RHODE ISLAND LAW EXAM STUDY GUIDE FOR
REAL ESTATE Questions and Answers Latest
Updates 2025 GRADED A+
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
✔✔Promote the general welfare of the citizens of Rhode Island so that the public interest most
effectively be served
Clock hour ✔✔at least fifty minutes of classroom instruction
Promptly ✔✔shall mean not more than 10 calendar days
Principal broker ✔✔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
Whats the time period for re-examination for a salesperson or a broker for any failed exams
✔✔1 year
if the one year time expires the person should take entire exam as appose just taking failed section.
Anyone who wants to be a sales person should present evidence of how many hours of classroom
education? ✔✔45
Anyone who want to be a broker should present evidence of how many hours of classroom education?
✔✔90
, Licenses shall be renewed every how many years? ✔✔2
When is the renewal fee due by for renewal of license ✔✔May 1
All newly licensed salespersons shall pay a fee of $25 to be deposited into ✔✔The Real Estate Recovery
fund
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
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