§ 5-20.5-1 - Definitions.
SECTION 5-20.5-1
§ 5-20.5-1 Definitions. – When used in this chapter, unless the context indicates otherwise:
(1) "Associate broker" means any licensed real estate brokerwho is employed or engaged as an independent contractor by or in behalf of alicensed real estate broker to do or deal in any activity as included orcomprehended by the definitions of a real estate broker in subdivision (4) ofthis section, for compensation or otherwise;
(2) "Director" means the director of business regulation forthe state;
(3) "Real estate", as used in this chapter, includesleaseholds as well as any and every interest or estate in land, whethercorporeal or incorporeal, freehold or non-freehold, and whether the property issituated in this state or elsewhere;
(4) "Real estate broker":
(i) Within the meaning of this chapter, includes all persons,partnerships, associations, and corporations, foreign and domestic, who:
(A) For a fee, commission, or other valuable consideration,or who with the intention or expectation of receiving or collecting a fee,commission, or other valuable consideration, lists, sells, purchases,exchanges, rents, leases, appraises residential property containing four (4) orfewer units, or auctions any real estate, or the improvements on real estateincluding options or who negotiates or attempts to negotiate any such activity;
(B) Advertises or holds himself or herself, itself, orthemselves out as engaged in those activities;
(C) Directs or assists in the procuring of a purchaser orprospect calculated or intended to result in a real estate transaction.
(ii) Also includes any person, partnership, association, orcorporation employed by or on behalf of the owner or owners of lots, or otherparcels of real estate, at a stated salary, or upon a fee, commission orotherwise, to sell that real estate, or any parts, in lots or other parcels,and who sells, exchanges or leases, or offers or attempts or agrees tonegotiate the sale, exchange or lease of any such lot or parcel of real estate;
(5) "Real estate salesperson" means and includes any personemployed or engaged as an independent contractor by or on behalf of a licensedreal estate broker to do or deal in any activity as included or comprehended bythe definitions of a real estate broker in subdivision (4) of this section, forcompensation or otherwise.