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.
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 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
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 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
