RI Real Estate study guide
RI Real Estate · Work through your exam, one topic at a time.
The Rhode Island Real Estate Salesperson License Examination is the licensing test that candidates must pass to be licensed as a real estate salesperson in Rhode Island. Licensing authority rests with the Rhode Island Department of Business Regulation (DBR), which oversees real estate through its Real Estate and Commercial Licensing division and publishes the application and renewal pathways for real estate licenses. The RI Real Estate study guide has 5 sections and about 2,600 words.
01Agency, Brokerage Relationships and Fiduciary Duties
Agency is a fiduciary relationship in which a broker or salesperson acts for a client with the client's consent and subject to the client's control. An agency relationship can be created by express agreement, implication from conduct, ratification of unauthorized acts, or estoppel.
576 words, about 3 min02Rhode Island Real Estate License Law and Regulation
Rhode Island real estate licensees are regulated by the Real Estate Commission within the Department of Business Regulation. The law governs licensure, renewal, continuing education, advertising, escrow and recordkeeping, commissions, and discipline.
283 words, about 1 min03Contracts, Listing Agreements and Purchase and Sale Practice
A valid contract requires offer, acceptance, consideration, capacity, legality, and mutual assent. Real estate contracts for the sale of land must satisfy the statute of frauds: they must be in writing and signed by the party to be charged.
524 words, about 3 min04Financing, Closing and Settlement
Buyers typically choose among conventional, FHA, VA, and USDA loans. Conventional loans may require private mortgage insurance above 80% loan-to-value; FHA loans carry mortgage insurance premiums; VA loans often have a funding fee but no monthly PMI.
488 words, about 2 min05Property Ownership, Valuation, Transfer and Land Use
Property ownership involves estates in land, forms of co-ownership, and encumbrances. Fee simple absolute is the most complete estate; a life estate lasts for a person's lifetime; leaseholds are personal property interests.
729 words, about 4 min