Property Management
A Rhode Island residential lease for one year or more must be:
ARecorded with the local town hall
BIn writing to be enforceable under the statute of frauds✓ Correct
CApproved by the Rhode Island Housing Authority
DNotarized before taking effect
Explanation
Under Rhode Island's statute of frauds, leases for a period of one year or more must be in writing to be enforceable.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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