HB 1102 Summary

• Eliminates the real estate salesperson license and replaces it with a broker license system; individuals holding salesperson licenses must obtain broker licenses by July 1, 2014.

• Changes real estate license terms from two years to three years, effective July 1, 2014.

• Replaces "principal broker" terminology with "managing broker" throughout Indiana Code and establishes that brokers must be licensed for at least two years and complete 24 hours of broker management courses to become managing brokers.

• Increases broker prelicensing education requirements from 24 hours to 90 hours and establishes 30-hour postlicensing education requirements for new brokers during their first two years.

• Revises continuing education requirements from six to eight hours per year and grants the Indiana Real Estate Commission authority to adopt rules governing education and continuing education requirements.