In applying this subchapter to leasing transactions, the word “Landlord” may be substituted for “Seller”, the word “Tenant” may be substituted for “Buyer”, and the word “Lease” may be substituted for “Agreement of Sale” where applicable. ![]() (a) This Subchapter applies to licensees in their business relationships with Consumers, Customers, and Clients for all types of real estate transactions whether they are sales, leases, exchanges, management of real estate for others, or real estate counseling conducted by real estate licensees. (16) ‘Ministerial Task’ means a task that does not involve discretion or the exercise of the licensee’s own judgment for example: (15) ‘Licensee’ means a person licensed under this Chapter as a Broker or Salesperson without implying what legal relationship they have with a consumer. (14) ‘Consumer Information Statement’ or ‘CIS’ means the disclosure form required by § 2972 of this title. (13) ‘Customer’ means someone working with a Broker or Salesperson as a potential buyer, seller, exchangor, tenant, or landlord of real property or is consulting with a Broker or Salesperson in one of these capacities for the purpose of entering into a Brokerage agreement or transaction, but who is not yet in the statutory agency or common law agency relationship of principal and agent with the Broker or Salesperson. (12) ‘Consumer’ or ‘Prospect’ means a member of the public who has not yet become a ‘Client’ or ‘Customer’. (11) ‘Client’ means the principal in a statutory agency or common law agency relationship. (10) ‘Broker Owner’ means the licensed Broker who is also an owner of the Brokerage Organization but does not included owners, partners, members, shareholders or other holders of an equity interest who do not actively participate in the brokerage business of the organization. (9) ‘Brokerage Organization’ means that individual or entity which is not licensed but is acting as a broker under § 2910 of this title. “(8) ‘Broker of Record’ means that individual broker who is primarily responsible for the day to day management of a real estate brokerage office.
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