapter
governing limited agents.
(c) A licensee representing a client in an in-house agency
relationship owes the client duties and obligations set forth in this
chapter and shall not disclose material or confidential information
obtained from the client to other licensees, except to the principal or
managing broker for the purpose of seeking advice or assistance for
the client's benefit.
(d) A principal broker, managing broker, and any affiliated
licensee shall take reasonable and necessary care to protect any
material or confidential information disclosed by a client to the
client's in-house agent.
(e) In all in-house agency relationships, a principal broker,
managing broker, and an individual licensee possess only actual
knowledge and information. There is no imputation of agency,
knowledge, or information among or between clients, the principal
broker, the managing broker, and licensees. As added by P.L.130-1999, SEC.17.
IC 25-34.1-10-13 Written office policy regarding agency relationships; disclosure of
policy; disclosure of compensation; compensation not creating
agency relationship
Sec. 13. (a) A principal broker shall develop and enforce a 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 principal broker'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 principal brokers who 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.
IC 25-34.1-10-14 Commencement and termination of agency relationship
Sec. 14. (a) The duties and obligations set forth in this chapter
begin at the time the licensee enters into an agency relationship with
a party to a real estate transaction and continues until the agency
relationship terminates.
(b) If the agency relationship is not fulfilled or completed for any
reason, the agency relationship ends at the earlier of:
(1) a date of expiration agreed upon by the parties; or
(2) a termination of the relationship by the parties.
(c) Except as otherwise agreed to in writing and as provided in
subsection (b), a licensee representing a seller, landlord, buyer, or
tenant owes no further duties or obligations after termination,
expiration, or completion of the agency relationship, except:
(1) accounting for all money and property received during the
agency relationship; and
(2) keeping confidential all information received during the
course of the agency relationship that was made confidential by
request or instructions from the client, unless:
(A) the disclosure is required by law;
(B) the client gives written consent to the disclosure; or
(C) the information becomes public from a source other than
the licensee or by subsequent words or conduct of the client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.19.
IC 25-34.1-10-15 Fiduciary duties superseded
Sec. 15. The duties and obligations of a licensee set forth in this
chapter supersede any fiduciary duties of a licensee to a party based
on common law principles of agency to the extent that those common
law fiduciary duties are inconsistent with the duties and obligations
set forth in this chapter. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.20.
IC 25-34.1-10-16 Liability for misrepresentation
Sec. 16. (a) A client is not liable for any misrepresentation made
by a licensee in connection with the agency relationship, unless the
client knew or should have known of the misrepresentation.
(b) A licensee is not liable for any misrepresentation made by
another licensee, unless the licensee knew or should have known of
the other licensee's misrepresentation. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.21.
IC 25-34.1-10-17 Subagency prohibited
Sec. 17. A licensee may not make an offer of subagency through
a multiple listing service or other information source, or agree to
appoint, cooperate with, compensate, or otherwise associate with a
subagent in a real estate transaction. The elimination of subagency
by this section is not intended to limit the rights of a licensee to
cooperate with, compensate, or otherwise associate with another
licensee who is not acting on behalf of a client. As added by P.L.130-1999, SEC.22.
IC 25-34.1-10
Chapter 10. Real Estate Agency Relationships
IC 25-34.1-10-0.5 "Agency relationship" defined
Sec. 0.5. As used in this chapter, "agency relationship" means a
relationship in which a licensee represents a client in a real estate
transaction. As added by P.L.130-1999, SEC.3.
IC 25-34.1-10-1 "Broker" defined
Sec. 1. As used in this chapter, "broker" means an individual or
entity issued a broker's real estate license by the Indiana real estate
commission. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.4.
IC 25-34.1-10-2
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-3
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-4
Repealed
(Repealed by P.L.130-1999, SEC.23.)
IC 25-34.1-10-5 "Client" defined
Sec. 5. As used in this chapter, "client" means a person who has
entered into an agency relationship with a licensee. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.5.
IC 25-34.1-10-6 "Customer" defined
Sec. 6. As used in this chapter, "customer" means a person who
is provided services in the ordinary course of business by a licensee
but who is not a client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.6.
IC 25-34.1-10-6.5 "In-house agency relationship" defined
Sec. 6.5. As used in this chapter, "in-house agency relationship"
means an agency relationship involving two (2) or more clients who
are represented by different licensees within the same real estate
firm. As added by P.L.130-1999, SEC.7.
IC 25-34.1-10-6.8 "Licensee" defined
Sec. 6.8. As used in this chapter, "licensee" means an individual
or entity issued a salesperson's or broker's real estate license by the
Indiana real estate commission. As added by P.L.130-1999, SEC.8.
IC 25-34.1-10-7 "Limited agent" defined
Sec. 7. As used in this chapter, "limited agent" means a licensee
who, with the written and informed consent of all parties to a real
estate transaction, represents both the seller and buyer or both the
landlord and tenant and whose duties and responsibilities to a client
are only those set forth in this chapter. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.9.
IC 25-34.1-10-7.5 "Managing broker" defined
Sec. 7.5. As used in this chapter, "managing broker" means a
broker who manages a branch office or who acts on behalf of a
principal broker. As added by P.L.130-1999, SEC.10.
IC 25-34.1-10-7.8 "Principal broker" defined
Sec. 7.8. As used in this chapter, "principal broker" means the
individual broker (including the broker designated or representative
of a partnership, corporation, or limited liability company) whom the
Indiana real estate commission shall hold responsible for the actions
of licensees who are affiliated with the individual broker. As added by P.L.130-1999, SEC.11.
IC 25-34.1-10-8 "Real estate transaction" defined
Sec. 8. As used in this chapter, "real estate transaction" means the
sale or lease of any legal or equitable interest in real estate. As added by P.L.128-1994, SEC.6.
IC 25-34.1-10-9 "Subagent" defined
Sec. 9. As used in this chapter, "subagent" means a broker
engaged to act for another broker in performing brokerage services
for a client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.12. IC 25-34.1-10-9.5 Agency relationship; performance of duties
Sec. 9.5. (a) A licensee has an agency relationship with, and is
representing, the individual with whom the licensee is working
unless:
(1) there is a written agreement to the contrary; or
(2) the licensee is merely assisting the individual as a customer
without compensation.
(b) If a licensee, under subsection (a)(1), does not have an agency
relationship with the individual with whom the licensee is working
due to the existence of a written agreement to the contrary, the
licensee must perform at least the following duties under the written
agreement:
(1) Be available to receive and timely present offers and
counteroffers for the purchase or lease of:
(A) the property of the individual, if the individual is a seller
or landlord; or
(B) the property that the individual seeks to purchase or
lease, if the individual is a buyer or tenant.
(2) Assist in negotiating, completing real estate forms,
communicating, and timely presenting offers, counteroffers,
notices, and various addenda relating to the offers and
counteroffers until:
(A) a purchase agreement or lease is signed; and
(B) all contingencies are satisfied or waived.
(3) Timely respond to questions relating to offers, counter
offers, notices, various addenda, and contingencies from the
seller, landlord, buyer, or tenant pertaining to the subject
property.
(c) If:
(1) a licensee described in subsection (b) fails to perform the
duties set forth in subsection (b); and
(2) another licensee performs those duties on behalf of or at the
request of a seller, landlord, buyer, or tenant;
the performance of those duties by the other licensee referred to in
subdivision (2) does not constitute an agency relationship.
(d) This section does not prohibit a licensee from performing
duties in addition to the duties specified in this section on behalf of
or at the request of a seller, landlord, buyer, or tenant in a real estate
transaction. As added by P.L.130-1999, SEC.13. Amended by P.L.87-2006,
SEC.8.
IC 25-34.1-10-10 Licensee representing seller or landlord; duties; disclosure of
information
Sec. 10. (a) A licensee representing a seller or landlord has the
following duties and obligations:
(1) To fulfill the terms of the agency relationship made with the
seller or landlord.
(2) To disclose the nature of the agency relationship with the
seller or landlord, and redefine and disclose if the relationship
changes.
(3) To promote the interests of the seller or landlord by:
(A) seeking a price or lease rate and contract terms
satisfactory to the seller or landlord; however, the licensee
is not obligated to seek additional offers to purchase or lease
after an offer to purchase or lease has been accepted by the
seller or landlord, unless otherwise agreed between the
parties;
(B) presenting all offers to purchase or lease to and from the
seller or landlord immediately upon receipt of the offers
regardless of whether an offer to purchase or lease has been
accepted, unless otherwise directed by the seller or landlord;
(C) disclosing to the seller or landlord adverse material facts
or risks actually known by the licensee concerning the real
estate transaction;
(D) advising the seller or landlord to obtain expert advice
concerning material matters that are beyond the licensee's
expertise;
(E) timely accounting for all money and property received
from the seller or landlord;
(F) exercising reasonable care and skill; and
(G) complying with the requirements of this chapter and all
applicable federal, state, and local laws, rules, and
regulations, including fair housing and civil rights statutes,
rules, and regulations.
(b) A licensee representing a seller or landlord may not disclose
the following without the informed written consent of the seller or
landlord:
(1) That a seller or landlord will accept less than the listed price
or lease rate for the property or other contract concessions.
(2) What motivates the seller to sell or landlord to lease the
property.
(3) Any material or confidential information about the seller or
landlord unless the disclosure is required by law or where
failure to disclose would constitute fraud or dishonest dealing.
(c) A licensee representing a seller or landlord owes no duties or
obligations to the buyer or tenant except that a licensee shall treat all
prospective buyers or tenants honestly and shall not knowingly give
them false information.
(d) A licensee shall disclose to a prospective buyer or tenant
adverse material facts or risks actually known by the licensee
concerning the physical condition of the property and facts required
by statute or regulation to be disclosed and that could not be
discovered by a reasonable and timely inspection of the property by
the buyer or tenant. A licensee representing a seller or landlord owes
no duty to conduct an independent inspection of the property for the
buyer or tenant or to verify the accuracy of any statement, written or
oral, made by the seller, the landlord, or an independent inspector.
This subsection does not limit the obligation of a prospective buyer
or tenant to obtain an independent inspection of the physical
condition of the property. A cause of action does not arise against a
licensee for disclosing information in compliance with this section.
(e) A licensee representing a seller or landlord may:
(1) show alternative properties not owned by the seller or
landlord to a prospective buyer or tenant and may list
competing properties for sale or lease without breaching any
duty or obligation to the seller or landlord; and
(2) provide to a buyer or tenant services in the ordinary course
of a real estate transaction and any similar services that do not
violate the terms of the agency relationship made with the seller
or landlord. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.14.
IC 25-34.1-10-11 Licensee representing buyer or tenant; duties; disclosure of
information
Sec. 11. (a) A licensee representing a buyer or tenant has the
following duties and obligations:
(1) To fulfill the terms of the agency relationship made with the
buyer or tenant.
(2) To disclose the nature of the agency relationship with the
buyer or tenant, and redefine and disclose if the relationship
changes.
(3) To promote the interests of the buyer or tenant by:
(A) seeking a property with a price or lease rate and contract
terms satisfactory to the buyer or tenant; however, the
licensee is not obligated to locate other properties to
purchase or lease while the buyer is under contract to buy
property or while the tenant is under contract to lease
property, unless otherwise agreed between the parties;
(B) presenting all offers to purchase and lease to and from
the buyer or tenant immediately upon receipt of an offer
regardless of whether the buyer is already under contract to
buy or the tenant is under contract to lease property, unless
otherwise directed by the buyer or tenant;
(C) disclosing to the buyer or tenant adverse material facts
or risks actually known by the licensee concerning the real
estate transaction;
(D) advising the buyer or tenant to obtain expert advice
concerning material matters that are beyond the licensee's
expertise;
(E) timely accounting for all money and property received
from the buyer or tenant;
(F) exercising reasonable care and skill; and
(G) complying with the requirements of this chapter and all
applicable federal, state, and local laws, rules, and
regulations, including fair housing and civil rights statutes,
rules, and regulations.
(b) A licensee representing a buyer or tenant shall not disclose the
following without the informed consent, in writing, of the buyer or
tenant:
(1) That a buyer or tenant will pay more than the offered
purchase price or offered lease rate for the property or other
contract concessions.
(2) What motivates the buyer to buy or tenant to lease the
property.
(3) Any material or confidential information about the buyer or
tenant unless this disclosure is required by law or where failure
to disclose would constitute fraud or dishonest dealing.
(c) A licensee representing a buyer or tenant owes no duties or
obligations to the seller or landlord except that a licensee shall treat
all prospective sellers or landlords honestly and not knowingly give
them false information.
(d) A licensee representing a buyer or tenant owes no duty to
conduct an independent investigation of the buyer's or tenant's
financial ability to perform for the benefit of the seller or landlord or
to verify the accuracy of any statement, written or oral, made by the
buyer, the tenant, or a third party.
(e) A licensee representing a buyer or tenant may:
(1) show properties in which the buyer or tenant is interested to
other prospective buyers or tenants and may show competing
buyers or tenants the same property or assist other buyers or
tenants in purchasing or leasing a particular property without
breaching any duty or obligation to the buyer or tenant; and
(2) provide to a seller or landlord services in the ordinary
course of a real estate transaction and any similar services that
do not violate the terms of the agency relationship made with
the buyer or tenant. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.15.
IC 25-34.1-10-12 Licensee acting as limited agent
Sec. 12. (a) A licensee may act as a limited agent only with the
written consent of all parties to a real estate transaction. The written
consent is presumed to have been given and all parties are considered
informed for any party who signs a writing or writings at the time of
entering into an agency relationship with the licensee that contains
the following:
(1) A description of the real estate transaction or types of real
estate transactions in which the licensee will serve as a limited
agent.
(2) A statement that in serving as a limited agent, the licensee
represents parties whose interests are different or even adverse.
(3) A statement that a limited agent shall not disclose the
following without the informed consent, in writing, of the
parties to the real estate transaction:
(A) Any material or confidential information, except adverse
material facts or risks actually known by the licensee
concerning the physical condition of the property and facts
required by statute, rule, or regulation to be disclosed and
that could not be discovered by a reasonable and timely
inspection of the property by the parties.
(B) That a buyer or tenant will pay more than the offered
purchase price or offered lease rate for the property.
(C) That a seller or landlord will accept less than the listed
price or lease rate for the property.
(D) What motivates a party to buy, sell, or lease the
property.
(E) Other terms that would create a contractual advantage
for one (1) party over another party.
(4) A statement that there will be no imputation of knowledge
or information between any party and the limited agent or
among licensees.
(5) A statement that a party does not have to consent to the
limited agency.
(6) A statement that the consent of each party has been given
voluntarily and that any limited agency disclosure has been read
and understood.
(b) A licensee acting as a limited agent may disclose and provide
to both the seller and buyer property information, including listed
and sold properties available through a multiple listing service or
other information source.
(c) A cause of action does not arise against a licensee for
disclosing or failing to disclose information in compliance with this
section, and the limited agent does not terminate the limited agency
relationship by making a required disclosure. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.16.
IC 25-34.1-10-12.5 Representations by licensees
Sec. 12.5. (a) An individual licensee affiliated with a principal
broker represents only the client with which the licensee is working
in an in-house agency relationship. A client represented by an
individual licensee affiliated with a principal broker is represented
only by that licensee to the exclusion of all other licensees. A
principal or managing broker does not represent any party in such
transactions unless the principal or managing broker has an agency
relationship to personally represent a client.
(b) A licensee who personally represents both the seller and buyer
or both the landlord and tenant in a real estate transaction is a limited
agent and is required to comply with the provisions of this chapter
governing limited agents.
(c) A licensee representing a client in an in-house agency
relationship owes the client duties and obligations set forth in this
chapter and shall not disclose material or confidential information
obtained from the client to other licensees, except to the principal or
managing broker for the purpose of seeking advice or assistance for
the client's benefit.
(d) A principal broker, managing broker, and any affiliated
licensee shall take reasonable and necessary care to protect any
material or confidential information disclosed by a client to the
client's in-house agent.
(e) In all in-house agency relationships, a principal broker,
managing broker, and an individual licensee possess only actual
knowledge and information. There is no imputation of agency,
knowledge, or information among or between clients, the principal
broker, the managing broker, and licensees. As added by P.L.130-1999, SEC.17.
IC 25-34.1-10-13 Written office policy regarding agency relationships; disclosure of
policy; disclosure of compensation; compensation not creating
agency relationship
Sec. 13. (a) A principal broker shall develop and enforce a 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 principal broker'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 principal brokers who 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.
IC 25-34.1-10-14 Commencement and termination of agency relationship
Sec. 14. (a) The duties and obligations set forth in this chapter
begin at the time the licensee enters into an agency relationship with
a party to a real estate transaction and continues until the agency
relationship terminates.
(b) If the agency relationship is not fulfilled or completed for any
reason, the agency relationship ends at the earlier of:
(1) a date of expiration agreed upon by the parties; or
(2) a termination of the relationship by the parties.
(c) Except as otherwise agreed to in writing and as provided in
subsection (b), a licensee representing a seller, landlord, buyer, or
tenant owes no further duties or obligations after termination,
expiration, or completion of the agency relationship, except:
(1) accounting for all money and property received during the
agency relationship; and
(2) keeping confidential all information received during the
course of the agency relationship that was made confidential by
request or instructions from the client, unless:
(A) the disclosure is required by law;
(B) the client gives written consent to the disclosure; or
(C) the information becomes public from a source other than
the licensee or by subsequent words or conduct of the client. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.19.
IC 25-34.1-10-15 Fiduciary duties superseded
Sec. 15. The duties and obligations of a licensee set forth in this
chapter supersede any fiduciary duties of a licensee to a party based
on common law principles of agency to the extent that those common
law fiduciary duties are inconsistent with the duties and obligations
set forth in this chapter. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.20.
IC 25-34.1-10-16 Liability for misrepresentation
Sec. 16. (a) A client is not liable for any misrepresentation made
by a licensee in connection with the agency relationship, unless the
client knew or should have known of the misrepresentation.
(b) A licensee is not liable for any misrepresentation made by
another licensee, unless the licensee knew or should have known of
the other licensee's misrepresentation. As added by P.L.128-1994, SEC.6. Amended by P.L.130-1999,
SEC.21.
IC 25-34.1-10-17 Subagency prohibited
Sec. 17. A licensee may not make an offer of subagency through
a multiple listing service or other information source, or agree to
appoint, cooperate with, compensate, or otherwise associate with a
subagent in a real estate transaction. The elimination of subagency
by this section is not intended to limit the rights of a licensee to
cooperate with, compensate, or otherwise associate with another
licensee who is not acting on behalf of a client. As added by P.L.130-1999, SEC.22.
