Contracts
In Rhode Island, which party may rescind a residential purchase agreement after receiving the Residential Real Estate Condition Disclosure Statement?
AThe seller, within 5 days
BThe buyer, within a reasonable time after receiving the disclosure✓ Correct
CEither party at any time before closing
DOnly the listing broker
Explanation
Rhode Island law provides the buyer with a right to rescind the purchase agreement within a reasonable time after receiving the Residential Real Estate Condition Disclosure Statement, particularly if material defects are disclosed.
Related Rhode Island Contracts Questions
- When a buyer makes an earnest money deposit in Rhode Island, the funds are typically held by:
- What is a 'force majeure' clause in a Rhode Island real estate contract?
- When a buyer waives an inspection contingency, they are agreeing to:
- Under Rhode Island's Seller Disclosure Law, which of the following must a seller disclose?
- In Rhode Island, what is an 'addendum' to a purchase contract?
- A Rhode Island seller accepts a buyer's offer, but the acceptance is communicated after the offer's stated expiration date. This acceptance is:
- A 'contingency for sale of buyer's property' in a Rhode Island purchase contract means:
- An 'as-is' sale does not relieve the seller from the obligation to:
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 →