In Rhode Island, a principal broker believes a seller or landlord forfeited rights to a deposit. Which statement is correct?
Correct Answer
C) The broker may return the deposit only after a good-faith determination, certified-mail notice, and no written dispute within twenty-one days from receipt of notice
230-RICR-30-20-2 § 2.19 sets the buyer/renter return procedure: good-faith forfeiture determination, certified-mail notice, and no written dispute within the twenty-one-day period. 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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Key Terms:
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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