21 Guam Code Ann. § 104206
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Terms Used In 21 Guam Code Ann. § 104206
- 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.
- 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.
In addition to the proof of honesty, truthfulness and good reputation required of any applicant for a real estate license, the Commissioner shall ascertain by written examination that the applicant, and in case of a co- partnership or corporation applicant, for a real estate broker=s license that each officer, agent or member thereof through whom it proposes to act as a real estate licensee, has:
(a) appropriate knowledge of the English language, including reading, writing, and spelling and of elementary arithmetic;
(b) a fair understanding of the rudimentary principles of real estate conveyancing, the general purposes and general legal effects of deeds, mortgages, land contracts of sale and leases, and of the elementary principles of land economics and appraisals;
(c) a general and fair understanding of the obligations between principal and agent, of the principles of real estate practice and the canons of business ethics pertaining thereto, as well as the provisions of the Title 21 of the Guam Code Annotated, relating to real estate; and
(a) appropriate knowledge of the English language, including reading, writing, and spelling and of elementary arithmetic;
(b) a fair understanding of the rudimentary principles of real estate conveyancing, the general purposes and general legal effects of deeds, mortgages, land contracts of sale and leases, and of the elementary principles of land economics and appraisals;
(c) a general and fair understanding of the obligations between principal and agent, of the principles of real estate practice and the canons of business ethics pertaining thereto, as well as the provisions of the Title 21 of the Guam Code Annotated, relating to real estate; and
(d) have satisfactorily completed a real estate course prescribed and approved by the Commissioner of at least thirty (30) classroom hours, or its equivalent, of instructions in a real estate school certified by the Commissioner.
SOURCE: R/R by P.L. 25-21:5.