Authority: IC 25-34.1-2-5

Affected: IC 25-34.1-5

Sec. 1. (a) Each school shall designate one (1) individual as its school director.

(b) A real estate school is prohibited from hiring or retaining in its employ, a school director who has:

1. (1) had his or her real estate license revoked or suspended by any jurisdiction;
2. (2) obtained or used, or attempted to obtain or use, in any manner, Indiana real estate licensing examination questions to be used on future examinations, unless authorized by law;
3. (3) been convicted of a crime that has a direct bearing on the individual's ability to competently be a school director including, but not necessarily limited to, violations of real estate laws and abuse of fiduciary responsibilities;
4. (4) falsely certified hours of attendance or grades for any student;
5. (5) violated 876 IAC 6-5-1 concerning recruiting during the educational process; or
6. (6) unless authorized by law, refused to appear or testify under oath, or both, at any hearing held by the commission.

(c) The school director must satisfy one (1) of the following qualification standards:

1. (1) Hold a bachelor's degree in education, real estate, or business.
2. (2) Have at least two (2) years experience within the past ten (10) years as an instructor or school administrator.

(d) A person may serve as a school director without meeting the requirements of subsection (c) only where the commission determines that the person possesses substantially similar qualifications.

(e) School directors employed before January 1, 1989, are exempt from the requirements of subsection (c).

(Indiana Real Estate Commission; 876 IAC 6-2-1; filed May 22, 2014, 11:50 a.m.: 20140618-IR-876140061FRA, eff Jul 1, 2014; readopted filed Nov 19, 2020, 9:56 a.m.: 20201216-IR-876200513RFA; readopted filed Mar 21, 2024, 4:07 p.m.: 20240417-IR- 876230829RFA)