Real Estate Practice in Rhode Island
Rhode Island practice includes broker-held escrow accounts, a statutory seller disclosure of real estate condition, and lead-paint disclosure duties common to the state's older housing stock. This chapter covers trust money and required disclosures.
Escrow and Client Funds
Earnest money and other client funds must be handled through the broker's escrow (trust) account and kept separate from the broker's own funds. A salesperson who receives money must promptly deliver it to the sponsoring broker for deposit. Commingling client money with personal or business funds, or converting it, is one of the most serious violations of Rhode Island license law.
Seller's Real Estate Disclosure
Rhode Island's Real Estate Sales Disclosure law (Chapter 5-20.8) requires most sellers of residential real estate to give the buyer a completed disclosure form describing the known condition of the property before the buyer is bound. The seller is not required to inspect the property but must answer honestly about known conditions. Licensees must not help a seller conceal known material defects.
Lead-Based Paint Disclosure
Because much of Rhode Island's housing was built before 1978, lead-based paint disclosure is a routine part of practice. Federal law and Rhode Island's lead programs require sellers and landlords of pre-1978 housing to disclose known lead hazards and provide the required lead pamphlet. Licensees must ensure these disclosures are made and never misrepresent the presence of lead hazards.
State-specific details
State exam facts
- State regulator
- Rhode Island Real Estate Division (DBR)
- Exam vendor
- PSI
- Prelicensing education
- 45 hours of approved salesperson pre-license education
How many prelicensing hours does Rhode Island require to become a real estate agent?
Rhode Island requires a 45-hour salesperson pre-license course approved by the Real Estate Division before you sit for the state exam.
Who licenses real estate agents in Rhode Island?
The Rhode Island Real Estate Division, within the Department of Business Regulation (DBR), licenses salespersons and brokers. The Division uses PSI to deliver the exam.
How is the Rhode Island salesperson exam structured?
The Rhode Island salesperson exam is delivered by PSI with a national portion and a Rhode Island state portion, scored separately; you must pass both. Confirm the current scored-question counts in the PSI Candidate Information Bulletin.
Sources: https://dbr.ri.gov/divisions/commercial-licensing/real-estate, https://www.psiexams.com/
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