§ 34-49-2 — § 34-49-2. Definitions.

§ 34-49-2. Definitions.

As used in this chapter, the following words shall have the following meanings:

(1) "Commercial real estate� means any real estate other than: (i) Real estate containing one to four (4) residential units; (ii) Real estate on which: (A) No buildings or structures are located; and (B) Which is zoned for single-family residential use; or (iii) Single-family residential units such as condominiums, townhouses, or homes singly or in a subdivision when sold, leased, or otherwise conveyed on a unit by unit basis, even though these units may be a part of a larger building or parcel of real estate containing more than four (4) residential units.

(2) "Compensationâ€� means fees, commissions, and any and all other compensation which may be due a real estate broker for performance of licensed services as defined in § 5-20-1 et seq.

(3) "Real estateâ€� and "real estate brokerâ€� are as defined in § 5-20.5-1 et seq.

Legislative History

P.L. 2013, ch. 69, § 1; P.L. 2013, ch. 76, § 1.