Which Rhode Island rule applies when a licensee holds deposit money or other customer funds?
Correct Answer
D) The licensee must not commingle, use the funds as the licensee’s own, or fail to keep the required escrow records
R.I. Gen. Laws § 5-20.5-26 prohibits commingling or using customer funds as the licensee’s own and requires escrow records. 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
Florida real estate licenses must be renewed biennially, and sales associates have specific post-license education requirements for their first renewal.
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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