Under Rhode Island law, a seller of residential real property is required to complete and deliver the Seller's Disclosure form under R.I. Gen. Laws § 5-20.8. Which of the following parties is EXEMPT from the seller's disclosure requirement?
Correct Answer
B) A trustee selling property as part of an estate administration where the trustee has no personal knowledge of the property's condition
Under R.I. Gen. Laws § 5-20.8, certain transfers are exempt from the seller's disclosure requirement, including transfers by a fiduciary — such as a trustee, executor, or administrator — in the course of administering an estate, trust, or guardianship, where the fiduciary has no personal knowledge of the property's condition. This exemption recognizes that a fiduciary acting in a representative capacity may have no firsthand knowledge of the property and should not be held to the same disclosure standard as an owner-occupant seller.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
- → In Rhode Island, a licensee submits a written purchase or lease offer to an owner. Which statement is correct?
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- → Which Rhode Island rule applies when a listing agreement lists property with a multiple listing service?
- → A Rhode Island licensee encounters a listing agreement lets the principal broker retain a portion of deposit money upon buyer default. What should the licensee remember?
- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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- → For the Hawaii salesperson state portion, interest accrues on a trust-account deposit. Which statement is correct?
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