HB1347: Real estate matters.

Legislative Summary

Real estate matters. Requires a broker company to deposit funds belonging to others into a trust account that the broker company maintains. Requires that residential real estate sales disclosure forms include disclosures by an owner that a property is located within a locally designated historic district. Requires that residential real estate sales disclosure forms include disclosures by an owner of any conservation easement. Requires the Indiana professional licensing agency in consultation with the Indiana real estate commission to perform annual and random audits for compliance of more than one percent (1%) but less than ten percent (10%) of the practitioners who hold a broker's license required to take continuing education courses. Provides that to become a managing broker, an individual, among other things, must: (1) hold an active broker's license for at least three years; and (2) pass a written examination. Amends provisions relating to real estate agreements. Makes a technical correction.