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PRACTICING FULL DISCLOSURE

NOTE:

876 IAC 1-1-37 Disclosure of interest by licensee
Authority: IC 25-34.1-2-5
Affected: IC 25-34.1-2-5
Sec. 37. A licensee shall not directly or indirectly buy, offer to buy, sell, offer to sell or receive compensation for property in which he owns an interest, unless he shall disclose in writing his interest to all parties to the transaction and the fact that he holds a valid real estate license. (Indiana Real Estate Commission; Rule 38; filed Sep 28, 1977, 4:30 pm: Rules and Regs. 1978, p. 803; filed Dec 11, 1986, 10:40 am: 10 IR 879; readopted filed Jun 29, 2001, 9:56 a.m.: 24 IR 3824; readopted filed Jul 19, 2007, 12:57 p.m.: 20070808-IR-876070067RFA)

While the Indiana Real Estate Commission Laws and Regulations do not specifically state that an agent who owns property must use the words "Agent Owned" on the "For Sale By Owner" sign in the yard, it is my belief that some reasonably apparent reference to the agent's ownership interest must be provided on the signage. I do not believe that a consumer ought to rely on the agent's willingness to share that information at the first in-person contact.

And I'm not a lawyer. Take my opinions as such, please.