RI Real Estate Practice Exam 2 Flashcards

RI Real Estate Practice Exam 2 Flashcards Is a sub-divider selling his/her lots regulated by the real estate license laws?True According to Rhode Island law, any person other than the

owner who sells an individual co-operativeunit must:

be licensed as a commodities broker.Is a real estate license required forobtaining a listing to find a tenant to rent a store.True In regards to Megan's LawIf important to the buyer, the buyer can contact the local police department What does 'promptly' mean?Not more than 10 calendar days Any person acting as a Broker or Salesperson without obtaining a Real Estate License is guilty of amisdemeanor, and if convicted will be punished with a fine of?Not less than $100; nor more than $500 The RI Real Estate Commission is composed of 9 people, at least one from each county A real estate licensee must give the agency disclosure statement to the prospective purchaser's or tenant's before any offers to purchase/ lease are signed by the buyer/tenant.A buyer is interested in seeing a house listed with XYZ Realty, but does not wish to enter into anagency relationship. A sales person from LMN Realty can show the

buyer the house if:

XYZ Realty obtains LMN Realty's consent to sub-agency and the buyer is given an agencydisclosure notice, stating that XYZ represents the seller.In order to take a commission, a licensee shall, at the first

point of personal contact disclose all ofthe following except:

That he or she has a fiduciary Agency relationship A tenant vacated his rental unit on March 31st and supplied the landlord with his forwardingaddress. The landlord has how many days to return the deposit?20 Does a said builder-owner who is hired by you for a fee to locate a new home for you that was built byhis/her competitors require a real estate license?True If a consumer feels their sales person isn't working hard enough for them, they can File a complaint with the Dept. of Business Regulation Upon death of a broker, what actions must be taken?The Director must send a legal representative to transact the business for no more than a year Where should smoke alarms be installed?Inside each bedroom, outside bedroom areas, on each habitable level including basements, and at the bottom of basement stairs Are you required to report all written offers to the owner?Yes Sellers Disclosure is required for all of the following

EXCEPT:

A new home just built A landlord has how many days to return a tenant's security deposit after the later of either the termination of the lease,

delivery of possession, or receipt of forwarding address:

20

Is Dual Agency applicable?False If a landlord excludes the tenant from the premises or causes the interruption of utilities the tenantmay recover possession or terminate the rental agreement; recover up to 3 months periodic rent or 3 times actual damages Do you have to be a resident of the State of Rhode Island to obtain your license?False In the case of a buyer and seller dispute regarding monies held in escrow, the Broker must depositthe monies with the General Treasurer after how many days from the date of the original deposit?180 Does a person who employs fewer than 3 apartment leasing agents require a real estate license?True A Mandatory Relationship Disclosure should be presented to a prospective buyer, seller, tenant, orlandlord at?At the first personal contact, or prior to an offer to purchase, whichever is first to occur If a person obtains a reciprocal real estate broker's license

he/she must:

file a Power of Attorney with the Rhode Island Director of the Department of Business Regulations.How many days can someone file a complaint against you?Upon 10 days of written notice Personal real estate assistants in Rhode Island: may insert factual information into pre-printed contract forms under the direct supervision of thesupervising broker.In order to obtain a real estate license, an individual mustComplete a criminal background check If a landlord fails to return the security deposit in a timely manner, the tenant may sue the landlord for the amount due + damages equal to twice amount withheld The person responsible for acquiring the smoke

detector/carbon monoxide inspection is:

The seller A broker who holds a Rhode Island license by reciprocity, but whose home state is Connecticut, will beexempt from the requirement that he/she maintain a definite place of business in Rhode Island if all ofthe following factors are

met EXCEPT:

if a least one Rhode Island licensee (salesperson or associate broker) is in the employ of thebroker, Which of the following statements is true, regarding Escrow

Accounts:

A licensee shall turn over deposit monies promptly to the principal broker Under Rhode Island General Law 5-20.5-14, Revocation, Suspension of License, the Director isauthorized to levy an administrative penalty for any violation of the Rules and

Regulations, in theamount not to exceed:

$1,000

Maximum amount in Real Estate Recovery Account $50,000 How do you satisfy unpaid monies to the Real Estate Recovery Account?Must pay unpaid claims plus 12% interest a year Can a broker engage in the business of real estate in less than a full-time capacity?True A license may be revoked upon proof of:stating to a perspective client that the listing commission is set by state law.When should your commission be released? Within 10 days A Licensee may have their licensed revoked or suspended

for all of the following except:

Failure to providing Buyers and Sellers of real property with disclosure regarding Real EstateAgency Relationships

How many days must a landlord wait to give written notice

to a tenant for non-payment of rent:

15 Seller Real Estate Disclosures must be delivered to the

buyer:

prior to the buyer making a written offer.When should earnest money be released due to a fail transaction?Within 10 days When should a landlord release a security deposit?Within 20 days All of the following provisions are required by license law to be in a Rhode Island real estate listingcontract EXCEPT

the provision that:

a listing agreement must be accompanied by a qualified expert's report of the properties condition All newly licensed salespersons shall pay a fee of $25.00 to

be deposited into:

The Real Estate Recovery Fund A licensed sales person has a judgment against them paid by the Rhode Island Recovery Fund.In order for the agent

to regain a license, they must:

Pay back the Recovery Fund plus 12% per year How much is a late fee for renewal?$100 Any changes to a licensee's information must be updated

with the Department within:

10 days of the change Members of the commission are selected by the Rhode Island Association of Realtors®?False In Rhode Island, an Exclusive-Buyers Representation Agreement is require to?required to state this fact in the body of the contract.How much is it to renew your real estate license? $130 per two years An unlicensed individual who engages in activities for which a real estate license is required is subjectto which of the following penalties for the first offense?A fine not to exceed $500 and/or 1 year imprisonment or both.A licensee who allows their license to remain inactive has how long to reinstate the license without re-examination?Up to 1 year.You meet a potential buyer at an open house that you are conducting for another Agent in youroffice. You are not a Designated Client Representative for the Seller. The Buyer wishes to "hire you" astheir Designated Client Representative, to make an offer on this home. You may?Provide advice and counseling, and conduct a competitive market analysis to prove value After a tenant gives a landlord notice of a repair request,

how many days does the landlord haveto cure the defect:

20 What are the responsibilities of a broker concerning the monies entrusted to him/her in a real estatetransaction?Provide a full accounting to each party of all receipts and distributions of any fund entrusted tohim/her by the parties.What is the deadline for a cesspool replacement? Within 12 months of sale or transfer Do you need to be a US citizen to obtain a license?No A real estate broker hires a secretary who does not have a real estate license to be in charge of theclerical staff. The broker agrees to pay the secretary a fixed salary. Which of the following duties maythe secretary perform?Typing contracts submitted by the salespeople in the broker's office