21 Guam Code Ann. § 104102
Terms Used In 21 Guam Code Ann. § 104102
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(1) Sells, exchanges, purchases, rents or leases real estate;
(2) Offers to sell, exchange, purchase rent or lease real estate; (3) Negotiates, offers, attempts or agrees to negotiate the sale,
exchange, purchase, rental or leasing of real estate;
(4) Lists, offers, attempts or agrees to list real estate for sale, lease or exchange;
(5) Auctions, offers, attempts or agrees to auction real estate;
(6) Buys, sells, offers to buy or sell or otherwise deals in options on real estate;
(7) Collects, offers, attempts or agrees to collect rent for the use of real estate;
(8) Advertises or holds himself out as being engaged in the business of buying, selling, exchanging, renting or leasing real estate;
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(9) Assists or directs in the procuring of prospects calculated to result in the sale, exchange, leasing or rental of real estate;
(10) Assists or directs in the negotiation of any transaction calculated or intended to result in the sale, exchange, leasing or rental of real estate;
(11) Engages in the business of charging an advance fee in connection with any contract whereby he undertakes to promote the sale of real estate either through its listing in a publication issued for such purpose or for referral of information concerning such real estate to brokers or both;
(12) Assists or directs in the procurement of, or arrangement for, mortgage financing on real property while not acting in the capacity of a licensed mortgagee or his agent, or of a mortgagee or his agent who is authorized to make real property loans under state or Federal authority and supervision;
(13) Performing any of the foregoing acts as an employee of, or on behalf of, the owner of real estate, or interest therein, or improve- ments affixed thereon, for compensation.
(b) After the effective date of this Act [P.L. 13-162], it shall be unlawful for any person, directly or indirectly, to engage in or conduct, or to advertise or hold himself out as engaging in or conducting the business or acting in the capacity of a real estate broker, associate broker or real estate salesman within this Territory without first obtaining a license as such broker, associate broker or salesman, as provided in this Act, unless he is exempted from obtaining a license under Subsection (d) of this Section.
(c) Any person who, directly or indirectly for another, with the intention or upon the promise of receiving any valuable consideration, offers, attempts or agrees to perform, or performs any single act described in Subsection (a) of this Chapter, whether as a part of a transaction, or as an entire transaction, shall be deemed a broker, associate broker or salesman within the meaning of this Division. The commission of a single such act by a person required to be licensed under this Division and not so licensed shall constitute a violation of this Division.
(d) Except as to the requirements with respect to the subdivision of land, the provisions of this Division shall not apply to:
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(1) Any person, partnership or corporation who as owner or lessor shall perform any of the acts described in Subsection (a) of this Act with reference to property owned or leased by them, or to the regular employees thereof, with respect to the property so owned or leased, where such acts are performed in the regular course of or as an incident to the management, sale or other disposition of such property and the investment therein; provided, that such regular employees shall not perform any of the acts described in Subsection (a) of this Act in connection with a vocation of selling or leasing any real estate or the improvements thereon; provided, that this provision shall not apply to any person, partnership or corporation in the business of purchasing unimproved land for development and subdivision purposes;
(2) An attorney in fact under a duly executed and recorded power of attorney to convey real estate from the owner or lessor or the services rendered by any attorney- at-law in the performance of his duty as such attorney at law;
(3) Any person acting as receiver, trustee in bankruptcy, administrator, executor or guardian, or while acting under a court order or under the authority of a will or of a trust instrument;
(4) Any person acting as the resident manager for the owner or an employee acting as the resident manager for a broker managing an apartment building, duplex, apartment complex or court, when such resident manager resides on the premises and is engaged in the leasing of property in connection with his employment;
(5) Any officer or employee of a Federal agency in the conduct of his official duties;
(6) Any officer or employee of the Territory government or any political subdivision thereof performing his official duties;
(7) Any multiple listing service wholly owned by a non-profit organization or association or real estate brokers;
(8) Any non-profit referral system or organization of real estate brokers for the purpose of referrals of prospects for the sale or listing of real estate.
SOURCE: GC § 58131; R/R by P.L. 13-162:6. The Compiler has changed Act to either Section or Division as is appropriate in the context. Because P.L. 13-162 was amending the entire Division of Real Estate Regulation, it is clear that Act refers to more than just this Chapter. Likewise, where Act follows reference to a subsection,
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which occurs only in the context of a Section, the term, Section is used. Clearly, the original drafters were mixing references to P.L. 16-162 and references to a model act from which the Public Law was modeled.