100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
REAL ESTATE RHODE ISLAND LAW QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+ £12.56
Add to cart

Exam (elaborations)

REAL ESTATE RHODE ISLAND LAW QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+

 1 view  0 purchase
  • Module
  • REAL ESTATE
  • Institution
  • REAL ESTATE

Real estate recovery act Ans: 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 lic...

[Show more]

Preview 4 out of 47  pages

  • January 7, 2025
  • 47
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • REAL ESTATE
  • REAL ESTATE
avatar-seller
| OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
In today's fast-paced educational landscape, students need reliable resources to excel in their studies.



5.0


REAL ESTATE RHODE ISLAND LAW 2025- 2026
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100%
CORRECT ANSWERS) /ALREADY GRADED A+
Real estate recovery act

Ans: 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


Agents/ brokers must pay back the recovery fund plus 12% a year



Quiz: Real estate commission

Ans: 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



Quiz: Who is exempt from licensing?

Ans: 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



Quiz: If you violate the rules and regulations how much money can the

director levy an administrative penalty?

Ans: 1000



Quiz: Errors and omissions insurance

Ans: 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:




Examstudy - Stuvia US

,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



Quiz: How to lose your license

Ans: 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



Examstudy - Stuvia US

, 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



Quiz: Escrow deposit rules

Ans: 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



Examstudy - Stuvia US

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Examstudy. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £12.56. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

50990 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling
£12.56
  • (0)
Add to cart
Added