Regulation of Out of State Real Estate Sales and Dispositions

SECTION 34-38-1

§ 34-38-1. Definitions.

Unless the context otherwise requires, the following terms shall be construed in this chapter to have the following meanings:

(1) "Broker" means a real estate broker duly licensed in this state;

(2) "Disposition" or "dispose of " means any advertisement, sale, exchange, lease, assignment, award by lottery, or other transaction designed to convey an interest in land, subdivision of land, parcel of real estate, lot, or unit thereof when undertaken for gain or profit;

(3) "Offer" means every advertisement, inducement, solicitation, or attempt to bring about a disposition;

(4) "Persons" means an individual, firm, company, association, corporation, government, or governmental subdivision or agency, business trust, estate, trust, partnership, unincorporated association, or organization, two (2) or more of any of the foregoing having a joint or common interest, or any other legal or commercial entity;

(5) "Purchaser" means a person who acquired an interest in any lot, parcel, or unit in a subdivision;

(6) "Salesperson" means any person duly licensed in this state as a real estate salesperson;

(7) "Seller" or "developer" means a person who is engaged in the business of disposition of an interest in any lot, parcel, or unit in a subdivision;

(8) "Subdivision" means any improved or unimproved land or tract of land located outside this state which is divided or proposed to be divided into five (5) or more lots, parcels, units or interests for the purpose of disposition at any time as part of a common promotional plan. Any land which is under common ownership or which is controlled by a single developer or a group of developers acting in concert, is contiguous in area, and is designated or advertised as a common unit or known by a common name, shall be presumed, without regard to the number of lots, parcels, units, or interests covered by each individual offering, to be part of a common promotional plan;

(9) "The department" means the Rhode Island department of business regulation and the director thereof or his or her deputy.

History of Section.
(P.L. 1972, ch. 56, § 1.)