RHODE ISLAND RESIDENTIAL COMMERCIAL CONTRACTOR
LICENSING EXAM PRACTICE QUESTIONS AND CORRECT
ANSWERS
Commercial licensing regulation -ANSWER-Promote the general welfare of the citizens of
Rhode Island so that the public interest most effectively be served
Clock hour -ANSWER-at least fifty minutes of classroom instruction
Promptly -ANSWER-shall mean not more than 10 calendar days
Principal broker -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 -
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? -ANSWER-45
Anyone who want to be a broker should present evidence of how many hours of classroom
education? -ANSWER-90
Licenses shall be renewed every how many years? -ANSWER-2
,When is the renewal fee due by for renewal of license -ANSWER-May 1
All newly licensed salespersons shall pay a fee of $25 to be deposited into -ANSWER-The
Real Estate Recovery fund
A principal broker may return a deposit to a buyer or renter only after -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 -ANSWER-3 years
Every two years, licensees must complete, unless specifically exempted, how many hours of
continuing education: -ANSWER-24
Within how many days should the broker notify the department of a Dissolution? -ANSWER-
10
Any licensee convicted of any felony shall file with the department a written report of such
conviction within ___ days -ANSWER-60
Who is in charge of the escrow account for each brokerage? -ANSWER-the principal broker. `
Can escrow deposit be deposited in another account besides the escrow account? -
ANSWER-yes if it is agreed to in writing.
What should a salesperson do with an escrow deposit once its received? -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: -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: -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? -ANSWER-
3 years
Within how many days should the principal broker pay the salesperson once they have
received the commission check? -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; -ANSWER-1. A buyer
2. a seller
LICENSING EXAM PRACTICE QUESTIONS AND CORRECT
ANSWERS
Commercial licensing regulation -ANSWER-Promote the general welfare of the citizens of
Rhode Island so that the public interest most effectively be served
Clock hour -ANSWER-at least fifty minutes of classroom instruction
Promptly -ANSWER-shall mean not more than 10 calendar days
Principal broker -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 -
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? -ANSWER-45
Anyone who want to be a broker should present evidence of how many hours of classroom
education? -ANSWER-90
Licenses shall be renewed every how many years? -ANSWER-2
,When is the renewal fee due by for renewal of license -ANSWER-May 1
All newly licensed salespersons shall pay a fee of $25 to be deposited into -ANSWER-The
Real Estate Recovery fund
A principal broker may return a deposit to a buyer or renter only after -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 -ANSWER-3 years
Every two years, licensees must complete, unless specifically exempted, how many hours of
continuing education: -ANSWER-24
Within how many days should the broker notify the department of a Dissolution? -ANSWER-
10
Any licensee convicted of any felony shall file with the department a written report of such
conviction within ___ days -ANSWER-60
Who is in charge of the escrow account for each brokerage? -ANSWER-the principal broker. `
Can escrow deposit be deposited in another account besides the escrow account? -
ANSWER-yes if it is agreed to in writing.
What should a salesperson do with an escrow deposit once its received? -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: -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: -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? -ANSWER-
3 years
Within how many days should the principal broker pay the salesperson once they have
received the commission check? -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; -ANSWER-1. A buyer
2. a seller
