Section 230-RICR-30-20-2.2 - DefinitionsA. 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.230 R.I. Code R. 230-RICR-30-20-2.2
Amended effective 11/27/2019
Amended effective 5/1/2021
Amended effective 2/21/2022