§ 5-20.5-1. Definitions.
When used in this chapter, unless the context indicates otherwise:
(1) "Associate broker� means any licensed real estate broker employed or engaged as an
independent contractor by or on behalf of a licensed real estate broker to do or deal
in any activity as included or comprehended by the definitions of a real estate broker
in subsection (5) of this section, for compensation or otherwise.
(2) "Director� means the director of business regulation for the state.
(3) "Opinion of value� means an analysis, opinion, or conclusion prepared by a person
licensed under this chapter, in the ordinary course of his or her business relating
to the price of specified interests in or aspects of identified real estate or identified
real property or by comparison to other real property currently or recently sold in
the marketplace for the purpose of listing, purchase, or sale, excluding an appraisal
prepared by a person licensed under the provisions of chapter 20.7 of this title,
that conforms to the standards adopted by the uniform standards of professional appraisal
practice ("USPAP�).
(4) "Real estate,� as used in this chapter, includes leaseholds as well as any and every
interest or estate in land, whether corporeal or incorporeal, freehold or non-freehold,
and whether the property is situated in this state or elsewhere.
(5) "Real estate broker�:
(i) Within the meaning of this chapter, includes all persons, partnerships, associations,
and corporations, foreign and domestic, who or that:
(A) For a fee, commission, or other valuable consideration, or with the intention or expectation
of receiving or collecting a fee, commission, or other valuable consideration, lists,
sells, purchases, exchanges, rents, leases, prepares an opinion of value, or auctions
any real estate, or the improvements on real estate including options or who negotiates
or attempts to negotiate any such activity;
(B) Advertises or holds himself or herself, itself, or themselves out as engaged in those
activities;
(C) Directs or assists in the procuring of a purchaser or prospect calculated or intended
to result in a real estate transaction.
(ii) Also includes any person, partnership, association, or corporation employed by or
on behalf of the owner or owners of lots, or other parcels of real estate, at a stated
salary, or upon a fee, commission or otherwise, to sell that real estate, or any parts,
in lots or other parcels, and who or that sells, exchanges or leases, or offers or
attempts or agrees to negotiate the sale, exchange, or lease of any such lot or parcel
of real estate.
(6) "Real estate salesperson� means and includes any person employed or engaged as an
independent contractor by or on behalf of a licensed real estate broker to do or deal
in any activity as included or comprehended by the definitions of a real estate broker
in subsection (5) of this section, for compensation or otherwise.