Rhode Island License Law
A Rhode Island real estate licensee who changes their employing broker must:
AApply for a new license
BNotify the DoBR and transfer their license to the new broker✓ Correct
CWait until the next renewal period to change brokers
DComplete a new 45-hour pre-license course
Explanation
When a Rhode Island salesperson changes employing brokers, they must notify the DoBR and transfer their license to the new broker. They cannot practice until the transfer is complete and the new affiliation is on file with the Division.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
Pre-License Education
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