Rhode Island License Law
Rhode Island requires real estate licensees to disclose their licensed status when:
AOnly when acting as a listing agent
BPurchasing or selling real property for their own account✓ Correct
CReferring clients to other licensees in different states
DAttending a public real estate auction as a spectator
Explanation
Rhode Island licensees must disclose their licensed status when purchasing or selling real property for their own account, to ensure the other party understands the licensee's professional knowledge and expertise.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
State-Specific Concepts
License Law
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