Page:United States Statutes at Large Volume 53 Part 2.djvu/876

This page needs to be proofread.


1352 PUBLIC LAWS-CH. 664-AUG. 10 , 1939 [CHAPTER 664] August 10, 1939 [H. R. 5685] [Public, No. 377] District of Colum- bia. Regulation of real- estate brokers, etc. 50 Stat. 787. 20 D. C. Code, Supp. IV , §§ 1970- 1988. Amendment to title of Act. License require- ment. 50 Stat. 787. 20 D.C . Code, Supp. IV, § 1971. "Real-estate bro- ker," defined. Proviso. Sale of advertising space in newspapers, etc. "Business-chance broker" defined. "Real-estate sales- man" defined. [53 STAT. AN ACT To amend the Act of Congress entitled "An Act to define, regulate, and license real-estate brokers, business-chance brokers, and real-estate salesmen; to create a Real Estate Commission in the District of Columbia; to protect the public against fraud in real-estate transactions; and for other purposes", approved August 25, 1937. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the title of the Act entitled "An Act to define, regulate, and license real-estate brokers, business-chance brokers, and real-estate salesmen; to create a Real Estate Commission in the District of Columbia; to protect the public against fraud in real-estate transactions; and for other purposes", approved August 25, 1937 (Public, Numbered 356, Seventy-fifth Congress), is amended to read as follows: "An Act to define, regulate, and license real-estate brokers, real- estate salesmen, business-chance brokers, and business-chance sales- men; to create a Real Estate Commission in the District of Columbia; to protect the public against fraud in real-estate transactions and in real-estate promotions and in business-chance transactions; and for other purposes". SEC. 2 . Section 1 of said Act is hereby amended to read as follows: "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, real-estate salesman, business-chance broker or business-chance salesman, or to advertise or assume to act as such, without a license issued by the Real Estate Commission of the District of Columbia." SEC. 3. Section 2 of said Act is hereby amended to read as follows: "SEC. 2. Whenever used in this Act real-estate broker' means any person, firm, association, partnership, or corporation (foreign or domestic) who, for another and for a fee, commission, or other valuable consideration, or who, with the intention or in the expecta- tion or upon the promise of receiving or collecting a fee, commis- sion, or other valuable consideration, lists for sale, sells, exchanges, purchases, 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 mortgage, deed of trust, or other encumbrance upon or transfer of real estate, or who is engaged in the business of erecting houses or causing the erection of houses for sale on his, their, or its land and who sells, offers, or attempts to sell such houses, or who, as owner or otherwise and as a whole or partial vocation, sells, or through solicitation, advertising, or otherwise, offers or attempts to sell or to negotiate the sale of any lot or lots in any subdivision of land com- prising ten lots or more: Provided, however, That this definition shall not apply to the sale of space for advertising of real estate in any newspaper, magazine, or other publication. A 'business-chance broker' within the meaning of this Act is any person, firm, partner- ship, association, copartnership, or corporation who for a compen- sation or valuable consideration sells or offers for sale, buys or offers to buy, leases or offers to lease, or negotiates the purchase or sale or exchange of a business, business opportunity, or the goodwill of a business for others. "'Real-estate salesman' means a person employed by a licensed real-estate broker to list for sale, sell, or offer for sale, to buy or offer