Sec. 2. As used in this article:

(1) "Person" means an individual, a partnership, a corporation, or a limited liability company.

(2) "Commission" means the Indiana real estate commission.

(3) "Real estate" means any right, title, or interest in real property.

(4) "Broker" means a person who:

(A) for consideration, sells, buys, trades, exchanges, options, leases, rents, manages, lists, or appraises real estate or negotiates or offers to perform any of those acts; and

(B) is acting in association with and under the auspices of a managing broker and broker company.

(5) "License" means a broker license issued under this article and which is not expired, suspended, or revoked.

(6) "Licensee" means a person who holds a license issued under this article. The term does not include a person who holds a real estate appraiser license or certificate issued under the real estate appraiser licensure and certification program established under IC 25-34.1-3-8.

(7) "Course approval" means approval of a broker course granted under this article which is not expired, suspended, or revoked.

(8) "Licensing agency" means the Indiana professional licensing agency established by IC 25-1-5-3.

(9) "Board" refers to the real estate appraiser licensure and certification board established under IC 25-34.1-8-1.

(10) "Commercial real estate" means a parcel of real estate other than real estate containing one (1) to four (4) residential units. This term does not include single family residential units such as:

(A) condominiums;

(B) townhouses;

(C) manufactured homes; or

(D) homes in a subdivision;

when sold, leased, or otherwise conveyed on a unit-by-unit basis, even if those units are part of a larger building or parcel of real estate containing more than four (4) residential units.

(11) "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.

(12) "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.

(13) "Managing broker" refers to an individual broker whom the commission holds responsible for the actions of licensees who are affiliated with the broker company.

(14) "Broker company" means a licensee that is a business engaged in the activities described in IC 25-34.1-3-2(a), whether as a sole proprietorship, a partnership, a limited liability company, or a corporation. In the case of a broker company that is a sole proprietorship, the individual broker who is the sole proprietor is the broker company and the managing broker for the broker company.

As added by Acts 1979, P.L.248, SEC.1. Amended by Acts 1982, P.L.113, SEC.79; P.L.132-1984, SEC.42; P.L.186-1990, SEC.11; P.L.183-1991, SEC.5; P.L.128-1994, SEC.1; P.L.64-2004, SEC.16; P.L.2-2005, SEC.71; P.L.1-2006, SEC.479; P.L.127-2012, SEC.7; P.L.200-2013, SEC.1; P.L.116-2015, SEC.1.