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Rhode Island law exam for real estate| Complete Questions with 100% Correct Answers
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Rhode Island law exam for real estate| Complete Questions with 100% Correct Answers
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Rhode Island law exam for real estate| CompleteQuestions with 100% Correct Answers
A principal broker may return a deposit to a buyer or renter only after - ✔✔The
principal broker makes a good faith determination that the seller or landlord has
forfeited his or her right to the deposit.
Every principal broker shall ensure that their affiliated licensees keep record of all funds
and property of others received by them for not less that - ✔✔3 years
Every two years, licensees must complete, unless specifically exempted, how many
hours of continuing education: - ✔✔24
Within how many days should the broker notify the department of a Dissolution? -
✔✔10
Any licensee convicted of any felony shall file with the department a written report of
such conviction within ___ days - ✔✔60
Who is in charge of the escrow account for each brokerage? - ✔✔the principal
broker. `
Can escrow deposit be deposited in another account besides the escrow account? -
✔✔yes if it is agreed to in writing.
What should a salesperson do with an escrow deposit once its received? - ✔✔give it
to the principal broker.
,A principal broker may release a deposit to a seller or landlord only after the following
steps have been taken: - ✔✔1.The principal broker makes a good faith determination
that the buyer or rental forfeited his or her right to the deposit
2.The principal broker provides written notice to the buyer or renter by certified mail,
return receipt requested, of his or her intent to release the deposit to the seller or
landlord sixty days from the date of receipt of the written notice
3. The buyer or renter fails to notify the principal broker in writing within the sixty day
period that he or she disputes the ownership of the deposit
A principal broker may return a deposit to a buyer or renter only after: - ✔✔1. The
principal broker makes a good faith determination that the seller or landlord has
forfeited his or her rights to the deposit
2. The principal broker provides written notice to the seller or landlord by certified mail,
return receipt request, of his or her intent to return the deposit to the buyer or renter
21 days from the date of receipt of the written notice
3. The buyer or renter fails to notify the principal broker in writing within the twenty-
one day period that he or she disputes the ownership of the deposit.
How long should licensee keep receipts of any such funds or property on record? -
✔✔3 years
Within how many days should the principal broker pay the salesperson once they have
received the commission check? - ✔✔10 days
, In any real estate transaction, a licensee must disclose that he or she is licensed as a real
estate broker or salesperson, even if no commision is at issue, when he or she is a party
to the transaction as the following; - ✔✔1. A buyer
2. a seller
3. An owner of a business entity that is a buyer or seller
4. representative of a family memberm
Any advertisement shall contain the words ___________ if it refers to the amounts of
down payment - ✔✔to a qualified buyer.
In the case of an individual licensee, the licensee the insurance shall be in an amount for
each claim of at least _______ and in an aggregate amount of at least ___________ -
✔✔$50,000
$150,000
how long are all real estate school permits valid for? - ✔✔1 year and expire annually
on August 31
At least six of the 24 clock hours must come from the following subject areas.. - ✔✔1.
Rhode Island law defining relationships between licensees and consumers
2. Rhode Island law pertaining to real estate license
3. Rhode Island landlord tenant law
4.The law of contracts
5.Federal, Rhode Island, and local law pertaining to fair housing and the treatment of
any individual in a protected class as designated in the RI fair housing practices act.
6. Lead hazard mitigation
7. Local ordinances and regulatrions pertaining to residential real estate;
8. Financing the purchase of real estate
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