Terms Used In Rhode Island General Laws > Chapter 44-30 > Part IV - Returns, Declarations, and Payment of Tax

• Affiliated licensee: means a licensed real estate salesperson or real estate broker as defined in §?5-20. See Rhode Island General Laws 5-20.6-2
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• 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.
• Buyer: means a person who acquires or seeks to acquire an ownership interest in real estate. See Rhode Island General Laws 5-20.6-2
• Client: means a buyer, seller, tenant, or landlord who has agreed to representation by a licensee in a real estate transaction, evidenced by an executed, mandatory relationship disclosure, to whom a licensee owes the duties set forth in §?5-20. See Rhode Island General Laws 5-20.6-2
• Confidential information: means the following information:

  (i)  A buyer's or tenant's willingness to pay more than the offered price;

  (ii)  A seller's or landlord's willingness to accept less than the asking price;

  (iii)  A buyer's or tenant's previous offers made to purchase or lease real estate;

  (iv)  A seller's or landlord's previous offers received to purchase or lease real estate;

  (v)  Any parties' motivating factors;

  (vi)  Any parties' willingness to agree to other financing terms;

  (vii)  Any facts or suspicions regarding circumstances, other than known, material defects of a property that a licensee must in all cases disclose, that may psychologically impact or stigmatize any real estate; or

  (viii)  Any information about a party's assets, liabilities, income, or expenses. See Rhode Island General Laws 5-20.6-2

• 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.
• Customer: means a buyer, seller, tenant, or landlord who has agreed to certain assistance by a licensee in a real estate transaction, evidenced by an executed, mandatory relationship disclosure, to whom a licensee owes the duties set forth in §?5-20. See Rhode Island General Laws 5-20.6-2
• Decedent: A deceased person.
• Designated client representative: means an affiliated licensee appointed by the principal broker or his or her designee to represent a buyer, seller, tenant, or landlord in a real estate transaction. See Rhode Island General Laws 5-20.6-2
• Designee: means an associate broker as defined in §?5-20. See Rhode Island General Laws 5-20.6-2
• Director: means the director of business regulation for the state. See Rhode Island General Laws 5-20.6-2
• Dual facilitator: means a single licensee who, with the prior written consent of both parties, assists a seller client and a buyer client in the same transaction subject to the limitations set forth in §?5-20. See Rhode Island General Laws 5-20.6-2
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• 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.
• Landlord: means a person who leases or attempts to lease his or her ownership interest in real estate to another person. See Rhode Island General Laws 5-20.6-2
• Lease: means an express written or oral contract between a landlord and tenant for the use or occupancy by the tenant of real estate that is owned by another person. See Rhode Island General Laws 5-20.6-2
• 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}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Licensee: means an individual licensed by the director as a real estate broker or real estate salesperson pursuant to chapter 20. See Rhode Island General Laws 5-20.6-2
• Mandatory relationship disclosure: means a form that describes the relationship between a consumer and a principal broker and his or her affiliated licensees that meets the requirements of §?5-20. See Rhode Island General Laws 5-20.6-2
• Ministerial acts: means acts of an administrative nature that licensees perform for client or customers, including, but not limited to, showing property; preparing offers or agreements to sell, purchase, exchange, rent, or lease; conveying offers or agreements to the parties; and providing information and assistance. See Rhode Island General Laws 5-20.6-2
• 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.
• Principal broker: means a real estate broker licensed by the director who is designated by the brokerage to be responsible for the supervision and activities of his or her affiliated licensees in accordance with this chapter and chapter 20. See Rhode Island General Laws 5-20.6-2
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• Real estate: refers to vacant land on which a building is intended to be constructed for use as one or two (2) residential dwellings or land with physical improvements consisting of a house and/or structure comprised of four (4) or fewer residential units. See Rhode Island General Laws 5-20.6-2
• Real estate: means an identified parcel or tract of land, including improvements, if any. See Rhode Island General Laws 5-20.7-2
• Sales agreement: means an express written contract signed by the buyer and seller for the purchase and sale of the real estate. See Rhode Island General Laws 5-20.6-2
• Seller: means a person who sells or attempts to sell an ownership interest in real estate to another person. See Rhode Island General Laws 5-20.6-2
• Tenant: means a person who acquired or seeks to acquire an interest in real estate that entitles him or her to occupy or use a property that is owned by another person. See Rhode Island General Laws 5-20.6-2
• Transaction coordinator: means a principal broker or his or her designee who supervises a real estate transaction in a capacity in which one affiliated licensee represents a buyer or tenant as a designated client representative and another affiliated licensee represents a seller or landlord as a designated client representative in the same transaction. See Rhode Island General Laws 5-20.6-2
• Transaction facilitator: means a licensee who provides assistance to a buyer, seller, tenant, or landlord, or both, in a real estate transaction. See Rhode Island General Laws 5-20.6-2
• Trustee: A person or institution holding and administering property in trust.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8