Part definitions

As used in this part, unless the context otherwise requires: (1) "Agency contract" means a valid written contract authorizing a real estate licensee to act as a party's exclusive agent for the purchase, sale or lease of real estate; (2) "Agency relationship" means the relationship resulting from an agency contract; and (3) "Referral fee" means a commission or any other type of compensation for the referral of a potential buyer, seller, lessor or lessee of real estate. Acts 1999, ch. 160, § 2. As used in this part, unless the context otherwise requires: (1) "Agency contract" means a valid written contract authorizing a real estate licensee to act as a party's exclusive agent for the purchase, sale or lease of real estate; (2) "Agency relationship" means the relationship resulting from an agency contract; and (3) "Referral fee" means a commission or any other type of compensation for the referral of a potential buyer, seller, lessor or lessee of real estate. Acts 1999, ch. 160, § 2.