Rhode Island License Law
A Rhode Island broker must keep their escrow account records available for inspection by:
AAny member of the public on request
BThe Rhode Island DBR during an audit or investigation✓ Correct
COnly the parties to each transaction
DOnly the lender for that transaction
Explanation
Rhode Island brokers must maintain escrow account records in a form accessible for inspection by the DBR during audits or investigations. Regulators have the authority to examine these records to ensure compliance.
People Also Study
Related Rhode Island Questions
- In Rhode Island, a broker who manages an escrow account must keep records of all deposits and withdrawals. How long must these records be retained?Rhode Island License Law
- Under RIGL 5-20.5, a Rhode Island real estate licensee must keep detailed records of all trust fund transactions. These records must be available for inspection by the DBR for a minimum of:Rhode Island License Law
- Rhode Island requires real estate brokers to maintain trust accounts for client funds. Commingling of client funds means:Rhode Island License Law
- An escrow account held by a Rhode Island broker must be:Escrow & Title
- A Rhode Island broker receives an earnest money check from a buyer. When must the broker deposit it into the escrow account?Rhode Island License Law
- What is 'impound account' or 'escrow account' in the context of a Rhode Island mortgage?Finance
- In Rhode Island, a property manager who embezzles funds from the managed property's escrow account can face:Property Management
- In Rhode Island, what is the 'duty to account' owed by an agent to their principal?Agency
Key Terms to Know
Escrow
A neutral third-party arrangement where funds, documents, and instructions are held until all conditions of a real estate transaction are satisfied.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
State-Specific Concepts
License Law
Practice More Rhode Island Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Rhode Island Quiz →