Partners Real Estate Inc., headed by James S. Bugg of Washington, has been organized as a new real estate franchise company and is selling franchise rights to 20 regions in the nation.

Bugg, formerly a regional director of Century 21 and Realty World franchises, said the Partners' concept emphasizes the name of the locally affiliated broker on signs, which will feature a large "p" to designate the franchise.

Located at 1212 16th St. NW, the Partners' franchise has broker service, program development and training offices in Cedar Rapids, Iowa. They are headed by Fred J. Gibson, a cofounder and vice president, and Clifford Baird of Chicago, a director.

Other directors include investor Donald W. Douglas Jr. of Santa Monica., Calif., and Howard W. Pollock, of Washington, former congressman from Alaska and a former deputy administrator of the National Oceanic and Atmospheric Administration.

Another new national realty franchise, Neighborhood Realty Group USA, based in New York, announced recently that it now has 14 franchise sellers throughout the nation, including one in this area.

Neighborhood is headed by Norman Young, formerly executive vice president of General Development Corp. and former senior vice president of Levitt and Sons. Young said that attorney Spottswood Dudley of New York will be the franchise seller for this Washington area.

Young said Neighborhood plans to offer stock options to members as soon as the company goes public. "This is a 'first' for this business and will undoubtedly set a precedent for the entire industry," he added.

Neighborhood requires an initial membership fee with a monthly charge for advertising but does not require a percentage of sales from member brokers.