§ 16-123-306 — Exemptions - Certain sales and rentals

(a) Sections 16-123-310 and 16-123-312 - 16-123-314 do not apply to a single-family house sold or rented by an owner or rooms or units in dwellings containing living quarters occupied or intended to be occupied by no more than four (4) families living independently of each other if the owner actually maintains and occupies one (1) of the living quarters as his or her residence and if: (1) The private individual owner does not own more than three (3) single-family houses at any one (1) time; (2) In the case of the sale of a single-family house by a private individual owner not residing in the house at the time of the sale, or who was not the most recent resident of the house prior to the sale, the exemption granted by this section shall apply only with respect to one (1) sale within any twenty-four-month period; (3) A bona fide private individual owner does not own any interest in, nor is there owned or reserved on the owner's behalf, under any express or voluntary agreement, title to or any right to all or a portion of the proceeds from the sale or rental of more than three (3) single-family houses at any one (1) time; and (4) (A) The house is sold or rented: (i) Without the services of any real estate broker, agent, or salesperson; and (ii) Without the publication, posting, or mailing, after notice, of any advertisement or written notice in violation of § 16-123-311 . (B) However, nothing in this subdivision (a)(4) shall prohibit the use of attorneys, escrow agents, abstracters, title companies, and other professional assistance as necessary to perfect or transfer the title. (b) For the purposes of subsection (a) of this section, a person shall be deemed to be in the business of selling or renting dwellings if: (1) The person, within the preceding twelve (12) months, has participated as principal in three (3) or more transactions involving the sale or rental of any dwelling or any interest therein; (2) The person, within the preceding twelve (12) months, has participated as agent, other than in the sale of his or her own personal residence, in providing sales or rental facilities or sales or rental services in two (2) or more transactions involving the sale or rental of any dwelling or any interest therein; or (3) The person is the owner of any dwelling designed or intended for occupancy by, or occupied by, five (5) or more families.

Legislative History

Acts 2001, No. 1785, § 7.