Indiana Real Estate License Requirements & Costs – 2023
In this article, we will cover the Indiana real estate license requirements for agents and brokers.
Whether you aspire to be a salesperson or broker in the state of Indiana, acquiring a real estate license requires you to follow some key steps. Let’s get started.
For instance, a broker must undertake a 75-hour pre-licensing course in Illinois, which goes for a standard 99 hours in Delaware. In Indiana, the required pre-licensing course hours are 90. The minimum age to get licensed in Alaska is 19, unlike in California and other states.
However, daunting the process can seem, getting your Indiana real estate license is truly worth it.
With that being set, we will now evaluate the Indiana real estate license requirements needed for aspiring real estate professionals in Indiana.
Before we dive into the step-by-step process, you should know the agency that regulates real estate activities in Indiana, and we will look briefly into the commission’s roles.
What is the Indiana Real Estate Commission?
The Indiana Real Estate Commission (IREC) is an agency that governs all real estate activities, and it is responsible for regulating all the licensees in Indiana.
The Indiana Real Estate Commission’s Membership
The Indiana Legislature forms the commission. It comprises 12 members. Each of the nine members represents the nine congressional districts in the state. Two members are appointed from the public, and the remaining one member is a real estate broker. The governor appoints all the commission members.
These members serve a four-year term, and they may not hold a federal or state office.
At the request of seven commission members or the Chairperson, monthly meetings are held. In these meetings, policy decisions are made, complaints are reviewed, disciplinary sanctions against real estate professionals, and other licensing matters are dealt with.
The meetings are public, and the proceeds or schedules are shared online.
What Are The Duties & Powers of the Indiana Real Estate Commission?
The commission’s main objective is to serve the public interest. With the responsibilities vested upon it, it achieves this role by enforcing rules and regulations that maintain high standards in the real estate field.
Below, the powers and duties of the Indiana commission have been outlined. For more details about real estate laws and the commission’s adopted rules, visit the Indiana Real Estate Commission website.
What Are The Indiana Real Estate Commission’s Powers?
- The commission gives, suspends, denies, and revokes licensees and imposes disciplinary sanctions against licensees as required.
- The commission authorizes payment and contracts to administer and enforce its rules.
- The commission enforces powers vested upon it by the state and compliance with the state and federal laws.
What Are The Indiana Real Estate Commission’s Duties?
- The commission utilizes resources to administer and enforce its rules and regulations.
- The commission maintains its office, records, files, and property in the city of Indianapolis.
- The commission conducts public hearings and reaches out to courts when necessary to enforce compliance.
- The commission provides for the filing and approval of surety bonds.
- The commission investigates complaints tabled, and licensee accounts involving education and escrow accounts of money related to real estate practice.
Indiana Real Estate License Prerequisites
Before you are cleared to start getting your pre-licensing education in Indiana, the IREC wants to ensure that;
- You have to be a US citizen or a legally admitted alien.
- You are 18 or older.
- You have a high school diploma.
Indiana Real Estate License Requirements
The process of Indiana real estate licensing involves the following five comprehensive steps;
- Completing A 90-hour Indiana Real Estate Pre-Licensing Course.
- Taking And Passing The Indiana Pre-Licensing Course Final Exam.
- Signing Up For And Passing The Indiana Real Estate Exam.
- Finding An Indiana Sponsoring Broker.
- Completing The Indiana Licensing Application.
1. Take An Indiana Real Estate Pre-Licensing Course
The 90-hour Indiana pre-licensing course in Indiana builds your foundation in Indiana real estate laws and all that is entailed in the field. This course can take you at least three months or less, depending on your pace. Topics to be covered include;
- Real Property
- Forms of Ownership
- Property value
- Real Estate Contracts
- Property Disclosures
- Closing Transactions
- Real Estate Math
- Real Estate Office Procedures
The pre-licensing course is offered in state-approved schools.
Some of the best real estate schools in Indiana include;
How Much Does The Indiana Real Estate Pre-licensing Course Cost?
The estimated cost for a real estate pre-licensing course in Indiana is $300 to $800. The cost is subject to the choice of the provider. The course is also provided online.
To choose the best Indiana pre-licensing course provider, consider the following points;
- Overall performance of the real estate school as a whole
- Reviews from brokers or other Indiana agents who passed from the school
- Return Policies
- The pre-licensing course value
- Extra learning materials, e.g., state exam prep, revision materials etcetera
2. Take and Pass the Indiana Pre-Licensing Exam
After completing the Pre-licensing course, you are qualified to take the course final exam. To be eligible, you have to meet the minimum time requirement and other requirements.
The Indiana real estate pre-licensing exam contains two portions; the national section and the state section. It contains 100 multiple-choice questions and takes three hours to complete.
The Indiana pre-licensing passing score is 75%.
After passing the exam, you are issued a course completion certificate.
3. Take and Pass The Indiana Real Estate Exam
The contracted exam provider is PSI. After acquiring your pre-licensing course completion certificate, you have a year to sit and pass the real estate exam.
To schedule for the exam, you need to sign up at the PSI Indiana Real Estate Exam website or call 1-800-733-9267. The exam fee is payable to PSI.
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The Indiana Real Estate Licensure State Exam Is Divided Into 2 Sections:
- The general section covers national real estate topics.
It takes about two and a half hours to complete.
- The other section covers Indiana state-specific questions.
This takes about one and a half hours to complete.
The topics tested for the state of Indiana real estate exam are as follows:
1. The National Real Estate Exam Section
- Property ownership
- Valuation and market analysis
- General principles of agency
- Property disclosures
- Leasing and property management
- Transfer of title
- Real estate calculations
- The practice of real estate
2. The State Real Estate Exam Section
- Indiana real estate licensing
- The Indiana real estate commission
- Statutory and Indiana regulatory requirements
- Statutes and rules governing Indiana licensees
- Indiana Real estate procedures
The Indiana real estate licensing exam can now be taken remotely instead of at physical exam sites. However, physical exams are still available for those who prefer in-person on-site testing.
After completing the Indiana real estate exam, you will receive the results on-screen. The score report will then be emailed to you.
You have to pass both sections of the exam. If you fail one part of it, you can only retake that one part provided that it is within one year of the required pre-licensing education course completion date.
The cost of the Indiana real estate exam is $53 and is payable directly to the PSI.
4. Find an Indiana Sponsoring Broker
Working for a licensed brokerage in Indiana is required if you want to actively sell real estate.
Brokerages are firms that hire agents to work for them. They are instrumental in their experience acquisition in the real estate field.
This makes the option of choosing the right Indiana brokerage firm to work for very crucial. If you choose a firm that would nurture your growth in the field, then you might live to be advantaged for the rest of your real estate career.
Important tips on how to spot and choose a superb Indiana real estate brokerage firm to work with:
1. Contact, Chat, and Engage Previous Indiana Real Estate Agents in The Firm.
Before joining a brokerage firm, make sure you know them inside out. Though you may not master them completely, knowing a few takeaways about them is important.
Brokerages strive to maintain a friendly, perfect picture in the view of new agents. However, you may get frustrated once you know that they are several rungs below the projected surface.
So as not to succumb to such disillusionment, it is important to get in touch with employee agents of that company.
Ask them about the company’s track record, agent treatment, and anything that comes to your mind. It goes a long way in informing your choice.
2. The reputation of the firm in the local Indiana community.
Always know the firm’s reputation that you plan to work for in the community you want to buy.
What counts is the track record they have in the community. In a good market, reputation is an ingredient to firm growth.
3. Online presence and IT system of the firm.
Scrutinizing the online presence and the IT system structure of the brokerage firm is an important step. Besides showing the firm’s effectiveness in the changing tech world, it also hints at the views that people have about it.
Know about the data recording and customer treatment. Scrutinize their LinkedIn profiles and social media presence. Try to know if the clients’ views are entirely negative or affirmative.
4. Real estate agent coaching, training, and support.
This is a very vital component to consider when choosing a sponsoring Indiana brokerage. Many agents normally opt to consider the commissions more than the training and coaching.
Training and coaching help to create an invincible, bright, and competent salesperson. Besides that, it helps you to grow leadership and brokerage skills, which will be instrumental if you ever become a sponsoring broker. A company that supports its agents is the best.
5. Talk about Commission
Another important factor must surface in your talks with the potential Indiana brokerage sponsor. Most brokerages simply offer commission percentages on the sales you make. Other brokerages opt to give the agent salary.
The thing to consider is, knowing the commission split before signing the deal. Ensure you are satisfied with the split.
A good commission always comes with the firm’s resources, market influence, and reputation.
Lastly, some agents do not take the precaution of falling into the hands of an unworthy brokerage firm keenly. They would just search for the best firms and proceed to register with the first result that comes on the search engine.
It is prudent to research profusely, look for reviews, and even ask the broker questions. Do not be timid to table your worries and questions. After all, it will be your fault if you fail to get what you want.
5. Complete The Indiana Real Estate Licensing Application
After completing your Indiana Real Estate Licensure exam, you are now at liberty to send your license application to the Indiana Real Estate Commission.
The Indiana real estate licensing application fee is $60.
The proper application forms, which will be provided at the exam center, will be submitted to the IREC. The documents to be submitted include;
- Broker Pre-licensing course completion certificate
- Licensing Examination score report
- Verification of licensure
- Brokerage firm information
The mailing address is;
Indiana Real Estate Commission, Indiana,
Professional Licensing Agency
402 W. Washington St., Room W072
Indianapolis, IN 46204
You must include your email address, for it will be used to communicate your licensure status.
Indiana Real Estate License Requirements – Final Thoughts
Indiana stands as one of the best places to practice real estate in the United States.
It has experienced surging demands for homes over the years. Since the trend does not seem to diminish, it is always prudent to bet on it and take a risk.
If you love real estate and live in Indiana or any state that shares reciprocity, get a real estate license as quickly as possible.
However, what is important after acquiring the license is always being on the right side of ethics and the law. This keeps you away from disciplinary sanctions and running the stake of license revocation.
You can get started with the Indiana CE Shop or Real Estate Express right away.
The cost of getting an Indiana real estate license is reasonably low and the step-by-step process of acquiring a real estate license is worth it! All the best.
We have also researched the real estate license requirements for all 50 states or if you are ready to get started, check out these best online real estate schools in Indiana.
About The Author: This article was researched and published by Tim Schroeder. As a husband and wife real estate team residing in Florida, Tim Schroeder brings deep expertise with over 8 years of experience as a licensed real estate agent.
Deb and Tim Schroeder have earned numerous real estate industry awards and recognitions. They have been recognized by Orlando Magazine as a “Top 100 Real Estate Professional” as well as earned Top Producer Designations with the Orlando Realtor Association for 6 years straight.