Which Rhode Island rule applies when parties sign a listing, sale, lease, or other real estate contract?
Correct Answer
B) The licensee must furnish a copy to all signatories at the time of execution
R.I. Gen. Laws § 5-20.5-14 makes failure to furnish a copy of a listing, sale, lease, or other relevant contract to all signatories at execution a disciplinary ground. Source basis: Rhode Island Department of State official regulation 230-RICR-30-20-2 § 2.26 and R.I. Gen. Laws § 5-20.5-14; checked 2026-04-30.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
A financing contingency makes the purchase contract conditional upon the buyer obtaining mortgage approval within a specified time period. If the buyer cannot secure financing, they can cancel the contract and receive their earnest money back.
An inspection contingency gives the buyer the right to have the property professionally inspected within a specified time frame and to negotiate repairs or cancel the contract based on the findings.
Liquidated damages are a predetermined amount of money specified in the contract that the non-breaching party is entitled to receive if the other party breaches. In real estate, the earnest money deposit typically serves as liquidated damages.
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