HERBERT R. O'CONOR, GOVERNOR. 649

(c) "Commission" shall mean the Maryland Real
Estate Commission.

(d) "Real estate" shall include leaseholds and all other
tangible interests in real property.

(e) Any person, partnership, association, or corpora-
tion, who, for another, in consideration or compensation,
by fee, commission, salary, or otherwise, or with the inten-
tion or in the expectation or upon the promise of receiving
or collecting a fee, does, offers or attempts or agrees to
do, engages in or offers or attempts or agrees to engage
in, either directly or indirectly, any single act or transac-
tion contained in the definitions of a real estate broker or
real estate salesman in Section 343 (a) and (b) of this
sub-title, whether said act be an incidental part of a
transaction, or the entire transaction, shall constitute such
person, partnership, association, or corporation a real
estate broker or real estate salesman within the meaning
of this sub-title.

(f) (Exceptions. ) The terms "real estate broker" and
"real estate salesman" shall not include:

(1) Receivers, trustees, administrators, executors,
guardians or other persons appointed by or acting under
the judgment or order of any court; nor

(2) public officers while performing their official duties
as such; nor

(3) any bank, trust company or mortgage loan insti-
tution organized under the laws of this State or the United
States with respect to the management or sale of any prop-
erty acquired through or in connection with mortgage fore-
closures; nor

(4) owners or lessors of property in the management
and sale of such property unless their principal and regu-
lar business is that of purchasing, selling, exchanging or
trading in real estate and options and leases thereon; nor

(5) investment home builders with respect to the sale
or rental of houses constructed by them; nor

(6) attorneys at law who are not regularly engaged
in the real estate business and who do not hold themselves
out by sign, advertisement or otherwise as offering to the
general public the services authorized by this sub-title to
be performed by real estate brokers; nor

(7) any person holding in good faith a duly executed
power of attorney from the actual owner authorizing the
sale and conveyance or leasing of any real estate, where
only one such transaction is involved; nor

(8) any duly licensed auctioneer with respect to the
sale of real estate at public auction.