Rhode Island License Law
Under Rhode Island license law, a broker's escrow (trust) account for client funds must be:
AAn interest-bearing account with interest paid to the broker
BReconciled and maintained separate from the broker's operating and personal accounts✓ Correct
CHeld at a federally chartered national bank only
DReported quarterly to the DoBR with account balances
Explanation
Rhode Island requires brokers to maintain escrow/trust accounts that are separate from all operating and personal accounts, properly reconciled, and used solely for client funds.
Related Rhode Island Rhode Island License Law Questions
- Under RIGL Chapter 5-20.5, a Rhode Island licensee found guilty of unlawful discrimination can face:
- Under RIGL Chapter 5-20.5, a real estate salesperson license is valid for how many years in Rhode Island?
- Rhode Island license law prohibits a licensee from engaging in 'panic peddling.' What is this?
- What is the 'cooling off period' concept and does it apply to Rhode Island real estate purchase agreements?
- Under Rhode Island law, a real estate salesperson must be supervised by a broker. This supervision requirement means the broker must:
- A Rhode Island licensee who wants to claim a commission in court must prove which of the following?
- Under RIGL Chapter 5-20.5, which of the following is NOT a ground for denial, suspension, or revocation of a Rhode Island real estate license?
- Under Rhode Island law, a 'referral agent' or 'referral broker' may:
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 →