The following words, when used in this article, shall have the following meanings ascribed to them:
AGENCY RELATIONSHIPA relationship whereby the broker or licensee in the employ of the broker act as fiduciaries for a consumer of real estate services by the express or implied authority of the consumer of real estate services.
BROKERAny person who, for another, does at least one of the following:
A. Negotiates with or aids any person in locating or obtaining for purchase, lease, or acquisition an interest in any real estate;
B. Negotiates the listing, sale, purchase, exchange, lease, time share, or any other similarly designated interest in any real estate;
D. Represents him or herself to be a real estate consultant, counselor, agent, or finder;
E. Undertakes to promote the sale, exchange, purchase, or rental of real estate; provided, however, that this provision shall not include any person whose main business is that of advertising, promotion, or public relations;
F. Attempts to perform any of the above-referenced acts.
BUYER AGENTAny licensee who has entered into an agency relationship with a consumer/buyer of real estate.
CONSUMERA person who is the recipient of any real estate services.
DESIGNATED AGENTOne or more licensees designated by the employing broker, with the consent of the principal, to act exclusively as an agent or as agents on behalf of the principal to the exclusion of all other licensees within the broker's employ.
DUAL AGENTA licensee who acts as an agent for the buyer and seller, or lessee and landlord, in the same transaction.
LISTING BROKERA broker engaged as a seller's agent, dual agent, or transaction licensee to market the property of a seller/landlord for sale or lease pursuant to a written agreement with the seller/landlord.
PERSONAny individual, corporation, corporate fiduciary, partnership, association, or other entity, whether foreign or domestic.
PRINCIPALA consumer of real estate services who has entered into an agency relationship with a broker.
REAL ESTATEAny interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, providing the land is situated within the Borough of Avalon.
SALESPERSONAny person employed by a licensed real estate broker to list for sale, sell, or offer for sale; to buy or offer to buy; or to negotiate the purchase or sale or exchange of real estate; or to negotiate a loan on real estate; or to lease or rent or offer to lease, rent or place for rent any real estate or collect or offer or attempt to collect rent for the use of real estate for or on behalf of such real estate broker.
SELLER AGENTAny licensee who has entered into an agency relationship with a consumer/seller of real estate.
SUBAGENTA broker, not in the employ of the listing broker, who is engaged to act for, or cooperate with, the listing broker in selling property as a agent of the seller. A subagent is deemed to have an agency relationship with the seller.
TITLE TO REAL ESTATEA. Any interest in real estate which endures for a period of time, the termination of which is not fixed or ascertained by a specific number of years, including, without limitation, an estate in fee simple, life estate, or perpetual leasehold; or
B. Any interest in real estate enduring for a fixed period of years but which, either by reason of the length of the term or the grant of a right to extend the term by renewal or otherwise, consists of a group of rights approximating those of an estate in fee simple, life estate, or perpetual leasehold, including, without limitation, a leasehold interest or possessory interest under a lease or occupancy agreement for a term of 30 years or more or a leasehold interest or possessory interest in real estate in which the lessee has equity.
TRANSACTIONThe making, executing, delivering, accepting, or presenting for recording of a document relating to a real estate transfer.
TRANSACTION LICENSEEA licensed broker or salesperson or closing agent who provides communication or document preparation services or performs acts described under the definition of "broker" or "salesperson" for which a license is required, without being an actual agent or advocate of either a buyer or seller of real estate.