Rhode Island General Laws 5-20.5-8. Corporations, partnerships, or associations engaging in business
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The real estate broker’s license issued to any corporation, partnership, or association shall designate the name of the one principal active officer of the corporation, partnership, or association for whom that license is valid and every other active broker or salesperson of that corporation, partnership, or association is obliged to obtain an individual license as a real estate broker or salesperson.
History of Section.
P.L. 1973, ch. 215, § 2.
Terms Used In Rhode Island General Laws 5-20.5-8
- 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.
- 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