Provides for: (1) the licensure of real estate brokers and managing real estate brokers; and (2) license transition. Eliminates the license for real estate salesperson and the certification for principal real estate brokers. Provides that licences issued under this article are issued for three years. (Currently licenses are issued for two years.) Revises continuing education requirements. Requires the real estate education council to make certain recommendations to the Indiana real estate commission. Makes conforming changes.