A Rhode Island salesperson asks about all parties to a failed transaction sign a written release for escrow funds. What is the best answer?
Correct Answer
D) The escrow agent must pay the funds as instructed within ten days of receiving the signed release
R.I. Gen. Laws § 5-20.5-26 requires escrow funds in a failed transaction to be paid as instructed within ten days after receipt of a written release signed by all parties. 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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The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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