Terms Used In Indiana Code > Title 25 > Article 34.1 > Chapter 10 - Real Estate Agency Relationships

• agency relationship: means a relationship in which a licensee represents a client in a real estate transaction. See Indiana Code 25-34.1-10-0.5
• broker: means an individual or entity issued a broker's real estate license by the Indiana real estate commission. See Indiana Code 25-34.1-10-1
• Broker company: means a licensee that is a business engaged in the activities described in Indiana Code 25-34.1-1-2
• client: means a person who has entered into an agency relationship with a licensee. See Indiana Code 25-34.1-10-5
• Commission: means the Indiana real estate commission. See Indiana Code 25-34.1-1-2
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Contract: A legal written agreement that becomes binding when signed.
• customer: means a person who is provided services in the ordinary course of business by a licensee but who is not a client. See Indiana Code 25-34.1-10-6
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fiduciary: A trustee, executor, or administrator.
• Fraud: Intentional deception resulting in injury to another.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• in-house agency relationship: means an agency relationship involving two (2) or more clients who are represented by different licensees within the same broker company. See Indiana Code 25-34.1-10-6.5
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• License: means a broker license issued under this article and which is not expired, suspended, or revoked. See Indiana Code 25-34.1-1-2
• licensee: means an individual or entity issued a broker's real estate license by the Indiana real estate commission. See Indiana Code 25-34.1-10-6.8
• 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. See Indiana Code 25-34.1-10-7
• Managing broker: refers to an individual broker whom the commission holds responsible for the actions of licensees who are affiliated with the broker company. See Indiana Code 25-34.1-1-2
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means an individual, a partnership, a corporation, or a limited liability company. See Indiana Code 25-34.1-1-2
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Real estate: means any right, title, or interest in real property. See Indiana Code 25-34.1-1-2
• real estate transaction: means the sale or lease of any legal or equitable interest in real estate. See Indiana Code 25-34.1-10-8
• Statute: A law passed by a legislature.
• subagent: means a broker engaged to act for another broker in performing brokerage services for a client. See Indiana Code 25-34.1-10-9