Rhode Island law exam for real estate exam
questions with correct answers
Commercial licensing regulation - CORRECT ANSWER✔✔-Promote the general
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welfare of the citizens of Rhode Island so that the public interest most effectively
| | | | | | | | | | | | | |
be served|
Clock hour - CORRECT ANSWER✔✔-at least fifty minutes of classroom instruction
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Promptly - CORRECT ANSWER✔✔-shall mean not more than 10 calendar days
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Principal broker - CORRECT ANSWER✔✔-1. act in supervisory capacity for every
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real estate transaction
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2. be responsible for the compliance of his or her affiliated licensees
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3. responsible for the compliance of his or her non-licensed employees
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4. Shall maintain an escrow account
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Whats the time period for re-examination for a salesperson or a broker for any
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failed exams - CORRECT ANSWER✔✔-1 year
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if the one year time expires the person should take entire exam as appose just
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taking failed section. | |
Anyone who wants to be a sales person should present evidence of how many
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hours of classroom education? - CORRECT ANSWER✔✔-45
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,Anyone who want to be a broker should present evidence of how many hours of
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classroom education? - CORRECT ANSWER✔✔-90
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Licenses shall be renewed every how many years? - CORRECT ANSWER✔✔-2
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When is the renewal fee due by for renewal of license - CORRECT ANSWER✔✔-
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May 1 |
All newly licensed salespersons shall pay a fee of $25 to be deposited into -
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CORRECT ANSWER✔✔-The Real Estate Recovery fund
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A principal broker may return a deposit to a buyer or renter only after - CORRECT
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ANSWER✔✔-The principal broker makes a good faith determination that the | | | | | | | | | |
seller or landlord has forfeited his or her right to the deposit.
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Every principal broker shall ensure that their affiliated licensees keep record of all
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funds and property of others received by them for not less that - CORRECT
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ANSWER✔✔-3 years |
Every two years, licensees must complete, unless specifically exempted, how
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many hours of continuing education: - CORRECT ANSWER✔✔-24
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Within how many days should the broker notify the department of a Dissolution?
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- CORRECT ANSWER✔✔-10
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, Any licensee convicted of any felony shall file with the department a written
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report of such conviction within ___ days - CORRECT ANSWER✔✔-60
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Who is in charge of the escrow account for each brokerage? - CORRECT
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ANSWER✔✔-the principal broker. ` | | |
Can escrow deposit be deposited in another account besides the escrow
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account? - CORRECT ANSWER✔✔-yes if it is agreed to in writing.
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What should a salesperson do with an escrow deposit once its received? -
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CORRECT ANSWER✔✔-give it to the principal broker.
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A principal broker may release a deposit to a seller or landlord only after the
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following steps have been taken: - CORRECT ANSWER✔✔-1.The principal broker
| | | | | | | | | |
makes a good faith determination that the buyer or rental forfeited his or her
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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
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3. The buyer or renter fails to notify the principal broker in writing within the
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sixty day period that he or she disputes the ownership of the deposit
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A principal broker may return a deposit to a buyer or renter only after: - CORRECT
| | | | | | | | | | | | | | |
ANSWER✔✔-1. The principal broker makes a good faith determination that the
| | | | | | | | | | | |
seller or landlord has forfeited his or her rights to the deposit
| | | | | | | | | | |
questions with correct answers
Commercial licensing regulation - CORRECT ANSWER✔✔-Promote the general
| | | | | | | |
welfare of the citizens of Rhode Island so that the public interest most effectively
| | | | | | | | | | | | | |
be served|
Clock hour - CORRECT ANSWER✔✔-at least fifty minutes of classroom instruction
| | | | | | | | | |
Promptly - CORRECT ANSWER✔✔-shall mean not more than 10 calendar days
| | | | | | | | | |
Principal broker - CORRECT ANSWER✔✔-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 - CORRECT ANSWER✔✔-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? - CORRECT ANSWER✔✔-45
| | | | | |
,Anyone who want to be a broker should present evidence of how many hours of
| | | | | | | | | | | | | | |
classroom education? - CORRECT ANSWER✔✔-90
| | | |
Licenses shall be renewed every how many years? - CORRECT ANSWER✔✔-2
| | | | | | | | | |
When is the renewal fee due by for renewal of license - CORRECT ANSWER✔✔-
| | | | | | | | | | | | |
May 1 |
All newly licensed salespersons shall pay a fee of $25 to be deposited into -
| | | | | | | | | | | | | | |
CORRECT ANSWER✔✔-The Real Estate Recovery fund
| | | | |
A principal broker may return a deposit to a buyer or renter only after - CORRECT
| | | | | | | | | | | | | | | |
ANSWER✔✔-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 - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-3 years |
Every two years, licensees must complete, unless specifically exempted, how
| | | | | | | | | |
many hours of continuing education: - CORRECT ANSWER✔✔-24
| | | | | | |
Within how many days should the broker notify the department of a Dissolution?
| | | | | | | | | | | |
- CORRECT ANSWER✔✔-10
| | |
, Any licensee convicted of any felony shall file with the department a written
| | | | | | | | | | | | |
report of such conviction within ___ days - CORRECT ANSWER✔✔-60
| | | | | | | | |
Who is in charge of the escrow account for each brokerage? - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-the principal broker. ` | | |
Can escrow deposit be deposited in another account besides the escrow
| | | | | | | | | | |
account? - CORRECT ANSWER✔✔-yes if it is agreed to in writing.
| | | | | | | | | |
What should a salesperson do with an escrow deposit once its received? -
| | | | | | | | | | | | |
CORRECT ANSWER✔✔-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: - CORRECT ANSWER✔✔-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: - CORRECT
| | | | | | | | | | | | | | |
ANSWER✔✔-1. The principal broker makes a good faith determination that the
| | | | | | | | | | | |
seller or landlord has forfeited his or her rights to the deposit
| | | | | | | | | | |
