Page:United States Statutes at Large Volume 53 Part 2.djvu/877

 53 STAT.] 76TH CONG., 1ST SESS.-CH. 664-AUG. 10, 1939 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. "'Business-chance salesman' means any person employed by a "Business-chance licensed business-chance broker to list for sale, sell, or offer for sale, to buy or offer to buy, to lease or offer to lease, or to negotiate the purchase or sale or exchange of a business, business opportunity, or goodwill of an existing business for or in behalf of such business- chance broker. "Persons employed by a licensed broker in a clerical capacity or Exceptions. in subordinate positions who receive a fixed compensation and who receive no additional commission or compensation for specific acts of renting or leasing real estate and who do not sell or exchange, or offer or attempt to sell or exchange, real estate or a business, business opportunity, or the goodwill of a business shall not be required to obtain licenses. "One act for a compensation or valuable consideration of buying Real-estate broker. or selling real estate for or of another, or offering for another to buy, sell, or exchange real estate, or leasing, renting, or offering to lease or rent real estate, or negotiating or offering to negotiate a loan secured by a mortgage, deed of trust, or other incumbrance upon or transfer of real estate, except as herein specifically excepted, shall constitute a person, firm, partnership, copartnership, association, or corporation performing, or offering, or attempting to perform any of the acts enumerated herein, a real-estate broker, unless such act Real - estate sales- shall be performed or offered or attempted to be performed by a person for and in behalf of a real-estate broker in which event such act shall constitute such person a real-estate salesman. "One act for a compensation or valuable consideration of buying, broker esschnce selling or leasing or exchanging a business, business opportunity, or the goodwill of a business for or of another, or offering for another to buy, sell, exchange, or lease a business, business opportunity, or the goodwill of a business, except as herein specifically excepted, shall constitute the person, firm, partnership, copartnership, association, or corporation performing or offering or attempting to perform any of the acts enumerated herein, a business-chance broker, unless such .~ sinss-ch ' .nce act shall be performed or offered or attempted to be perforlled by a person for or on behalf of a business-chance broker, in which event such act shall constitute such person a business-chance salesman. "The provisions of this Act shall not apply to receivers, referees, Eemptlions. administrators, executors, guardians, trustees, or other persons appointed or acting under the judgment or order of any court; or public officers while performing their official duty, or attorneys at law in the ordinary practice of their profession; nor to any person, copartnership, association, or corporation, who, as owner or lessor, shall perform any of the acts aforesaid with reference to property owned or leased by them, or to the regular officers and employees thereof, with respect to the property so owned or leased, where such acts are performed in the regular course of, or as an incident to, the management of such property and the investments therein, except as otherwise provided in this Act. "Every provision of this Act applying specifically to an applicant pplication of pro- Ev pvisions to business- or application for a license as a real-estate broker or a real-estate chanebrokerorbus- salesman, and to a real-estate license, and to a licensee licensed as a hceam real-estate broker or a real-estate salesman, and to anyone acting in the capacity of a real-estate broker or a real-estate salesman with- out a license, shall likewise apply in a similar manner, respectively, to every applicant and application for a license as a business-chance 1353

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