A Rhode Island licensee encounters a principal broker believes a buyer or renter forfeited the deposit to the seller or landlord. What should the licensee remember?
Correct Answer
D) The broker may release the deposit only after a good-faith determination, certified-mail notice, and no written dispute within sixty days from receipt of notice
230-RICR-30-20-2 § 2.19 sets the seller/landlord release procedure: good-faith forfeiture determination, certified-mail notice, and no written dispute within the sixty-day period. Source basis: Rhode Island Department of State official regulation 230-RICR-30-20-2 §§ 2.18-2.19 and R.I. Gen. Laws § 5-20.5-26; checked 2026-04-30.
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Related Topics & Key Terms
Related Topics:
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Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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