Rhode Island Law Exam For Real Estate
UPDATED Exam Questions and
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
2. The principal broker provides written notice to the seller or landlord by certified mail,
return receipt request, of his or her intent to return the deposit to the buyer or renter 21 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 twenty-one day
period that he or she disputes the ownership of the deposit.
How long should licensee keep receipts of any such funds or property on record? - Correct
Answer- 3 years
Within how many days should the principal broker pay the salesperson once they have
received the commission check? - Correct Answer- 10 days
In any real estate transaction, a licensee must disclose that he or she is licensed as a real
estate broker or salesperson, even if no commision is at issue, when he or she is a party to the
transaction as the following; - Correct Answer- 1. A buyer
2. a seller
3. An owner of a business entity that is a buyer or seller
4. representative of a family memberm
Any advertisement shall contain the words ___________ if it refers to the amounts of down
payment - Correct Answer- to a qualified buyer.
UPDATED Exam Questions and
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
2. The principal broker provides written notice to the seller or landlord by certified mail,
return receipt request, of his or her intent to return the deposit to the buyer or renter 21 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 twenty-one day
period that he or she disputes the ownership of the deposit.
How long should licensee keep receipts of any such funds or property on record? - Correct
Answer- 3 years
Within how many days should the principal broker pay the salesperson once they have
received the commission check? - Correct Answer- 10 days
In any real estate transaction, a licensee must disclose that he or she is licensed as a real
estate broker or salesperson, even if no commision is at issue, when he or she is a party to the
transaction as the following; - Correct Answer- 1. A buyer
2. a seller
3. An owner of a business entity that is a buyer or seller
4. representative of a family memberm
Any advertisement shall contain the words ___________ if it refers to the amounts of down
payment - Correct Answer- to a qualified buyer.
