sec.153Meaning of beneficial interest

### sec.153 Meaning of beneficial interest For this Act, a licensee is taken to have a beneficial interest in property, for example, if— the purchase of the property is made for the licensee or an associate of the licensee; or an option to purchase the property is held by the licensee or an associate of the licensee; or the purchase of the property is made for a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or an option to purchase the property is held by a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or the purchase of the property is made for a corporation of which the licensee or an associate of the licensee is an executive officer; or an option to purchase the property is held by a corporation of which the licensee or an associate of the licensee is an executive officer; or for a licensee that is a corporation— the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or the purchase of the property is made for a member of a firm or partnership of which the licensee or an associate of the licensee is also a member; or the purchase of the property is made for a person carrying on a business for profit or gain and the licensee or an associate of the licensee has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. For this Act, a real estate salesperson is taken to have a beneficial interest in property, for example, if— the purchase of the property is made for the real estate salesperson or an associate of the salesperson; or the real estate salesperson or an associate of the salesperson has an option to purchase the property; or the purchase of the property is made for a corporation (having not more than 100 members) of which the real estate salesperson or an associate of the salesperson is a member; or an option to purchase the property is held by a corporation (having not more than 100 members) of which the real estate salesperson or an associate of the salesperson is a member; or the purchase of the property is made for a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or an option to purchase the property is held by a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or the purchase of the property is made for an executive officer of a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or an option to purchase the property is held by an executive officer of a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or the purchase of the property is made for a member of a firm or partnership of which the real estate salesperson or an associate of the salesperson is also a member; or the purchase of the property is made for a person carrying on a business for profit or gain and the real estate salesperson or an associate of the salesperson has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. (sec.153-ssec.1) For this Act, a licensee is taken to have a beneficial interest in property, for example, if— the purchase of the property is made for the licensee or an associate of the licensee; or an option to purchase the property is held by the licensee or an associate of the licensee; or the purchase of the property is made for a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or an option to purchase the property is held by a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or the purchase of the property is made for a corporation of which the licensee or an associate of the licensee is an executive officer; or an option to purchase the property is held by a corporation of which the licensee or an associate of the licensee is an executive officer; or for a licensee that is a corporation— the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or the purchase of the property is made for a member of a firm or partnership of which the licensee or an associate of the licensee is also a member; or the purchase of the property is made for a person carrying on a business for profit or gain and the licensee or an associate of the licensee has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. (sec.153-ssec.2) For this Act, a real estate salesperson is taken to have a beneficial interest in property, for example, if— the purchase of the property is made for the real estate salesperson or an associate of the salesperson; or the real estate salesperson or an associate of the salesperson has an option to purchase the property; or the purchase of the property is made for a corporation (having not more than 100 members) of which the real estate salesperson or an associate of the salesperson is a member; or an option to purchase the property is held by a corporation (having not more than 100 members) of which the real estate salesperson or an associate of the salesperson is a member; or the purchase of the property is made for a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or an option to purchase the property is held by a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or the purchase of the property is made for an executive officer of a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or an option to purchase the property is held by an executive officer of a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or the purchase of the property is made for a member of a firm or partnership of which the real estate salesperson or an associate of the salesperson is also a member; or the purchase of the property is made for a person carrying on a business for profit or gain and the real estate salesperson or an associate of the salesperson has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. - (a) the purchase of the property is made for the licensee or an associate of the licensee; or - (b) an option to purchase the property is held by the licensee or an associate of the licensee; or - (c) the purchase of the property is made for a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or - (d) an option to purchase the property is held by a corporation (having not more than 100 members) of which the licensee or an associate of the licensee is a member; or - (e) the purchase of the property is made for a corporation of which the licensee or an associate of the licensee is an executive officer; or - (f) an option to purchase the property is held by a corporation of which the licensee or an associate of the licensee is an executive officer; or - (g) for a licensee that is a corporation— (i) the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or (ii) an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or - (i) the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or - (ii) an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or - (h) the purchase of the property is made for a member of a firm or partnership of which the licensee or an associate of the licensee is also a member; or - (i) the purchase of the property is made for a person carrying on a business for profit or gain and the licensee or an associate of the licensee has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property. - (i) the purchase of the property is made for an executive officer of the licensee or an associate of the executive officer; or - (ii) an option to purchase the property is held by an executive officer of the licensee or an associate of the executive officer; or - (a) the purchase of the property is made for the real estate salesperson or an associate of the salesperson; or - (b) the real estate salesperson or an associate of the salesperson has an option to purchase the property; or - (c) the purchase of the property is made for a corporation (having not more than 100 members) of which the real estate salesperson or an associate of the salesperson is a member; or - (d) an option to purchase the property is held by a corporation (having not more than 100 members) of which the real estate salesperson or an associate of the salesperson is a member; or - (e) the purchase of the property is made for a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or - (f) an option to purchase the property is held by a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or - (g) the purchase of the property is made for an executive officer of a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or - (h) an option to purchase the property is held by an executive officer of a corporation of which the real estate salesperson or an associate of the salesperson is an executive officer; or - (i) the purchase of the property is made for a member of a firm or partnership of which the real estate salesperson or an associate of the salesperson is also a member; or - (j) the purchase of the property is made for a person carrying on a business for profit or gain and the real estate salesperson or an associate of the salesperson has, directly or indirectly, a right to participate in the income or profits of the person’s business or the purchase of the property.