Section 876 IAC 2-12-1 - Introduction to real estate lawAuthority: IC 25-34.1-2-5
Affected: IC 25-34.1-5
Sec. 1.
(a) The competency and instructional level for scope and purpose of course is Level Sec. 1.(b) The competency and instructional level for subdivisions (1) through (3) is Level 1. The following are concepts of types (sources) of real estate law (Use examples relating to real estate in explaining each type (source) of law.): (1) Statutory law (arising from the political process) including the following: (A) Constitutions: federal, i.e., Fifth Amendment, which provides that "no person shall be . . . deprived of life, liberty or property without due process of law; nor shall private property be taken for public use without just compensation".(B) The following statutes: (i) Federal, i.e., RESPA: National Housing Act (establishing the FHA), Fair Housing Act, and many others.(ii) State, i.e., Indiana real estate license law.(C) Ordinances (county and municipal, i.e., zoning ordinances, fire and building codes).(2) Administrative law (regulation and rulings of federal and state agencies) including the following: (A) Federal, i.e., Regulation "Z" implementing the Truth-in-Lending Act, HUD regulations on FHA loans, and many others.(B) State, i.e., Indiana real estate commission rules and regulations [this title].(3) Common law (judicial law arising from court decisions), i.e., most real property law, including law regarding estates and interests in real property, methods of owning real property, easements and other rights relating to real property also, agency and contract law, much of which applies to real estate brokerage practice.Indiana Real Estate Commission; 876 IAC 2-12-1; filed Dec 1, 1989, 5:00 p.m.: 13 IR 656; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA