Page:United States Statutes at Large Volume 50 Part 1.djvu/812

 75TH CONGRESS, 1sT SESSION-CH. 7 60-A UGU ST 25, 1937 787 (CHAPTER 760] AN ACT August 25, 1937 [El . define, regulate, and license real-estate brokers, business chance brokers, and 	[g . R. 6563] real- estate salesm en ; to create a Real Estate Commission in the District of [Public, No . 3561 Columbia ; t o protect the public against fraud in real-estate transactions ; and for other purposes . Be it enacted by the Senate and House of Representatives of the bi District of Colum- United States o f America in Congress assembled, Regulation of real- estate brokers, etc . ENACTMENT AND PROHIBITION CLAUSE SECTION 1. That on and after ninety days from the date of enact- ment of this Act it shall be unlawful in the District of Columbia for any person, firm, partnership, copartnership, association, or corpora- tion (foreign or domestic) to act as a real-estate broker, business chance br oker, or r eal-estate salesman, or to adve rtise or a ssume to act as such, without a license issued by the Real Estate Commission of the District of Columbia. DEFIN ITION S AND EXCEP TIONS Enactment and pro- hibition clause. Definitions and ex- ceptions. SEC. 2 . Whenever used in this Act "real-estate broker" means any "Real -estate bro- person, firm, association, partnership, or corporation (foreign or ker." domestic) who, for another and for a fee, commission, or other valuable considerati on, or who, with th e intention or in t he expectation or upon the promise of receiving or collecting a fee, commission, or other valuable consideration, lists for sale, sells, exchanges, pur- chases, rents, or leases or offers or attempts or agrees to negotiate a sale, exchange, purchase, lease, or rental of an estate or interest in real estate, or collects or offers or attempts or agrees to collect rent or income for the use of real estate, or negotiates or offers or attempts or agrees to negotiate, a loan secured or to be secured by a mort gage, d eed of trust, or othe r encum brance upon or trans fer of real est ate : Provided, however, That this definition shall not Pre ise. Adverti sing spac e in apply to the sale of space for adv ertisin g of re al esta te in any newspapers, etc. newspaper, magazine, or other publication. A "business chance "Business chance broker" within the meaning of this Act is any person, firm, part- broker' nership, association, copartnership, or corporation who for a compen- sation or valuable consideration sells or offers for sale, buys or offers to buy leas es or offe rs to leas e, or nego tiates the purchase or sale or exch ange of a busi ness, b usiness opport unity, or the goodwil l of an existing business for others as a whole or partial vocation . "Real-estate salesman" means a person employed by a licensed "neat-estate sales- real-estate broker to list for sale, sell, or offer for sale, to buy or ma n' 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 or income for the use of real estate for or in behalf of such real-estate broker. Persons employed by a licensed real-estate broker in a clerical Collectors, etc. capacity, as collectors, or in similar subordinate and administrative positions shall not be required to obtain licenses. One act for a comp ensati on or v aluable consid eration of buy ing Business defined. or selling real estat e for or o f another, or offeri ng for ano ther to buy, sell, or exchan ge real estate, or leasing, renting, o r offering to lea se or rent real esta te, except as herei n specifically exce pted, shall constitute the person, firm, partnership, copartnership, association, or corporation performing, or offering or attempting to perform any of the acts enumerated herein, a real-estat e broker o r a real-e state salesman within the meaning of this Act.