Terms Used In Indiana Code > Title 25 > Article 34.1 > Chapter 3 - Licensing

• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Board: refers to the real estate appraiser licensure and certification board established under Indiana Code 25-34.1-1-2
• Broker: means a person who:

  Indiana Code 25-34.1-1-2

• Broker company: means a licensee that is a business engaged in the activities described in Indiana Code 25-34.1-1-2
• Commercial real estate: means a parcel of real estate other than real estate containing one (1) to four (4) residential units. See Indiana Code 25-34.1-1-2
• Commission: means the Indiana real estate commission. See Indiana Code 25-34.1-1-2
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Executor: A male person named in a will to carry out the decedent
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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 a person who holds a license issued under this article. See Indiana Code 25-34.1-1-2
• Licensing agency: means the Indiana professional licensing agency established by IC 25-1-5-3. See Indiana Code 25-34.1-1-2
• 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
• Out-of-state commercial broker: includes a person, a partnership, an association, a limited liability company, a limited liability partnership, or a corporation that is licensed to do business as a broker in a jurisdiction other than Indiana. See Indiana Code 25-34.1-1-2
• Out-of-state commercial salesperson: includes a person affiliated with an out-of-state commercial broker who is not licensed as a broker under this article. See Indiana Code 25-34.1-1-2
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, a partnership, a corporation, or a limited liability company. See Indiana Code 25-34.1-1-2
• Real estate: means any right, title, or interest in real property. See Indiana Code 25-34.1-1-2
• Service of process: The service of writs or summonses to the appropriate party.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustee: A person or institution holding and administering property in trust.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5