Rhode Island Law Exam ACTUAL
QUESTIONS AND CORRECT ANSWERS
CHAPTURE 5-20.5 - CORRECT ANSWER Real Estate Brokers and Salespersons
BPO - CORRECT ANSWER Broker Price Opinion
Abandonment - CORRECT ANSWER IF a landlord does not hear from a tenant they
have to send a notice to their previous address saying if they don't hear from him/her within 7
days then he will recent property.
Affiliated Licensee - CORRECT ANSWER Licensed real estate salesperson or broker
Any Money that is made illegally... - CORRECT ANSWER Can be penalized up to 3x
the amount
At very first meeting, licensee must disclose - CORRECT ANSWER 1. They have
ownership interest in the property
2. He is acting on behalf of a family member
3. He has a business interest in the property
Real Estate Broker Functionalities - CORRECT ANSWER -Directs or assists in the
procurement of a real estate transaction
-lists, sells, purchases, exchanges, rents, leases, prepares an opinion of value, or Auctions
Real Estate
-Involved in other Real Estate Supervisory Activity
DBR - CORRECT ANSWER Debt. of Business Regulation
DCR - CORRECT ANSWER Debt. of Conservation and Recreation
, Dual Activities - CORRECT ANSWER Real Estate Transaction where the broker holds
more thank one title. i.e. Builder, contractor etc.
Escrow Account - CORRECT ANSWER AKA Escrow trust
Escrow Agents - CORRECT ANSWER Broker or Attorney
Estate in Remainder - CORRECT ANSWER Getting the estate once someone dies
Granting Clause - CORRECT ANSWER Clause in the deed conveying the rights and
privileges of ownership.
HRC - CORRECT ANSWER Housing Resources Commission
Protected Class - CORRECT ANSWER victims of domestic violence, gender identity,
or expression familial status
Rescind - CORRECT ANSWER Cancel
Reversion Estate - CORRECT ANSWER Conveying an estate then taking it back when
the person dies
sanctions - CORRECT ANSWER monetary fines for not obeying the rules
RERF - CORRECT ANSWER Real Estate Recovery Fund
Radon - CORRECT ANSWER odorless, colorless gas
QUESTIONS AND CORRECT ANSWERS
CHAPTURE 5-20.5 - CORRECT ANSWER Real Estate Brokers and Salespersons
BPO - CORRECT ANSWER Broker Price Opinion
Abandonment - CORRECT ANSWER IF a landlord does not hear from a tenant they
have to send a notice to their previous address saying if they don't hear from him/her within 7
days then he will recent property.
Affiliated Licensee - CORRECT ANSWER Licensed real estate salesperson or broker
Any Money that is made illegally... - CORRECT ANSWER Can be penalized up to 3x
the amount
At very first meeting, licensee must disclose - CORRECT ANSWER 1. They have
ownership interest in the property
2. He is acting on behalf of a family member
3. He has a business interest in the property
Real Estate Broker Functionalities - CORRECT ANSWER -Directs or assists in the
procurement of a real estate transaction
-lists, sells, purchases, exchanges, rents, leases, prepares an opinion of value, or Auctions
Real Estate
-Involved in other Real Estate Supervisory Activity
DBR - CORRECT ANSWER Debt. of Business Regulation
DCR - CORRECT ANSWER Debt. of Conservation and Recreation
, Dual Activities - CORRECT ANSWER Real Estate Transaction where the broker holds
more thank one title. i.e. Builder, contractor etc.
Escrow Account - CORRECT ANSWER AKA Escrow trust
Escrow Agents - CORRECT ANSWER Broker or Attorney
Estate in Remainder - CORRECT ANSWER Getting the estate once someone dies
Granting Clause - CORRECT ANSWER Clause in the deed conveying the rights and
privileges of ownership.
HRC - CORRECT ANSWER Housing Resources Commission
Protected Class - CORRECT ANSWER victims of domestic violence, gender identity,
or expression familial status
Rescind - CORRECT ANSWER Cancel
Reversion Estate - CORRECT ANSWER Conveying an estate then taking it back when
the person dies
sanctions - CORRECT ANSWER monetary fines for not obeying the rules
RERF - CORRECT ANSWER Real Estate Recovery Fund
Radon - CORRECT ANSWER odorless, colorless gas
