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Real estate Rhode Island Law Exam Study Guide with Complete Solutions $13.49   Add to cart

Exam (elaborations)

Real estate Rhode Island Law Exam Study Guide with Complete Solutions

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  • Rhode Island Best Study Materials 2024/2025
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  • Rhode Island Best Study Materials 2024/2025

Real estate Rhode Island Law Exam Study Guide with Complete Solutions Real estate Rhode Island Law Exam Study Guide with Complete Solutions Real estate recovery act - ️️ Dept of business regulation establishes this account Covers anyone aggrieved by an act, misrepresentation, transaction o...

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  • August 15, 2024
  • 42
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Rhode Island Best Study Materials 2024/2025
  • Rhode Island Best Study Materials 2024/2025
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OliviaWest
©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AM



WEST VIRGINIA UNIVERSIRTY- (WV) : 26506

Real estate Rhode Island Law Exam
Study Guide with Complete Solutions

Real estate recovery act - ✔️✔️Dept of business regulation establishes this account




Covers anyone aggrieved by an act, misrepresentation, transaction or conduct of a

licensed real estate broker upon the grounds of fraud, misrepresentation or deceit may

recover no more than 50000 per one license




Can't be used to reimburse any broker or salesperson




Agents pay a fee for the deposit in the real estate recovery fund when they first get their

license




Dec 31 of any year if the recovery fund is less than 200000 agents pay a fee of $25

when renewing their license




1

,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AM



WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
Agents/ brokers must pay back the recovery fund plus 12% a year


Real estate commission - ✔️✔️9 people at least one from each county




Citizen of the state for at least 10 years




3 current licensed brokers who have been brokers for at least 5 years in the state




4 have to be members of the general public


Who is exempt from licensing? - ✔️✔️1. Any person, partnership, association,

corporations or any of their employees who want to acquire, lease, sell of deal in real

estate that will be held for investment




1. Same as above just any owner, lessee, or lessor


If you violate the rules and regulations how much money can the director levy an

administrative penalty? - ✔️✔️1000


Errors and omissions insurance - ✔️✔️In order to have a license you must have and

maintain errors and omissions insurance covering all business activities




2

,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AM



WEST VIRGINIA UNIVERSIRTY- (WV) : 26506



Must obtain the insurance independently




Dept of business regulation determine the terms and condition of coverage




Certificate of coverage must be filed with the dept of business regulation by the annual

license renewal date




Min requirements for E&O Insurance:


Individual licensee- insurance needs to be at least 50,000 and 150,000 aggregate




For brokers blanket policy:


The minimum coverage needs to be at least 50,000 x amount of salespersons and

150000 x Amount of salespersons




3

, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AM



WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
Brokers blanket policy needs to be in total of 300000 and 1 million dollars in one case at

any time


How to lose your license - ✔️✔️Misrepresentation


Fraud


False promise


Misleading advertising


Failing to deposit money into escrow


Failing to keep 3 years of records


Acting as a dual facilitator without consent


Placing for sale sign without consent


Failing to show a copy of records


Not writing a termination date of contract


Inducing someone to break contract so they can use me as a salesperson


Accepting money for a referral


Not disclosing intentions to a client


Convicted of criminal felony


Violating rules/regulations



4

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