Real Estate Salesperson Law and Legal Definition
A real estate salesperson is a natural person who, for compensation or an expectation of compensation, is employed by a licensed real estate broker to do one or more of the following acts:
a. to sell or offers to sell, to buy or offer to buy, to solicit prospective sellers or purchasers of, to solicit or obtain listings of, or to negotiate the purchase, sale, or exchange of real property or a business opportunity;
b. to lease, rent, offer to lease or rent, or place for rent, or to solicit listings of places for rent, or to solicit for prospective tenants, or to negotiate the sale, purchase, or exchanges of leases on real property, or on a business opportunity, or to collect rents from real property, or improvements thereon, or from business opportunities;
c. to assists or offer to assist in filing an application for the purchase or lease of, or in locating or entering upon, lands owned by the state or federal government;
d. to solicits borrowers or lenders for, to negotiate loans, collect payments, or perform services for borrowers, lenders, or note owners in connection with loans secured directly or collaterally by liens on real property or on a business opportunity;
e. to sell, offer to sell, to buy, offer to buy, exchange, or offer to exchange a real property sales contract, or a promissory note secured directly or collaterally by a lien on real property or on a business opportunity, and performs services for the holders thereof.
Following is an example of a state statute defining the term real estate sales person. Pursuant to ORC Ann. 4735.01 (C) “"Real estate salesperson" means any person associated with a licensed real estate broker to do or to deal in any acts or transactions set out or comprehended by the definition of a real estate broker, for compensation or otherwise.”
Legal Definition list
- Real Estate Residential Sales
- Real Estate Reservation Life Estate Deeds
- Real Estate Related Financial Transaction [Banks & Banking]
- Real Estate Recovery Funds
- Real Estate Promissory Note
- Real Estate Salesperson
- Real Estate Settlement Procedures Act RESPA
- Real Estate Signs
- Real Estate Timber
- Real Estate Transactions
- Real Estate Underwriting
