Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 30 - Commercial Licensing › Subchapter 20 - Real Estate › Part 2 - Real Estate Brokers and Salespersons › Section 230-RICR-30-20-2.2 - Definitions

Current through June 14, 2024
A. In addition to the terms defined in R.I.
				  Gen. Laws §§
										5-20.5-1 and
				  5-20.6-2, when used in this Part
				  the following terms shall have the following meanings:
1. "Appraisal" or "real estate appraisal"
				  means an analysis, opinion, or conclusion relating to the nature, quality,
				  value or utility of specified interests in, or aspects of, identified real
				  estate prepared by a person licensed under R.I. Gen. Laws Chapter 5-20.7 and
				  Part 1 of this Subchapter, that conforms to the standards adopted by the
				  Uniform Standards of Professional Appraisal Practice ("USPAP") in accordance
				  with R.I. Gen. Laws §
											5-20.7-19.
2. "Brokerage" means a business entity, sole
				  proprietorship or partnership in the business or service of acting as a real
				  estate broker as that term is defined in R.I. Gen. Laws §
											5-20.5-1.
3. "Broker price opinion" or "BPO" means an
				  analysis, opinion, or conclusion prepared by a person licensed under R.I. Gen.
				  Laws Chapter 5-20.5 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 for the purpose of listing, purchase, or
				  sale.
4. "Classroom" means either a
				  physical classroom in which classes are taught by an instructor appearing
				  in-person or a live-virtual classroom with interactive instruction between
				  instructor and students.
5. "Clock
				  hour" means a period of at least fifty (50) minutes of classroom
				  instruction.
6. "Comparative market
				  analysis" or "CMA" means an analysis, opinion, or conclusion prepared by a
				  person licensed under R.I. Gen. Laws Chapter 5-20.5 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 by comparison to other
				  real property currently or recently sold in the marketplace for the purpose of
				  listing, purchase, or sale.
7.
				  "Department" means the Department of Business Regulation.
8. "License" means a real estate salesperson
				  or broker license issued by the Department.
9. "Net listing" means an agreement in which
				  a prospective seller lists Real Estate for sale with an authorization to a
				  Broker to sell at a specified net dollar return to the seller and which
				  provides that the Broker may retain as Commission the difference between the
				  specified dollar return to the seller and the actual sales price.
10. "Promptly" means not more than ten (10)
				  calendar days.
11. "Real Estate
				  Commission" means the Commission created pursuant to R.I. Gen. Laws §
											5-20.5-12.
12. "Social Media" means any digital tool by
				  which users create and share content with the public, including but not limited
				  to the following websites and applications: Twitter, LinkedIn, Facebook,
				  Instagram, YouTube, and TikTok.
13.
				  "Teams" means two (2) or more licensees who:
(a) Work under the supervision of the same
				  principal broker to perform activities that require a license;
(b) Represent themselves to the public as
				  being part of a team or group; and
(c) Are designated by a team name that is
				  both approved by the principal broker and different from the brokerage name of
				  their principal broker.