Rhode Island License Law
Under Rhode Island General Laws Chapter 5-20.5, which of the following must obtain a real estate broker's license?
AAn attorney who incidentally negotiates real estate as part of legal services
BA person who charges a fee to negotiate the purchase of real estate for another✓ Correct
CA property owner selling their own vacant land
DA court-appointed receiver managing a foreclosed property
Explanation
RIGL Chapter 5-20.5 requires anyone who, for compensation, negotiates real estate transactions on behalf of others to hold a broker's license.
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Key Terms to Know
Joint Tenancy
Co-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.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
AgencyA 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.
State-Specific Concepts
License Law
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