Senate Bill #96 (2017)

AN ACT RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE BROKERS AND SALESPERSONS

Defines the term an "opinion of value" to be an analysis, opinion, of conclusion prepared by a real estate broker pertaining to the price of property.

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Changes since original draft

  • 2017 – S 0096
  • 2017 – S 0096 SUBSTITUTE A
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  • LC001046
  • LC001046/SUB A
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  • S T A T E O F R H O D E I S L A N D
  • IN GENERAL ASSEMBLY
  • JANUARY SESSION, A.D. 2017
  • ____________
  • A N A C T
  • S TATE OF RHODE IS L AND
  • IN GENERAL ASSEMBLY
  • JANUARY SESSION, A.D. 2017
  • ____________
  • A N A C T
  • RELATING TO BUSINESSES AND PROFESSIONS – REAL ESTATE BROKERS AND
  • SALESPERSONS
  • SALESPERSONS
  • Introduced By: Senator Roger Picard
  • Date Introduced: February 01, 2017
  • Referred To: Senate Commerce
  • It is enacted by the General Assembly as follows:
  • SECTION 1. Section 5-20.5-1 of the General Laws in Chapter 5-20.5 entitled "Real Estate Brokers and Salespersons" is hereby amended to read as follows:
  • It is enacted by the GeneralAssembly as follows:
  • SECTION 1. Section 5-20.5-1 of the General Laws in Chapter 5-20.5 entitled "Real Estate Brokers and Salespersons"is hereby amended to read as follows:
  • 5-20.5-1. Definitions.
  • When used in this chapter, unless the context indicates otherwise:
  • (1) "Associate broker" means any licensed real estate broker who is employed or engaged as an independent contractor by or in 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 subdivision (4) of this section, for compensation or otherwise;
  • (1) "Associate broker" means any licensed realestate broker who is employed or engaged as an independent contractor by or in 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 subdivision (4) 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 their 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 title 5, that conforms to the standards adopted by the Uniform Standards of Professional Appraisal Practice ("USPAP").
  • (3)(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;
  • (4)(5) "Real estate broker":
  • (3) "Opinion of value" means an analysis, opinion, or conclusion prepared by a person licensed under chapter 20.5 of title 5, in the ordinary course of their 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 title 5, that conforms to the standards adopted by the Uniform Standards of ProfessionalAppraisalPractice ("USPAP").
  • (3)(4) "Real estate", as used in this chapter, includes leaseholds as wellas 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;
  • (4)(5) "Realestate broker":
  • (i) Within the meaning of this chapter, includes all persons, partnerships, associations, and corporations, foreign and domestic, who:
  • (A) For a fee, commission, or other valuable consideration, or who with the intention or expectation of receiving or collecting a fee, commission, or other valuable consideration, lists, sells, purchases, exchanges, rents, leases, appraises residential property containing four (4) or fewer units 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;
  • (A) For a fee, commission, or other valuable consideration, or who with the intention or expectation of receiving or collecting a fee, commission, or other valuable consideration, lists, sells, purchases, exchanges, rents, leases, appraises residential property containing four (4) or fewer units prepares an opinion of value, or auctions any realestate, 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 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;
  • (C) Directs or assists in the procuring of a purchaser or prospect calculated or intended to result in a realestate 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 realestate, 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 sells, exchanges or leases, or offers or attempts or agrees to negotiate the sale, exchange or lease of any such lot or parcelof real estate;
  • (5)(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 subdivision (4) of this section, for compensation or otherwise.
  • SECTION 2. This act shall take effect upon passage.
  • SECTION 2. This act shalltake effect upon passage.
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  • LC001046
  • LC001046/SUB A
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  • LC001046/SUB A - Page 2of 3
  • EXPLANATION
  • BY THE LEGISLATIVE COUNCIL
  • OF
  • A N A C T
  • RELATING TO BUSINESSES AND PROFESSIONS – REAL ESTATE BROKERS AND
  • SALESPERSONS
  • ***
  • BY THE LEGISLATIVE COUNCIL
  • OF
  • A N A C T
  • RELATING TO BUSINESSES AND PROFESSIONS – REAL ESTATE BROKERS AND
  • SALESPERSONS
  • ***
  • This act would define the term an "opinion of value" to be an analysis, opinion, of conclusion prepared by a real estate broker relating to the price of identified real estate by comparison to other property currently or recently sold in the marketplace.
  • This act would take effect upon passage. ======== LC001046 ========
  • This act would take effect upon passage. ======== LC001046/SUB A ========
  • LC001046/SUB A - Page 3of 3

Votes

NOTE: Electronic voting records are unofficial and may not be accurate. For an official vote tally, check the House or Senate Journal from the day of the vote.

Floor vote for Passage

May 02, 2017 at 4:48pm
Yeas: 37 / Nays: 0 / Not voting: 0 / Recused: 0
Legislator Vote
Sen. Algiere Y
Sen. Archambault Y
Sen. Calkin Y
Sen. Ciccone Y
Sen. Conley Y
Sen. Cote Y
Sen. Coyne Y
Sen. Crowley Y
Sen. DaPonte Y
Sen. DiPalma Y
Sen. Doyle Y
Sen. Felag Y
Sen. Fogarty Y
Sen. Gallo Y
Sen. Gee Y
Sen. Goldin Y
Sen. Goodwin Y
Sen. Jabour Y
Sen. Kettle Y
Sen. Lombardi Y
Sen. Lombardo Y
Sen. Lynch Prata Y
Sen. McCaffrey Y
Sen. Metts Y
Sen. Miller Y
Sen. Morgan Y
Sen. Nesselbush Y
Sen. Paolino Y
Sen. Pearson Y
Sen. Picard Y
Sen. Quezada Y
Sen. Raptakis Y
Sen. Ruggerio Y
Sen. Satchell Y
Sen. Seveney Y
Sen. Sheehan Y
Sen. Sosnowski Y

Floor vote for PASSAGE

June 14, 2017 at 4:34pm
Yeas: 72 / Nays: 0 / Not voting: 3 / Recused: 0
Legislator Vote
Rep. Abney Y
Rep. Ackerman Y
Rep. Ajello Y
Rep. Almeida Y
Rep. Amore Y
Rep. Azzinaro Y
Rep. Barros Y
Rep. Bennett Y
Rep. Blazejewski Y
Rep. Canario Y
Rep. Carson Y
Rep. Casey Y
Rep. Casimiro Y
Rep. Chippendale Y
Rep. Corvese Y
Rep. Costantino Y
Rep. Coughlin Y
Rep. Craven Y
Rep. Cunha Y
Rep. Diaz Y
Rep. Donovan Y
Rep. Edwards Y
Rep. Fellela NV
Rep. Filippi NV
Rep. Fogarty Y
Rep. Giarrusso Y
Rep. Handy Y
Rep. Hearn Y
Rep. Hull Y
Rep. Jacquard Y
Rep. Johnston Y
Rep. Kazarian Y
Rep. Keable Y
Rep. Kennedy Y
Rep. Knight Y
Rep. Lancia Y
Rep. Lima Y
Rep. Lombardi Y
Rep. Maldonado Y
Rep. Marshall Y
Rep. Marszalkowski Y
Rep. Mattiello Y
Rep. McEntee Y
Rep. McKiernan Y
Rep. McLaughlin Y
Rep. McNamara Y
Rep. Mendonca Y
Rep. Messier Y
Rep. Morgan Y
Rep. Morin Y
Rep. Nardolillo Y
Rep. Newberry Y
Rep. Nunes Y
Rep. O'Brien Y
Rep. O'Grady NV
Rep. Perez Y
Rep. Phillips Y
Rep. Price Y
Rep. Quattrocchi Y
Rep. Ranglin-Vassell Y
Rep. Regunberg Y
Rep. Roberts Y
Rep. Ruggiero Y
Rep. Serpa Y
Rep. Shanley Y
Rep. Shekarchi Y
Rep. Slater Y
Rep. Solomon Y
Rep. Tanzi Y
Rep. Tobon Y
Rep. Ucci Y
Rep. Vella-Wilkinson Y
Rep. Walsh Y
Rep. Williams Y
Rep. Winfield Y

Floor vote for Passage

June 21, 2017 at 5:02pm
Yeas: 34 / Nays: 0 / Not voting: 3 / Recused: 0
Legislator Vote
Sen. Algiere Y
Sen. Archambault Y
Sen. Calkin Y
Sen. Ciccone Y
Sen. Conley Y
Sen. Cote Y
Sen. Coyne Y
Sen. Crowley Y
Sen. DaPonte Y
Sen. DiPalma Y
Sen. Doyle NV
Sen. Felag Y
Sen. Fogarty Y
Sen. Gallo Y
Sen. Gee Y
Sen. Goldin NV
Sen. Goodwin Y
Sen. Jabour Y
Sen. Kettle Y
Sen. Lombardi Y
Sen. Lombardo Y
Sen. Lynch Prata Y
Sen. McCaffrey NV
Sen. Metts Y
Sen. Miller Y
Sen. Morgan Y
Sen. Nesselbush Y
Sen. Paolino Y
Sen. Pearson Y
Sen. Picard Y
Sen. Quezada Y
Sen. Raptakis Y
Sen. Ruggerio Y
Sen. Satchell Y
Sen. Seveney Y
Sen. Sheehan Y
Sen. Sosnowski Y