2017 -- S 0096

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LC001046

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2017

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A N   A C T

RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE BROKERS AND

SALESPERSONS

     

     Introduced By: Senator Roger Picard

     Date Introduced: February 01, 2017

     Referred To: Senate Commerce

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 5-20.5-1 of the General Laws in Chapter 5-20.5 entitled "Real

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Estate Brokers and Salespersons" is hereby amended to read as follows:

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     5-20.5-1. Definitions.

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     When used in this chapter, unless the context indicates otherwise:

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     (1) "Associate broker" means any licensed real estate broker who is employed or engaged

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as an independent contractor by or in behalf of a licensed real estate broker to do or deal in any

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activity as included or comprehended by the definitions of a real estate broker in subdivision (4)

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of this section, for compensation or otherwise;

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     (2) "Director" means the director of business regulation for the state;

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     (3) "Opinion of value" means an analysis, opinion, or conclusion prepared by a person

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licensed under this chapter in the ordinary course of their business relating to the price of

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specified interests in or aspects of identified real estate or identified real property or by

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comparison to other real property currently or recently sold in the marketplace for the purpose of

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listing, purchase, or sale, excluding an appraisal prepared by a person licensed under the

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provisions of chapter 20.7 of title 5, that conforms to the standards adopted by the Uniform

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Standards of Professional Appraisal Practice ("USPAP").

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     (3)(4) "Real estate", as used in this chapter, includes leaseholds as well as any and every

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interest or estate in land, whether corporeal or incorporeal, freehold or non-freehold, and whether

 

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the property is situated in this state or elsewhere;

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     (4)(5) "Real estate broker":

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     (i) Within the meaning of this chapter, includes all persons, partnerships, associations,

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and corporations, foreign and domestic, who:

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     (A) For a fee, commission, or other valuable consideration, or who with the intention or

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expectation of receiving or collecting a fee, commission, or other valuable consideration, lists,

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sells, purchases, exchanges, rents, leases, appraises residential property containing four (4) or

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fewer units prepares an opinion of value, or auctions any real estate, or the improvements on real

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estate including options or who negotiates or attempts to negotiate any such activity;

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     (B) Advertises or holds himself or herself, itself, or themselves out as engaged in those

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activities;

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     (C) Directs or assists in the procuring of a purchaser or prospect calculated or intended to

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result in a real estate transaction.

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     (ii) Also includes any person, partnership, association, or corporation employed by or on

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behalf of the owner or owners of lots, or other parcels of real estate, at a stated salary, or upon a

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fee, commission or otherwise, to sell that real estate, or any parts, in lots or other parcels, and

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who sells, exchanges or leases, or offers or attempts or agrees to negotiate the sale, exchange or

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lease of any such lot or parcel of real estate;

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     (5)(6) "Real estate salesperson" means and includes any person employed or engaged as

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an independent contractor by or on behalf of a licensed real estate broker to do or deal in any

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activity as included or comprehended by the definitions of a real estate broker in subdivision (4)

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of this section, for compensation or otherwise.

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     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE BROKERS AND

SALESPERSONS

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     This act would define the term an "opinion of value" to be an analysis, opinion, of

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conclusion prepared by a real estate broker relating to the price of identified real estate by

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comparison to other property currently or recently sold in the marketplace.

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     This act would take effect upon passage.

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