RHODE ISLAND LAW EXAM FOR REAL ESTATE QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+
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Module
RHODE ISLAND LAW
Institution
RHODE ISLAND LAW
Commercial licensing regulation
Ans: Promote the general welfare of the citizens of Rhode Island so that the
public interest most effectively be served
Quiz: Clock hour
Ans: at least fifty minutes of classroom instruction
Quiz: Promptly
Ans: shall mean not more than 10 calendar days
Quiz: P...
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RHODE ISLAND LAW EXAM FOR REAL ESTATE 2025-
2026 QUESTIONS WITH DETAILED VERIFIED ANSWERS
(100% CORRECT ANSWERS) /ALREADY GRADED A+
Commercial licensing regulation
Ans: Promote the general welfare of the citizens of Rhode Island so that the
public interest most effectively be served
Quiz: Clock hour
Ans: at least fifty minutes of classroom instruction
Quiz: Promptly
Ans: shall mean not more than 10 calendar days
Quiz: Principal broker
Ans: 1. act in supervisory capacity for every real estate transaction
2. be responsible for the compliance of his or her affiliated licensees
3. responsible for the compliance of his or her non-licensed employees
4. Shall maintain an escrow account
Quiz: Whats the time period for re-examination for a salesperson or a
broker for any failed exams
Ans: 1 year
if the one year time expires the person should take entire exam as appose
just taking failed section.
,Quiz: Anyone who wants to be a sales person should present evidence
of how many hours of classroom education?
Ans: 45
Quiz: Anyone who want to be a broker should present evidence of how
many hours of classroom education?
Ans: 90
Quiz: Licenses shall be renewed every how many years?
Ans: 2
Quiz: When is the renewal fee due by for renewal of license
Ans: May 1
Quiz: All newly licensed salespersons shall pay a fee of $25 to be
deposited into
Ans: The Real Estate Recovery fund
Quiz: A principal broker may return a deposit to a buyer or renter only
after
Ans: The principal broker makes a good faith determination that the seller
or landlord has forfeited his or her right to the deposit.
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,Quiz: 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
Ans: 3 years
Quiz: Every two years, licensees must complete, unless specifically
exempted, how many hours of continuing education:
Ans: 24
Quiz: Within how many days should the broker notify the department of
a Dissolution?
Ans: 10
Quiz: Any licensee convicted of any felony shall file with the
department a written report of such conviction within ___ days
Ans: 60
Quiz: Who is in charge of the escrow account for each brokerage?
Ans: the principal broker. `
Quiz: Can escrow deposit be deposited in another account besides
the escrow account?
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, Ans: yes if it is agreed to in writing.
Quiz: What should a salesperson do with an escrow deposit once its
received?
Ans: give it to the principal broker.
Quiz: A principal broker may release a deposit to a seller or landlord
only after the following steps have been taken:
Ans: 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
Quiz: A principal broker may return a deposit to a buyer or renter only
after:
Ans: 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
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