Statutory Requirements Governing the Activities of Licensees
Area III is the largest block on the exam, twenty-two of sixty items. Almost all of it is the list of prohibited acts in R.I. Gen. Laws § 5-20.5-14 and the conduct rules in regulation 230-RICR-30-20-2.
Advertising, commissions, and the broker-salesperson relationship
All advertising must carry the brokerage name, displayed larger and more prominently than any licensee or team name and close to it (regulation § 2.25(C)); the rule reaches signs, email, websites, social media and broadcast alike. Section 5-20.5-14(29) forbids advertising that reads as a sale by a private party and forbids a salesperson to advertise another's property under his own name. A salesperson may accept compensation only from the affiliated broker (§ 5-20.5-14(12)); the broker must account and pay within ten calendar days of receiving a commission (regulation § 2.21(A)) and must notify the director in writing within ten days when an affiliation ends (§ 5-20.5-14(33)). An unlicensed person cannot sue for a commission (§ 5-20.5-21).
Disclosure, documents, and monies
A licensee must disclose in writing, at the first point of personal contact and no later than making an offer, any ownership, purchase, business, family or household interest in the transaction (regulation § 2.21(G)), and may not act for more than one party without the written consent of all (§ 5-20.5-14(7)). Regulation § 2.22 requires a diligent effort to learn pertinent facts and written disclosure of material ones; § 5-20.8-6 provides that psychological impact, including a past homicide or suicide, is not a material fact requiring disclosure, though it never licenses a false statement. Copies of any listing, sale or lease contract go to all signatories at the time of execution (§ 5-20.5-14(9)), records are kept three years after consummation (§ 5-20.5-14(6)), and customers' deposits go into the broker's escrow account upon execution of the purchase and sales agreement (§ 5-20.5-14(5)).
Listings, inducements, and general obligations
Listing agreements must be written, must state the commission, and must carry a definite expiration date that does not require the owner to give notice to terminate (§ 5-20.5-14(21), (10)). Net listings are prohibited outright (§ 5-20.5-14(22); regulation § 2.26(D)). Prohibited inducements include lotteries, contests and prizes used to influence purchasers (§ 5-20.5-14(18)) and procuring a breach of contract for the licensee's own gain (§ 5-20.5-14(11)). Advising against the use of an attorney is a ground for discipline (§ 5-20.5-14(25)). A licensee who is not a certified appraiser may never call a valuation an appraisal, and must attach the USPAP disclaimer to a CMA or BPO (regulation § 2.27). Any felony or misdemeanor conviction or nolo plea is reported to the Department within sixty days of final judgment (regulation § 2.13).
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State-specific details
State exam facts
- Exam vendor
- Pearson VUE
- Prelicensing education
- 90 classroom hours
- Passing score
- Scaled score of 70
- Scored questions
- 140
- Time limit
- 240 minutes
Who regulates real estate brokers in Rhode Island?
The Rhode Island Department of Business Regulation, through the Real Estate Section of its Division of Commercial Licensing, sets the qualification requirements and licenses real estate brokers and salespersons under R.I. Gen. Laws chapter 5-20.5 and regulation 230-RICR-30-20-2. A nine-member Rhode Island Real Estate Commission sits inside the Department and has a policy-making role in the examinations. The Department contracts with Pearson VUE to deliver the exams, and your license application must be filed within one year of the date you pass.
What experience and education do I need before the Rhode Island broker exam?
R.I. Gen. Laws 5-20.5-4(b) requires a broker applicant to have been engaged full time as a real estate salesperson for at least the two years immediately before applying, and to have completed at least 90 hours of approved classroom study. The 45 hours used to qualify for your salesperson license cannot be counted toward the 90, and classroom hours more than four years old do not count (230-RICR-30-20-2 s 2.7(C)). The application also needs the names of three unrelated Rhode Island residents who have known you for three years and will attest to your reputation for honesty.
How is the Rhode Island broker exam structured?
Two separately scheduled and separately scored parts: a national/general section of 80 scored items in 2.5 hours, and a Rhode Island state section of 60 scored items in 1.5 hours, so the full exam runs about four hours. Each part also carries unscored pretest items (5 national, 10 state). Scores are scaled and 70 passes at all exam levels. The state section is weighted 3% duties and obligations, 10% licensing requirements, 37% statutory requirements governing licensee activities, 30% additional topics, and 20% broker-only material.
Does Rhode Island require errors and omissions insurance?
Yes. R.I. Gen. Laws 5-20.5-25 makes carrying and maintaining errors and omissions insurance a condition of retaining a broker's or salesperson's license, and a certificate of coverage must be filed with the Department by each annual renewal date. Regulation 230-RICR-30-20-2 s 2.28 sets the minimum for an individual licensee at $50,000 per claim and $150,000 in the aggregate; if your coverage lapses you must stop all licensed activity immediately and notify the Department within five business days.
What continuing education do Rhode Island licensees need?
Twenty-four clock hours of Department-approved courses in each two-year renewal period. At least nine of the 24 must come from the listed core subjects, and at least three of those nine must be federal, Rhode Island and local fair housing law (R.I. Gen. Laws 5-20.5-6(b); 230-RICR-30-20-2 s 2.30). Licensees first licensed before 12 December 1984, and Rhode Island attorneys licensed under 5-20.5-4(d), are exempt.
Sources: https://dbr.ri.gov/real-estate-and-commercial-licensing/real-estate, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/094000.pdf, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/094001.pdf, https://webserver.rilegislature.gov/Statutes/TITLE5/5-20.5/INDEX.htm, https://rules.sos.ri.gov/regulations/part/230-30-20-2
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