(a) Neither the term “real estate broker” nor “real estate salesperson” is held to include:
(1) Any person, partnership, association, or corporation, who or that, as a bona fide owner, lessee, or lessor, performs any of the previously stated acts as to property owned, or leased by them, or to their regular employees, where those acts are performed in the regular course of, or as an incident to the management of the property and the investment in the property; or
(2) Any person, partnership, association, or corporation, or any of their employees, who or that seeks to acquire, lease, rent, sell, or deal in real estate that has been or will be used or held for investment by that person, partnership, association, or corporation.
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Terms Used In Rhode Island General Laws 5-20.5-2
- Appraisal: A determination of property value.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- 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.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- Personal property: All property that is not real property.
- 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
- Real estate: as used in this chapter , includes leaseholds as well as any and every interest or estate in land, whether corporeal or incorporeal, freehold or non-freehold, and whether the property is situated in this state or elsewhere. See Rhode Island General Laws 5-20.5-1
- Trustee: A person or institution holding and administering property in trust.
(b) This chapter is also not to be construed to include:
(1) Any attorney at law licensed by the supreme court of the state nor any person holding in good faith an executed power of attorney from the owner, authorizing the final consummation and execution for the sale, purchase, leasing, or exchange of real estate;
(2) The acts of any person while acting as a receiver, trustee, administrator, executor, guardian, or under court order, or while acting under authority of a deed of trust or will;
(3) The acts of any person, partnership, association, or corporation who or that appraises real or personal property for the purpose of conducting a mass appraisal, municipal revaluation for tax purposes, or other forms of ad valorem appraisal; or
(4) Public officers while performing their duties as public officers.
History of Section.
P.L. 1973, ch. 215, § 2; P.L. 1981, ch. 249, § 1.
