Rhode Island License Law
Which of the following activities requires a Rhode Island real estate license under RIGL Chapter 5-20.5?
AAn owner selling their own property
BAn attorney handling a real estate transaction incidental to legal practice
CA property manager leasing residential units for compensation on behalf of others✓ Correct
DA court-appointed executor selling estate property
Explanation
Property managers who lease residential units for compensation on behalf of others are required to hold a Rhode Island real estate license. The other options are among the exemptions from licensure under RIGL Chapter 5-20.
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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.
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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
State-Specific Concepts
License Law
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