Rhode Island Real Estate Broker Exam — All Questions
3 questions
Rhode Island generally requires the seller of residential real estate to provide the buyer with:
- a.A real estate sales disclosure form describing the known condition of the property✓
- b.A copy of the broker's bank statements
- c.A guarantee of future value
- d.Nothing, because Rhode Island follows pure caveat emptor
Rhode Island's Real Estate Sales Disclosure law (R.I.G.L. 5-20.8) generally requires the seller of residential property to provide a disclosure form describing the known condition of the property before an agreement is signed. Licensees must not help conceal known defects. This is separate from federal lead-paint disclosure.
Rhode Island has a notably strict framework for which residential hazard?
- a.Radon in commercial buildings only
- b.Termite bonds
- c.Lead-based paint hazards, with state lead-disclosure requirements in addition to federal law✓
- d.Flat-roof warranties
Rhode Island has strong state lead-hazard rules (216-RICR-50-15-3 and related law) that apply in addition to the federal lead-based-paint disclosure for pre-1978 housing. Given the state's older housing stock, lead disclosure and mitigation are heavily emphasized, and a broker should ensure the proper disclosures are provided.
When must the Rhode Island real estate sales disclosure generally be delivered to the buyer?
- a.Only at closing
- b.Before the buyer signs the purchase agreement, so the buyer can consider the property's condition✓
- c.Within 30 days after closing
- d.Only if the buyer requests it in writing
The seller's disclosure of the property's known condition is intended to reach the buyer before the purchase agreement is signed, so the buyer can factor known conditions into the decision. Delivering it after closing would defeat its purpose. Licensees should confirm the disclosure is provided at the right time.