§ 34-38-1 - Definitions.
SECTION 34-38-1
§ 34-38-1 Definitions. – Unless the context otherwise requires, the following terms shall be construedin this chapter to have the following meanings:
(1) "Broker" means a real estate broker duly licensed in thisstate;
(2) "Disposition" or "dispose of " means anyadvertisement, sale, exchange, lease, assignment, award by lottery, or othertransaction designed to convey an interest in land, subdivision of land, parcelof real estate, lot, or unit thereof when undertaken for gain or profit;
(3) "Offer" means every advertisement, inducement,solicitation, or attempt to bring about a disposition;
(4) "Persons" means an individual, firm, company,association, corporation, government, or governmental subdivision or agency,business trust, estate, trust, partnership, unincorporated association, ororganization, two (2) or more of any of the foregoing having a joint or commoninterest, or any other legal or commercial entity;
(5) "Purchaser" means a person who acquired an interest inany lot, parcel, or unit in a subdivision;
(6) "Salesperson" means any person duly licensed in thisstate as a real estate salesperson;
(7) "Seller" or "developer" means a person who is engaged inthe business of disposition of an interest in any lot, parcel, or unit in asubdivision;
(8) "Subdivision" means any improved or unimproved land ortract of land located outside this state which is divided or proposed to bedivided into five (5) or more lots, parcels, units or interests for the purposeof disposition at any time as part of a common promotional plan. Any land whichis under common ownership or which is controlled by a single developer or agroup of developers acting in concert, is contiguous in area, and is designatedor advertised as a common unit or known by a common name, shall be presumed,without regard to the number of lots, parcels, units, or interests covered byeach individual offering, to be part of a common promotional plan;
(9) "The department" means the Rhode Island department ofbusiness regulation and the director thereof or his or her deputy.