P.R. Laws tit. 20, § 3025
For the purposes of this chapter, the following words and phrases shall have the meanings stated below, except when the context clearly states otherwise:
(a) Advertisement. — Any oral, written, graphical, pictorial announcement or otherwise presented, made for the purpose of offering, describing, or otherwise representing a property or any aspect thereof.
(b) Non-profit real estate business corporations or associations. — Any non-profit private association or corporation whose members are engaged in the real estate business, whether as brokers, salespersons, or companies and whose purpose is to set norms and programs for the subsequent development of said business.
(c) Certificate of Registration. — The certificate issued by the Department of Consumer Affairs to brokers, salespersons, real estate businesses, or proprietors who engage in the sale or offering for sale in the Commonwealth of Puerto Rico real property located outside of the Commonwealth of Puerto Rico, whether through sales contracts on installments, in cash or any other manner.
(d) Buyer. — Any person who is the acquiring party in a real estate transaction of real property located in or outside of the Commonwealth of Puerto Rico.
(e) Brokerage contract. — The agreement whereby a person is bound to render services as an intermediary with a third party in exchange for payment to perform a real estate transaction, as defined in this chapter.
(f) Promise of sales contract. — Any direct or indirect, immediate or deferred bilateral contract which binds the parties to convey title of real property located in or outside the Commonwealth of Puerto Rico.
(g) Real estate broker. — A natural person who holds a license to practice the profession of real estate broker issued by the Board and acts as intermediary, through the payment or the promise of payment of any compensation previously and mutually agreed upon between the parties that contract to execute in Puerto Rico a sales transaction, promise of sale, purchase or sale option, exchange, lease, auction, property management, or in the offering, promotion, or negotiation of the terms of all sales, sales options, promise of sale, lease management, or exchange of real property located in or outside of the Commonwealth of Puerto Rico. However, for the purposes of this chapter, any type of transaction related to the purchase, sale, lease, exchange, action or management of real property by a broker in which he/she is the owner of said real property and acts in his/her own interest and not as the intermediary between two (2) clients, shall be deemed as practicing the profession of real estate broker.
(h) Escrow account. — An special account in a banking entity authorized to conduct business in the Commonwealth of Puerto Rico, in which real estate brokers shall deposit all cash advances, down payments, good-faith deposits or other deposits in trusts received by it, its partners, salespersons, or employees on behalf of any client or entity, until the transaction for which the same were deposited is made or concluded, and shall render account thereof at the time of making or concluding the transaction.
(i) Deposit. — The sum of money that a buyer delivers to a real estate broker, salesperson or company before executing a real estate transaction, with regard to the real property located in or outside the Commonwealth of Puerto Rico, so that the real estate broker, salesperson, or company may initiate the necessary steps for said transaction to be achieved.
(j) Real estate company. — Any partnership or corporation which holds a license as a real estate company issued by the Board and is engaged in any of the activities that a real estate broker is authorized to perform under this chapter.
(k) Bond. — The accessory obligation carried out by the real estate broker, salesperson, or company or proprietor to guarantee and respond for any loss or damage that would be caused to any person for failure to comply with the provisions of this chapter.
(l) Initial registration. — The first registration in the Department of Consumer Affairs of information and promotional material related to the sale of real property located outside the Commonwealth of Puerto Rico.
(m) Subsequent registration. — Any registration made at the Department of Consumer Affairs, of information or promotional or sales material related to the offer for sale or sale of real property located outside the Commonwealth of Puerto Rico, which has been preceded by an initial registration; or any modification of the information or promotional material related to the sale of said real property.
(n) Board. — The Puerto Rico Board of Real Estate Brokers, Salespersons, and Companies.
(o) License. — The official authorization issued by the Board to practice the profession of real estate broker, salesperson, or company in the Commonwealth of Puerto Rico.
(p) Real estate company license. — The license issued to a partnership or corporation to engage in the real estate business in the Commonwealth of Puerto Rico.
(q) Person. — Any natural or juridical person.
(r) Proprietor. — Any person who owns real property located in or outside of the Commonwealth of Puerto Rico, who solicits and contracts the services of a real estate broker, salesperson, or company to carry out a transaction with regard to said real property.
(s) Multiple listing service program. — Any type of program implemented by a group of brokers, salespersons, or companies that are members of the same business entity or private body in the real estates business, through which real estate brokers, salespersons and companies belonging thereto may include properties on a list, thus making it possible for every property thus included to be subject to a real estate transaction by any other participating real estate broker, salesperson or company.
(t) Real estate transaction. — Any sales contract, promise to sell, option to buy or sell, exchange, leasing, auction, property management contract, or the offer, promotion or negotiation of the terms of a real estate sale, purchase-sale option, sales promise, lease, management or exchange located in or outside the Commonwealth of Puerto Rico, in which a real estate broker, salesperson, or company serves as intermediary.
(u) Real estate salesperson. — The natural person who holds a license to practice the profession of real estate salesperson issued by the Board, and is employed or contracted as independent contractor, directly or indirectly, through the payment of any compensation, by a real estate broker to perform under his/her direction, control, supervision, and responsibility any of the activities authorized by this chapter to a real estate broker. The real estate salesperson shall be bound to comply and keep the Board informed of his/her place of business at all times in order to comply with this provision.
History —Apr. 26, 1994, No. 10, § 2; Sept. 26, 2005, No. 118, § 1.