Rhode Island General Laws 5-20.5-27. License required for ownership
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No person, firm, or corporation shall have an ownership interest in a real estate brokerage firm nor participate in the operation of the real estate brokerage firm unless the person, firm, or corporation holds a valid real estate broker’s license, issued pursuant to the provisions of this chapter.
History of Section.
P.L. 1998, ch. 115, § 2; P.L. 2011, ch. 102, § 1; P.L. 2011, ch. 113, § 1.
Terms Used In Rhode Island General Laws 5-20.5-27
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- 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. See Rhode Island General Laws 5-20.5-1