A Rhode Island licensee encounters a Rhode Island brokerage dissolves. What should the licensee remember?
Correct Answer
D) The principal broker must notify the Department in writing and return the principal broker license within ten days
230-RICR-30-20-2 § 2.11 requires written notice of brokerage dissolution and return of the principal broker license within ten days. Source basis: Rhode Island Department of State official regulation 230-RICR-30-20-2 §§ 2.5-2.13 and 2.30, plus R.I. Gen. Laws §§ 5-20.5-4, 5-20.5-11, and 5-20.5-25 where applicable; checked 2026-04-30.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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