(1) “Broker” has the same meaning as used in § 62-13-102;

(2)

(A) “Commercial real estate” means any real estate other than:

(i) Real estate containing one (1) to four (4) residential units; or

(ii) Real estate on which no buildings or structures are located and is zoned for no more than one (1) to four (4) family residential units;

(B) “Commercial real estate” does not include single family residential units such as condominiums, town houses or homes in a subdivision when sold, leased or otherwise conveyed on a unit-by-unit basis even though these units may be a part of a larger building or parcel of real estate containing more than four (4) residential units;

(3) “Notice” means a notice specifically referencing an agreement entered into after October 1, 1997, to pay commissions in any brokerage contract or lease or memorandum of the foregoing, sworn to and executed by the broker, identifying the subject real estate by lot and block number or by a metes and bounds description and in the form of notice set out in this subdivision (3) and containing only the information provided for in the form, recorded as provided for in § 62-13-503(e), in the office of the register of deeds of the county in which the property is located, no less than ten (10) business days before the transfer of the commercial real estate that is the subject of the agreement. The form of the notice to be recorded shall be:

(4) “Owner” means the person or persons to whom the fee interest of real estate is titled and does not include a lessee or renter;

(5) “Real estate” means and includes leaseholds, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold or nonfreehold, situated in this state; and

(6) “Subsequent owner” means a transferee or purchaser of commercial real estate from the owner or from a previous subsequent owner, but will not include the transferee or purchaser of commercial real estate pursuant to a sale conducted pursuant to title 67, chapter 5, part 25.