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RI Realtor Pre-Licensing Course > Ri Sales Pre-License Law Questions > Flashcards

Ri Sales Pre-License Law Questions Flashcards

1
Q

All newly licensed salespersons shall pay a fee of $25 to be deposited into…

a. The Department of Business Regulation Fund

b. The Rhode Island Resource Recovery Fund

c. The Rhode Island Real Estate Commission Fund

d. The Real Estate Recovery Account

A

The Real Estate Recovery Account

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2
Q

A principal broker may return a deposit to a buyer or renter only after…

a. A minimum of 180 days have passed from the original contract date

b. The principal broker makes a good faith determination that the seller or landlord has forfeited his or her rights to the deposit

c. Not less than three years from the date of receipt of funds

d. The buyer or renter has requested so in writing

A

b. The principal broker makes a good faith determination that the seller or landlord has forfeited his or her rights to the deposit

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3
Q

In order to take a commission, a licensee shall, at the first point of personal contract, disclose all of the following EXCEPT…

a. That he or she has an ownership interest in the property

b. That he or she has a fiduciary Agency relationship

c. That he or she is acting on behalf of a family member

d. That he or she has a business interest (ownership or otherwise) in a business entity that is a buyer or seller

A

b. That he or she has a fiduciary Agency relationship

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4
Q

When accepting deposit funds from a buyer, the salesperson must immediately…

a. Make a copy of the check and forward it to the lender

b. Place it in the client’s folder for safe keeping

c. Turn over the deposit monies received promptly to his or her principal broker

d. Deposit the funds into the escrow account that has been designated by the broker

A

c. Turn over the deposit monies received promptly to his or her principal broker

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5
Q

Every principal broker shall ensure that their affiliated licensees keep records of all funds and property of others received by them for not less that…

a. 3 years

b. 1 year

c. 7 years

d. 5 years

A

a. 3 years

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6
Q

What type of listing agreement is illegal in the State of Rhode Island?

a. Rental listing

b. Exclusive agency listing

c. Net listing

d. Exclusive right to sell listing

A

c. Net listing

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7
Q

Every 2 years, licensees must complete, unless specifically exempted, how many hours of continuing education?

a. 24

b. 45

c. 90

d. 36

A

a. 24

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8
Q

Under Rhode Island General Law 5-20-14, Revocation, Suspension of License, the Director is authorized to levy an administrative penalty for any violation of the Rules and Regulations, in the amount not to exceed…

a. $10,000

b. $500

c. $3,500

d. $2,000

A

d. $2,000

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9
Q

A licensee may have their license revoked or suspended for all of the following EXCEPT…

a. Making any substantial misrepresentation

b. Acting for more than one party in a transaction without the knowledge and written consent of all parties for who he or she acts

c. Failure to provide buyers and sellers of real property with disclosure regarding real estate agency relationships

d. Failure to report all oral offers to the owners prior to the signing of a purchase and sales agreement by the owner

A

d. Failure to report all oral offers to the owners prior to the signing of a purchase and sales agreement by the owner

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10
Q

Under the RI Fair Housing Practice Act, which of the following is not a protected class?

a. Gender identity or expression

b. Familiar status

c. Smokers

d. Victims of domestic violence

A

c. Smokers

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11
Q

How many days must a landlord wait to give written notice to a tenant for non-payment of rent?

a. 15

b. 20

c. 30

d. 5

A

a. 15

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12
Q

After a tenant gives a landlord notice of a repair request, how many days does the landlord have to cure the defect?

a. 15

b. 20

c. 30

d. 5

A

b. 20

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13
Q

What is the maximum amount of security deposit a landlord can request from a tenant?

a. ½ month’s rental payment

b. Any amount that the landlord and tenant agree upon

c. 1 month’s rent

d. 3 month’s rent

A

c. 1 month’s rent

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14
Q

If a landlord is a non-resident of the state, what must he do?

a. Hire a handy man in case repairs need to be made

b. Get a post office box for the tenants to send their monthly rents

c. Visit the property at least once per month to make sure all is well

d. Hire an in-state agent that is registered with the state and municipality

A

d. Hire an in-state agent that is registered with the state and municipality

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15
Q

A landlord has how many days to return a tenant’s security deposit after the later of either the termination of the lease, delivery of possession, or receipt of forwarding address?

a. 15

b. 20

c. 30

d. 5

A

b. 20

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16
Q

The Seller’s Disclosure should be presented…

a. At time of closing, signed by attorney

b. As soon as practicable, but no later than the signing of a sales contract

c. Not required in Rhode Island

d. Anytime during inspection period

A

b. As soon as practicable, but no later than the signing of a sales contract

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17
Q

Seller’s Disclosure is required for all of the following EXCEPT…

a. Vacant land

b. An owner occupied two-family home

c. A new home just built

d. Single family home

A

c. A new home just built

18
Q

A property you have listed for sale was the location of a recent suicide. You should

a. Disclose this information to all

b. Refer the buyer to the local law enforcement agency

c. Refuse to answer any questions about it

d. Do nothing unless asked specifically about it

A

d. Do nothing unless asked specifically about it

19
Q

Twelve days after a property was under contract, the buyer asks for well to be tested.

a. Seller must comply with the new state law

b. Buyer should have asked for an extension within 10 days

c. Wells only require testing if under 200 feet in depth

d. Wells will be phased out in 2013

A

b. Buyer should have asked for an extension within 10 days

20
Q

A licensed salesperson has a judgment against them paid by the Rhode Island Recovery Fund. In order for the agent to regain a license, they must…

a. Take the license test again

b. Pay back the Recovery Fund

c. Apologize to the broker in their office

d. Pay back the Recovery Fund plus 12% per year

A

d. Pay back the Recovery Fund plus 12% per year

21
Q

The maximum amount allowed to be paid from the Real Estate Recovery Fund as an award is

a. $25,000 total

b. $50,000 total

c. $25,000 per licensee

d. $50,000 per licensee

A

d. $50,000 per licensee

22
Q

The RI Real Estate Commission is composed of

a. 9 people from across the State

b. 9 people from across the State that have lived in RI for 6 years or more

c. 8 people, one with a degree in engineering

d. 9 people, at least one from each county

A

d. 9 people, at least one from each county

23
Q

Real estate transaction deposit funds must…

a. Be held by buyer’s agent account until sales contract is signed

b. Be held by seller’s broker until sales contract is signed

c. Be deposited in broker’s account or account of attorney or builder, as mutually agreed

d. Be held by buyer until sales contract is signed

A

c. Be deposited in broker’s account or account of attorney or builder, as mutually agreed

24
Q
  1. The person responsible for acquiring the smoke detector/carbon monoxide inspection is

a. The listing agent

b. The buyer’s agent

c. The seller

d. The buyer

A

c. The seller

25
Q

In Rhode Island, there are additional protected classes under the Fair Housing laws and they include all of the following EXCEPT…

a. Gender identity and expression

b. Victims of assault

c. Sexual orientation

d. Marital status

A

b. Victims of assault

26
Q

In Rhode Island, which of the following are exempt from all the Fair Housing laws…

a. An owner occupied four family with elderly residents in the other units

b. A private or religious organization renting to its own members

c. The owner of a single family home selling without the use of a licensee who owns four other homes

d. The owner of a two family looking for a tenant of the same sexual orientation

A

b. A private or religious organization renting to its own members

27
Q

The Fair Housing poster can be found

a. At office supply stores

b. From the internet

c. In every real estate office

d. From the local federal courthouse

A

c. In every real estate office

28
Q

E & O insurance must be acquired

a. From an insurance company designated by DBR

b. From an insurance broker

c. Prior to taking the state exam

d. Prior to applying for a real estate license

A

d. Prior to applying for a real estate license

29
Q

In order to obtain a real estate license in Rhode Island, the applicant must have all of the following EXCEPT

a. Be 18 years of age or older

b. Be a resident of the State of Rhode Island

c. Complete a 45 hours of classroom time

d. Provide a criminal background check

A

b. Be a resident of the State of Rhode Island

30
Q

A tenant vacated his rental unit on March 31st and supplied the landlord with his forwarding address. The landlord has how many days to return the deposit?

a. 20

b. 15

c. Two weeks (14 days)

d. 10

A

a. 20

31
Q

If a tenant removes all her possessions, not paid rent in more than 15 days and has no intention of returning, the property is considered…

a. Forfeit

b. Abandoned

c. Unconscionable

d. To have a voidable lease

A

b. Abandoned

32
Q

If a landlord fails to return the security deposit in a timely manner, the tenant may…

a. Move back in for one periodic term, rent free

b. Sue the landlord for “equitable settlement”

c. Sue the landlord for the amount due and damages equal to twice amount withheld

d. Sue the landlord for the amount of the security deposit

A

c. Sue the landlord for the amount due and damages equal to twice amount withheld

33
Q

If a tenant is more than 15 days late in paying rent, the landlord may…

a. Immediately sue for eviction

b. Send a 5-day demand for payment

c. Terminate the lease agreement

d. Shut off the utilities

A

b. Send a 5-day demand for payment

34
Q

The tenant may complete repairs at the landlord’s expense EXCEPT…

a. When tenant notifies landlord of his intention to do so at landlord’s expense

b. When landlord fails to make repairs within 20 days

c. When tenant itemizes fair and reasonable value of the repairs

d. When repairs are needed as a result of tenant’s actions

A

d. When repairs are needed as a result of tenant’s actions

35
Q

If a landlord excludes the tenant from the premises or causes the interruption of utilities, the tenant may

a. Recover possession or terminate the rental agreement

b. Recover up to 3 month’s periodic rent or 3 times actual damages

c. Both a & b

d. Neither a or b

A

c. Both a & b

36
Q

A landlord must lease to a qualified physically disabled tenant if the tenant

a. Provides an estimate and deposit to modify the unit for their needs

b. Requests the modifications in writing

c. Signs an Americans with Disabilities Act rider

d. Deposits an amount equal to three times the modification work

A

a. Provides an estimate and deposit to modify the unit for their needs

37
Q

How much may a landlord collect as a security deposit?

a. No more than two months plus pet and/or cleaning deposit

b. No more than one month plus pet and/or cleaning deposit

c. No more than two months/two times the periodic rent

d. No more than one month/the periodic rent

A

d. No more than one month/the periodic rent

38
Q

Dual agency is

a. Against the law in Rhode Island

b. A great way to make more commissions

c. Not applicable

d. Requires the buyer’s and seller’s permission

A

c. Not applicable

39
Q

If a consumer feels their agent isn’t working hard enough for them, they can

a. File a complaint with the Department of Business Regulation

b. Contact the agent’s broker

c. Cancel their agreement with the agent and get a new agent

d. Nothing

A

a. File a complaint with the Department of Business Regulation

40
Q

Earnest deposit checks must be…

a. Deposited in an interest bearing account

b. Held by the licensee until contract signed by all parties

c. Given to the broker

d. Deposited in the listing agent’s escrow account

A

c. Given to the broker

RI Realtor Pre-Licensing Course (30 decks)

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