(a) As used in this chapter, unless otherwise provided or the context requires a different construction, application or meaning—(a) “Agency disclosure” means the disclosure, in written form, of the agency relationship.(b) “Agency relationship” means a fiduciary relationship created solely by an express written agency agreement between a person and a real estate broker, authorizing the real estate broker to act as an agent for the person according to the scope of authority granted in the written agency agreement for a real estate transaction.(c) “Agent” means one authorized and empowered by a written agency agreement to perform actions for a client.(d) “Buyer” means the transferee in a real estate transaction and includes a person who executes an offer to purchase or lease real estate from a seller, whether alone or through an agent, and whether or not a transfer results, or who seeks the services of an agent with the object of entering into a real estate transaction in more than a casual, transitory, or preliminary manner. “Buyer” includes a lessee.(e) “Client” means a buyer or seller, or prospective buyer or seller, or both, or lessor or lessee, or prospective lessor or lessee, or both, who has entered a written agency agreement with a real estate broker in a real estate transaction.(f) “Commission” means the Virgin Islands Real Estate Commission created in section 421a of this chapter.(g) “Commissioner” means the Commissioner of the Department of Licensing and Consumer Affairs.(h) “Department” means the Department of Licensing and Consumer Affairs.(i) “Dual agency” means an agency relationship in which a licensee is representing both the buyer and seller or both landlord and tenant in the same transaction.(j) “Dual agent” means a licensee who, with the written informed consent of all the parties to a contemplated real estate transaction, has entered into a brokerage agreement with and represents the seller and buyer in the same real estate transaction.(k) “Fiduciary” means a real estate broker or sales associate in a relationship of trust and confidence between the real estate broker or sales associate and a client, which requires loyalty, confidentiality, obedience, full disclosure, accounting, and the duty to use skill, care, and diligence.(l) “Licensee” when used without modification, means a person licensed under any of the provisions of this chapter.(m) “Listing agreement” means a written contract between a seller of real property and a real estate broker by which the broker has been authorized to sell the property or find or obtain a buyer, including rendering other services for which a real estate license is required to the seller pursuant to the terms of the agreement.(n) “Real estate” or “real property” means any interest or estate in land, including any leasehold or condominium, whether corporeal, incorporeal, freehold, or non-freehold. For purposes of this chapter, any rights of redemption are considered to be an interest in real estate. The term does not include:(1) oil and gas leases, royalties, and other mineral interests and rights of way and easements acquired to construct roadways, pipelines, conduits, wires, and facilities related to these types of improvement projects for private and public utilities, federal and state governments, or any political subdivision; or(2) any cemetery lot or right of burial in any cemetery.(o) “Real estate broker” means any person who, for another, and for compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive compensation or valuable consideration therefor, acts as agent for any client involved in the showing, sale, purchase, lease, rental or management of real property, or who solicits listings of real estate for the same purpose, or who advertises or holds one’s self out as engaged in any of the foregoing activities. The term includes any person who engages in the business of charging an advance fee, or collecting escrow deposits, or contracting for the collection of a fee in connection with any contract whereby the person undertakes primarily to promote the sale or leasing of real estate through its listing in a publication, either in print or by electronic means issued primarily for that purpose, or referral of information concerning the real estate to brokers, or both.(p) “Real estate transaction” means the transfer or attempted transfer of an interest in a unit of real property, an act conducted as a result of or in pursuit of a contract to transfer an interest in a unit of real property or an act conducted in an attempt to obtain a contract to market real property.(q) “Sales associate” means any person employed or engaged under contract by or on behalf of a licensed real estate broker to participate in any activity of the real estate broker directly relating to the sale, purchase, lease or rental of real property, for any form of compensation.(r) “Seller” means the transferor in a real estate transaction and includes an owner who lists real estate with an agent, whether or not a transfer results, or who receives an offer to purchase or lease real estate property of which they are the owner from an agent on behalf of another. “Seller” includes a lessor.(s) “Staff” means an employee or any person in an independent contractor or sponsorship relationship with a real estate broker.(t) “Temporary sales apprentice” means a person employed, sponsored, or engaged by a real estate broker on a temporary and limited basis as described in § 426a.(u) “Temporary Sales Apprentice Permit” means a six-month permit to work as a temporary sales apprentice under the supervision of a real estate broker, subject to the limitations established in § 426a.
(a) “Agency disclosure” means the disclosure, in written form, of the agency relationship.
(b) “Agency relationship” means a fiduciary relationship created solely by an express written agency agreement between a person and a real estate broker, authorizing the real estate broker to act as an agent for the person according to the scope of authority granted in the written agency agreement for a real estate transaction.
(c) “Agent” means one authorized and empowered by a written agency agreement to perform actions for a client.
(d) “Buyer” means the transferee in a real estate transaction and includes a person who executes an offer to purchase or lease real estate from a seller, whether alone or through an agent, and whether or not a transfer results, or who seeks the services of an agent with the object of entering into a real estate transaction in more than a casual, transitory, or preliminary manner. “Buyer” includes a lessee.
(e) “Client” means a buyer or seller, or prospective buyer or seller, or both, or lessor or lessee, or prospective lessor or lessee, or both, who has entered a written agency agreement with a real estate broker in a real estate transaction.
(f) “Commission” means the Virgin Islands Real Estate Commission created in section 421a of this chapter.
(g) “Commissioner” means the Commissioner of the Department of Licensing and Consumer Affairs.
(h) “Department” means the Department of Licensing and Consumer Affairs.
(i) “Dual agency” means an agency relationship in which a licensee is representing both the buyer and seller or both landlord and tenant in the same transaction.
(j) “Dual agent” means a licensee who, with the written informed consent of all the parties to a contemplated real estate transaction, has entered into a brokerage agreement with and represents the seller and buyer in the same real estate transaction.
(k) “Fiduciary” means a real estate broker or sales associate in a relationship of trust and confidence between the real estate broker or sales associate and a client, which requires loyalty, confidentiality, obedience, full disclosure, accounting, and the duty to use skill, care, and diligence.
(l) “Licensee” when used without modification, means a person licensed under any of the provisions of this chapter.
(m) “Listing agreement” means a written contract between a seller of real property and a real estate broker by which the broker has been authorized to sell the property or find or obtain a buyer, including rendering other services for which a real estate license is required to the seller pursuant to the terms of the agreement.
(n) “Real estate” or “real property” means any interest or estate in land, including any leasehold or condominium, whether corporeal, incorporeal, freehold, or non-freehold. For purposes of this chapter, any rights of redemption are considered to be an interest in real estate. The term does not include:(1) oil and gas leases, royalties, and other mineral interests and rights of way and easements acquired to construct roadways, pipelines, conduits, wires, and facilities related to these types of improvement projects for private and public utilities, federal and state governments, or any political subdivision; or(2) any cemetery lot or right of burial in any cemetery.
(1) oil and gas leases, royalties, and other mineral interests and rights of way and easements acquired to construct roadways, pipelines, conduits, wires, and facilities related to these types of improvement projects for private and public utilities, federal and state governments, or any political subdivision; or
(2) any cemetery lot or right of burial in any cemetery.
(o) “Real estate broker” means any person who, for another, and for compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive compensation or valuable consideration therefor, acts as agent for any client involved in the showing, sale, purchase, lease, rental or management of real property, or who solicits listings of real estate for the same purpose, or who advertises or holds one’s self out as engaged in any of the foregoing activities. The term includes any person who engages in the business of charging an advance fee, or collecting escrow deposits, or contracting for the collection of a fee in connection with any contract whereby the person undertakes primarily to promote the sale or leasing of real estate through its listing in a publication, either in print or by electronic means issued primarily for that purpose, or referral of information concerning the real estate to brokers, or both.
(p) “Real estate transaction” means the transfer or attempted transfer of an interest in a unit of real property, an act conducted as a result of or in pursuit of a contract to transfer an interest in a unit of real property or an act conducted in an attempt to obtain a contract to market real property.
(q) “Sales associate” means any person employed or engaged under contract by or on behalf of a licensed real estate broker to participate in any activity of the real estate broker directly relating to the sale, purchase, lease or rental of real property, for any form of compensation.
(r) “Seller” means the transferor in a real estate transaction and includes an owner who lists real estate with an agent, whether or not a transfer results, or who receives an offer to purchase or lease real estate property of which they are the owner from an agent on behalf of another. “Seller” includes a lessor.
(s) “Staff” means an employee or any person in an independent contractor or sponsorship relationship with a real estate broker.
(t) “Temporary sales apprentice” means a person employed, sponsored, or engaged by a real estate broker on a temporary and limited basis as described in § 426a.
(u) “Temporary Sales Apprentice Permit” means a six-month permit to work as a temporary sales apprentice under the supervision of a real estate broker, subject to the limitations established in § 426a.