A Rhode Island principal broker reviews a licensee takes a listing agreement. Which answer follows Rhode Island law?
Correct Answer
A) The listing agreement must be in writing, properly identify the property, contain the terms and conditions of sale, include the commission, signatures, and a definite expiration date
R.I. Gen. Laws § 5-20.5-14 requires listing agreements to be in writing and contain the property identification, terms, commission, signatures, and definite expiration date. Source basis: Rhode Island Department of State official regulation 230-RICR-30-20-2 § 2.26 and R.I. Gen. Laws § 5-20.5-14; checked 2026-04-30.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Novation is the substitution of a new contract for an existing one, or the replacement of one party with a new party, with the consent of all parties involved. The original party is completely released from all obligations.
Offer and acceptance is the process by which one party proposes specific terms for a contract and the other party agrees to those exact terms, creating mutual assent. This mutual agreement, also called a meeting of the minds, is an essential element of every valid contract.
An option contract gives one party the exclusive right, but not the obligation, to purchase or lease a property at a specified price within a specified time period. The buyer pays option consideration to keep the option open.
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