Rhode Island Real Estate Salesperson Exam — All Questions
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Under Rhode Island's Real Estate Sales Disclosure law, the seller of residential real estate must generally:
- a.Provide the buyer a title insurance policy
- b.Obtain a professional inspection before listing
- c.Give the buyer a completed disclosure form describing the known condition of the property✓
- d.Guarantee the property is free of all defects
Rhode Island's Real Estate Sales Disclosure law (Chapter 5-20.8) requires most sellers of residential real estate to provide the buyer a completed disclosure form describing the known condition of the property. The seller is not required to inspect or to warrant the property but must answer honestly about known conditions.
Earnest money a Rhode Island salesperson receives from a buyer must be:
- a.Delivered promptly to the sponsoring broker for deposit in the broker's escrow account✓
- b.Held by the salesperson in a personal account until closing
- c.Forwarded to the Real Estate Commission for safekeeping
- d.Paid directly to the seller when the offer is written
Client funds such as earnest money 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. Commingling or converting client money is a serious violation of Rhode Island license law.