Rhode Island License Law
Under Rhode Island license law, a licensee's fiduciary duties to their client include which of the following acronyms often taught in licensing courses?
APITI (Principal, Interest, Taxes, Insurance)
BOLDCAR (Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care)✓ Correct
CRESPA (Real Estate Settlement Procedures Act)
DTRID (TILA-RESPA Integrated Disclosure)
Explanation
The fiduciary duties owed by a real estate agent to their client are commonly taught using the acronym OLDCAR: Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable Care.
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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.
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.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
State-Specific Concepts
License Law
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