Delaware § 2602 - Definitions [For application of this section, see 79 Del. Laws, c. 18, § 2].

§ 2602. Definitions [For application of this section, see 79 Del. Laws, c. 18, § 2].

As used in this chapter, the term:

(1) “Broker” means any individual who holds a broker license from the Delaware Real Estate Commission and who for a compensation or valuable consideration, is self-employed or is employed directly or indirectly by a brokerage organization to sell or offer to sell, or to buy or offer to buy, or to negotiate the purchase, sale, or exchange of real estate, or to lease or rent or offer for rent any real estate, or to negotiate leases or rental agreements thereof or of the improvements thereon for others. The broker is responsible for providing real estate services and is primarily responsible for the day to day management and supervision of a brokerage organization. “Broker” does not include any associate broker, real estate salesperson, or appraiser.

(2) “Brokerage agreement” means any written agreement for the payment for brokerage services of a broker for the management, sale, purchase, lease, or other conveyance or acquisition of commercial real estate. The brokerage agreement may be stated in any document signed by the party obligated to make payment for the services of a broker such as a listing agreement, representation agreement, property management agreement, agreement of sale, lease, option, or exchange agreement that expressly states the amount or the method of calculating the amount of compensation for the services of a broker. No oral brokerage agreements are subject to enforcement under this chapter.

(3) “Broker’s lien” means the lien of a broker as permitted by this chapter.

(4) “Commercial real estate” means any estate or interest owned in:

a. Any real estate with improvements other than 1 to 4 residential units;

b. Any real estate with improvements, including 1 to 4 residential units, that has any part of the property used for non-residential purposes;

c. Land on which no buildings or structures are located and which is zoned or available for commercial, manufacturing, industrial, retail, or multifamily use;

d. Land of any zoning classification being purchased for development or subdivision other than land with 4 or fewer single-family residential lots; or

e. Real estate that is used for agricultural purposes unless the purchaser is buying the property for the purpose of continuing the agricultural use.

Notwithstanding the above, “commercial real estate” shall not include single-family residential units such as residential condominiums, townhomes, mobile homes, or homes sold, purchased, leased, or otherwise conveyed or acquired on a unit-by-unit basis even though these units may be part of a larger building or property containing more than 4 residential units unless used for nonresidential purposes.

(5) “Conveyance” or “conveying” means a sale, lease, exchange, or other transfer of any estate or interest in commercial real estate.

79 Del. Laws, c. 18, §  1;