A Rhode Island licensee encounters the Department issues an original broker or salesperson license. What should the licensee remember?
Correct Answer
B) Before issuance, the applicant pays a twenty-five dollar fee deposited into the Real Estate Recovery Fund Account
230-RICR-30-20-2 § 2.8 requires a $25 fee before original license issuance, deposited into the Real Estate Recovery Fund Account. 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
Related Topics:
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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