Rhode Island General Real Estate Study Guide with Complete Solution

Rhode Island General Real Estate Study Guide with Complete Solution Real estate recovery act Dept of business regulation establishes this account Covers anyone aggrieved by an act, misrepresentation, transaction or conduct of a licensed real estate broker upon the grounds of fraud, misrepresentation or deceit may recover no more than 50000 per one license Can't be used to reimburse any broker or salesperson Agents pay a fee for the deposit in the real estate recovery fund when they first get their license Dec 31 of any year if the recovery fund is less than 200000 agents pay a fee of $25 when renewing their license Agents/ brokers must pay back the recovery fund plus 12% a year Real estate commission 9 people at least one from each county Citizen of the state for at least 10 years 3 current licensed brokers who have been brokers for at least 5 years in the state 4 have to be members of the general public Who is exempt from licensing? 1. Any person, partnership, association, corporations or any of their employees who want to acquire, lease, sell of deal in real estate that will be held for investment