Section 44-501 - DefinitionsIn this chapter, unless the context otherwise requires:
1. "Exclusive property engagement agreement" means a contract or agreement that provides an exclusive right to a person to list or sell residential real estate, including a contract or agreement to enter into any listing agreement or arrangement in the future or any memorandum recognizing the existence of an exclusive property engagement agreement. 2. "Residential real estate" means real property located in this state that is used or will be used primarily for a personal, family or household purpose and that contains fewer than five dwelling units. Added by L. 2024, ch. 78,s. 1, eff. 9/14/2024.