Agency
A Rhode Island licensee who wants to purchase a property listed by their own broker must:
AHave another broker represent them in the transaction
BDisclose their licensed status to the seller and obtain written consent for the transaction structure✓ Correct
CAsk the DBR for special permission
DAvoid making any offers on in-house listings
Explanation
A licensee buying a property listed by their own broker must disclose their licensed status to the seller. The agency relationship and potential conflicts must be disclosed and addressed with written consent.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
DRE Regulation
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