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Rhode Island law exam for real estate Study Guide 2024/2025
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Rhode Island law exam for real estate Study Guide 2024/2025
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©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AMWEST VIRGINIA UNIVERSIRTY- (WV) : 26506
Rhode Island law exam for real estate
Study Guide 2024/2025
Commercial licensing regulation - ✔️✔️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.
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,©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
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
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, ©PREP4EXAMS@2024 [REAL-EXAM-DUMPS] Sunday, August 4, 2024 12:41 AM
WEST VIRGINIA UNIVERSIRTY- (WV) : 26506
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
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