Real Estate Broker Defined

(a)“Broker” means an individual, other than a salesman, who, for another and for compensation:

(1)Sells, exchanges, purchases, rents or leases real estate;

(2)Offers to sell, exchange, purchase rent or lease real estate;

(3)Negotiates, offers, attempts or agrees to negotiate the sale, exchange, purchase, rental or leasing of real estate;

(4)Lists, offers, attempts or agrees to list real estate for sale, lease or exchange;

(5)Auctions, offers, attempts or agrees to auction real estate;

(6)Buys, sells, offers to buy or sell or otherwise deals in options on real estate;

(7)Collects, offers, attempts or agrees to collect rent for the use of real estate;

(8)Advertises or holds himself out as being engaged in the business of buying, selling, exchanging, renting or leasing real estate;

(9)Assists or directs in the procuring of prospects calculated to result in the sale, exchange, leasing or rental of real estate;

(10)Assists or directs in the negotiation of any transaction calculated or intended to result in the sale, exchange, leasing or rental of real estate;

(11)Engages in the business of charging an advance fee in connection with any contract whereby he undertakes to promote the sale of real estate either through its listing in a publication issued for such purpose or for referral of information concerning such real estate to brokers or both;

(12)Assists or directs in the procurement of, or arrangement for, mortgage financing on real property while not acting in the capacity of a licensed mortgagee or his agent, or of a mortgagee or his agent who is authorized to make real property loans under state or Federal authority and supervision;

(13)Performing any of the foregoing acts as an employee of, or on behalf of, the owner of real estate, or interest therein, or improvements affixed thereon, for compensation. CH. 104 REAL ESTATE REGULATIONS

(b)After the effective date of this Act [P.L. 13-162], it shall be unlawful for any person, directly or indirectly, to engage in or conduct, or to advertise or hold himself out as engaging in or conducting the business or acting in the capacity of a real estate broker, associate broker or real estate salesman within Guam without first obtaining a license as such broker, associate broker or salesman, as provided in this Act, unless he is exempted from obtaining a license under Subsection

(d)of this Section.

(c)Any person who, directly or indirectly for another, with the intention or upon the promise of receiving any valuable consideration, offers, attempts or agrees to perform, or performs any single act described in Subsection

(a)of this Chapter, whether as a part of a transaction, or as an entire transaction, shall be deemed a broker, associate broker or salesman within the meaning of this Division. The commission of a single such act by a person required to be licensed under this Division and not so licensed shall constitute a violation of this Division.

(d)Except as to the requirements with respect to the subdivision of land, the provisions of this Division shall not apply to:

(1)Any person, partnership or corporation who as owner or lessor shall perform any of the acts described in Subsection

(a)of this Act with reference to property owned or leased by them, or to the regular 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, sale or other disposition of such property and the investment therein; provided, that such regular employees shall not perform any of the acts described in Subsection

(a)of this Act in connection with a vocation of selling or leasing any real estate or the improvements thereon; provided, that this provision shall not apply to any person, partnership or corporation in the business of purchasing unimproved land for development and subdivision purposes;

(2)An attorney in fact under a duly executed and recorded power of attorney to convey real estate from the owner or lessor or the services rendered by any attorney- at-law in the performance of his duty as such attorney at law;

(3)Any person acting as receiver, trustee in bankruptcy, administrator, executor or guardian, or while acting under a court order or under the authority of a will or of a trust instrument;

(4)Any person acting as the resident manager for the owner or an employee acting as the resident manager for a broker managing an apartment building, duplex, apartment complex or court, when such resident manager resides on the premises and is engaged in the leasing of property in connection with his employment;

(5)Any officer or employee of a Federal agency in the conduct of his official duties;

(6)Any officer or employee of the government of Guam or any political subdivision thereof performing his official duties;

(7)Any multiple listing service wholly owned by a non-profit organization or association or real estate brokers;

(8)Any non-profit referral system or organization of real estate brokers for the purpose of referrals of prospects for the sale or listing of real estate.