Rhode Island License Law
What is the purpose of the 'Real Estate Recovery Fund' administered by the Rhode Island DBR?
ATo fund continuing education for licensees
BTo compensate consumers who have suffered financial losses due to a licensee's fraud, misrepresentation, or deceit that cannot be recovered from the licensee✓ Correct
CTo pay for DBR audits of broker escrow accounts
DTo provide startup loans to new brokerages
Explanation
Rhode Island's Real Estate Recovery Fund provides a mechanism for consumers who have suffered actual financial losses due to a licensee's fraud, misrepresentation, or violation of license law to recover some or all of their losses when the licensee cannot pay.
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