A Rhode Island principal broker reviews a real estate team wants to maintain its own escrow account. Which answer follows Rhode Island law?
Correct Answer
A) Teams may not maintain a separate escrow account and must use the one escrow account controlled by the principal broker
230-RICR-30-20-2 § 2.18 prohibits teams from maintaining separate escrow accounts and requires use of the principal broker-controlled escrow account. 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
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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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