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Real estate Rhode Island Law exam| Complete Questions with 100% Correct Answers
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Real estate Rhode Island Law exam| Complete Questions with 100% Correct Answers
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Real estate Rhode Island Law exam| CompleteQuestions with 100% Correct Answers
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
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
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
Broker not overseeing salesperson
Refusing to provide info
Soliciting real property
Paying or accepting money for referral
Failing to have listing agreements in writing
,No net listing
Negotiating a property when someone is already in contract with another agent
Accepting an agency and failing to make an effort to sell property
Advising against use of an attorney
Representing lenders/party interest of property's a false sales contract
Commingling escrow money
Advertising property of another in a manner is being made by a party not engaged in
real estate business
Can't advertise the property under anyone else's name but mine
No advertisements in publications containing only address, phone number
Have to hand over all records to broker
Giving commission to someone who isn't a real estate licensee
Soliciting the sale of a property because a specific race is in the neighborhood
Broker needs to tell the director within 10 days that he or she is leaving the office
The director can penalize up to 1000 for any of these violations t
Escrow deposit rules - ✔✔Must maintain an escrow account under principal broker
Can not commingle deposit money
Need to keep deposit/withdrawal records for 3 years
Office/admin needs to keep a monthly report of escrow account
, May be applied to the commission when earned by the listing company
If there is a dispute about the money in the escrow the broker needs to give the money
to the general treasurer within 180 days until the dispute is over
Escrow agents - ✔✔Funds placed in escrow held by a person legally authorized to do
so
Ex: real estate broker or attorney
Dual activities - ✔✔Real estate transactions where the broker holds more than one
title
Ex: builder, contractor, insurance agent
Unlawful appropriation - ✔✔Licensee to whom any money or property is entrusted
as escrow funds who uses the money or property from his or herself by transferring
money to a company or personal account
D.B.R. - ✔✔Department of business regulation
How long can you revoke a real estate license - ✔✔No longer than one year
When a salesperson contract is terminated - ✔✔You must submit in writing to the
director within ten days of any change in broker/salesperson affiliation
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