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Rhode Island Real Estate Salesperson — Requirements & Free Practice

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Real Estate Salesperson License

Individual real estate salesperson license in Rhode Island.

Licensing authority: department of business regulation (dbr), division of commercial licensing, real estate section · Application information

Initial licensure for a Rhode Island attorney
No examination is required for this applicant pathway.
Background Check
Submit the Rhode Island Attorney General Criminal History Record.
Bar Evidence
Submit Rhode Island Supreme Court certification or a current Rhode Island Bar Association membership certificate.
Broker Affiliation
Affiliation with a Rhode Island licensed principal broker; submit the principal broker affidavit attesting competence and trustworthiness (§ 5-20.5-3(c), regulation § 2.5).
Eligibility
Attorney-at-law licensed by the Rhode Island Supreme Court; this is issuance of the salesperson license, not a separate attorney profession examination.
Fees
Submit $140 to the RI General Treasurer and $25 to the Real Estate Recovery Account for initial issuance.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Lead Education
Submit a three-hour Lead Poisoning/Lead Hazard Mitigation certificate.
Military Expedition
Active military personnel, reservists, honorably discharged veterans, and eligible spouses may attach the DBR expedition form with proof of military status to a completed application.
Recommendations
The DBR attorney form asks for three unrelated Rhode Island residents who have known the applicant for three years and recommend licensure.
Renewal Term
Regulation § 2.9(C) provides a two-year anniversary renewal for licenses issued after January 1, 2020. The attorney form says all licenses expire biennially in even years; the regulation governs the term.
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.

Official no-examination sources

Effective from 2026-09-22.

Restoration after disciplinary revocation or suspension
Background Check
DBR may require an updated Attorney General BCI criminal background check.
Broker Affiliation
Affiliation with a Rhode Island licensed principal broker; submit the principal broker affidavit attesting competence and trustworthiness (§ 5-20.5-3(c), regulation § 2.5).
Continuing Education
DBR may require successful completion of specified continuing education courses.
Director Discretion
The director may impose conditions on restoration, including successful completion of a written examination of the same type normally given for an initial license; the examination leaves describe this authorized possibility.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Penalty
Pay any imposed administrative penalty, considering aggravating or mitigating circumstances.
Prior License
Rhode Island salesperson license revoked or suspended in disciplinary action.
Rehabilitation
Provide sufficient evidence of rehabilitation when the nature of the offense warrants it.
Initial licensure by examination
Accommodations
An oral examination or time extension may be requested and granted at DBR discretion under regulation § 2.6(A); this is an accommodation of the licensing examinations.
Background Check
Submit the Rhode Island Attorney General BCI background check; disclose criminal and licensing history.
Broker Affiliation
Affiliation with a Rhode Island licensed principal broker; submit the principal broker affidavit attesting competence and trustworthiness (§ 5-20.5-3(c), regulation § 2.5).
Citizenship Or Residence
United States citizen or legal resident (§ 5-20.5-3(c)).
Fees
Submit $140 to the RI General Treasurer and $25 to the Real Estate Recovery Account for initial issuance.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Lead Education
Submit a three-hour Lead Poisoning/Lead Hazard Mitigation certificate.
Military Expedition
Active military personnel, reservists, honorably discharged veterans, and eligible spouses may attach the DBR expedition form with proof of military status to a completed application.
Minimum Age
At least 18 years old (§ 5-20.5-3(c)).
Prelicensing Education
45 classroom hours in an approved real estate course; hours completed more than two years before the application do not qualify (§ 5-20.5-4(b), regulation § 2.7(A)). Complete the education before testing.
Score Currency
Apply within one year after passing both parts; when passed on different dates, the handbook measures from the later date. Regulation § 2.6(B) allows retesting a failed section within one year; after that period the entire examination must be retaken. Section 5-20.5-4(c) permits reexamination if the original license fee is not remitted within one year.
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.
Reinstatement within one year after expiration
No examination is required for this applicant pathway.
Continuing Education
Meet the renewal education requirements or an applicable exemption; the renewal form asks reciprocal/mutual-recognition licensees claiming exemption to submit a current active home-state license.
Department Conditions
DBR may impose administrative penalties as a condition of reinstatement, considering aggravating and mitigating circumstances under regulation § 2.9(F).
Disclosures
Disclose new criminal convictions and professional license restrictions, suspensions, revocations or denials, and provide supporting records; report broker affiliation and insurance provider.
Existing License
Salesperson license expired no more than one year; no licensed activity while expired.
Fees
Pay the $130 renewal fee plus the $100 late fee.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Renewal Term
Two years; licenses issued before January 1, 2020 renew May 1 of each even-numbered year, and licenses issued after January 1, 2020 renew on the issue anniversary (regulation § 2.9).
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.

Official no-examination sources

Effective from 2026-09-22.

Initial licensure by Florida mutual recognition
RI Sales - State Part
Background Check
Submit Rhode Island BCI and a criminal history record from the home-state law enforcement agency.
Broker Affiliation
Affiliation with a Rhode Island licensed principal broker; submit the principal broker affidavit attesting competence and trustworthiness (§ 5-20.5-3(c), regulation § 2.5).
Education
The Rhode Island handbook states that candidates holding an active Florida real estate license need not show proof of education completion and are automatically approved to test.
Eligibility
Florida resident holding a valid real estate license at the same level; meet the Mutual Recognition Agreement requirements as stated in the Rhode Island handbook.
Fees
Submit $140 to the RI General Treasurer and $25 to the Real Estate Recovery Account for initial issuance.
Home License Evidence
Submit a letter of good standing from the home-state licensing authority.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Lead Education
Submit a three-hour Lead Poisoning/Lead Hazard Mitigation certificate.
Military Expedition
Active military personnel, reservists, honorably discharged veterans, and eligible spouses may attach the DBR expedition form with proof of military status to a completed application.
Score Currency
Apply within one year after passing both parts; when passed on different dates, the handbook measures from the later date. Regulation § 2.6(B) allows retesting a failed section within one year; after that period the entire examination must be retaken. Section 5-20.5-4(c) permits reexamination if the original license fee is not remitted within one year.
Service Of Process
Execute the irrevocable power of attorney appointing the DBR director for service of process under § 5-20.5-10(d).
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.
Uniform Examination Waiver
The national/uniform examination is waived for this mutual-recognition route; the Rhode Island state part must be passed.
Initial nonresident licensure by examination
Accommodations
An oral examination or time extension may be requested and granted at DBR discretion under regulation § 2.6(A); this is an accommodation of the licensing examinations.
Background Check
Submit the Rhode Island Attorney General BCI background check; disclose criminal and licensing history.
Broker Affiliation
Affiliation with a Rhode Island licensed principal broker; submit the principal broker affidavit attesting competence and trustworthiness (§ 5-20.5-3(c), regulation § 2.5).
Citizenship Or Residence
United States citizen or legal resident (§ 5-20.5-3(c)).
Fees
Submit $140 to the RI General Treasurer and $25 to the Real Estate Recovery Account for initial issuance.
Home Background Check
Submit the home-state law enforcement background check in addition to Rhode Island BCI.
Home License Evidence
The DBR application requests a letter of good standing from the home-state licensing authority for nonresident applicants. Any other state examination is applicant evidence, not a Rhode Island examination leaf.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Lead Education
Submit a three-hour Lead Poisoning/Lead Hazard Mitigation certificate.
Military Expedition
Active military personnel, reservists, honorably discharged veterans, and eligible spouses may attach the DBR expedition form with proof of military status to a completed application.
Minimum Age
At least 18 years old (§ 5-20.5-3(c)).
Prelicensing Education
45 classroom hours in an approved real estate course; hours completed more than two years before the application do not qualify (§ 5-20.5-4(b), regulation § 2.7(A)). Complete the education before testing.
Residence
Nonresident applicant using the ordinary examination pathway rather than reciprocity or mutual recognition.
Score Currency
Apply within one year after passing both parts; when passed on different dates, the handbook measures from the later date. Regulation § 2.6(B) allows retesting a failed section within one year; after that period the entire examination must be retaken. Section 5-20.5-4(c) permits reexamination if the original license fee is not remitted within one year.
Service Of Process
Execute the irrevocable power of attorney appointing the DBR director for service of process under § 5-20.5-10(d).
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.
Reapplication after expiration exceeding one year
Accommodations
An oral examination or time extension may be requested and granted at DBR discretion under regulation § 2.6(A); this is an accommodation of the licensing examinations.
Background Check
Submit the Rhode Island Attorney General BCI background check; disclose criminal and licensing history.
Broker Affiliation
Affiliation with a Rhode Island licensed principal broker; submit the principal broker affidavit attesting competence and trustworthiness (§ 5-20.5-3(c), regulation § 2.5).
Citizenship Or Residence
United States citizen or legal resident (§ 5-20.5-3(c)).
Fees
Submit $140 to the RI General Treasurer and $25 to the Real Estate Recovery Account for initial issuance.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Lead Education
Submit a three-hour Lead Poisoning/Lead Hazard Mitigation certificate.
Military Expedition
Active military personnel, reservists, honorably discharged veterans, and eligible spouses may attach the DBR expedition form with proof of military status to a completed application.
Minimum Age
At least 18 years old (§ 5-20.5-3(c)).
Prelicensing Education
Complete the 45-hour approved salesperson course; hours completed more than two years before application do not qualify, including for former licensees (regulation § 2.7(A)).
Prior License
Former Rhode Island salesperson license expired for more than one year; submit a new application and retake the examinations under § 5-20.5-11(b) and regulation § 2.6(C).
Score Currency
Apply within one year after passing both parts; when passed on different dates, the handbook measures from the later date. Regulation § 2.6(B) allows retesting a failed section within one year; after that period the entire examination must be retaken. Section 5-20.5-4(c) permits reexamination if the original license fee is not remitted within one year.
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.
Initial licensure by reciprocal recognition
RI Sales - State Part
Background Check
Submit Rhode Island BCI and a criminal history record from the home-state law enforcement agency.
Board Checklist
The DBR Reciprocal Real Estate Salesperson Application (November 2023 / January 2024) requests no examination score report for this applicant class and labels the state test report as FL ONLY. Its eligibility statement reads: The following requirements apply to Non-residents who reside in Connecticut or Massachusetts, who currently have an active Real Estate Salesperson license in either state.
Broker Affiliation
Affiliation with a Rhode Island licensed principal broker; submit the principal broker affidavit attesting competence and trustworthiness (§ 5-20.5-3(c), regulation § 2.5).
Eligibility
Nonresidents residing in Connecticut or Massachusetts who currently hold an active Real Estate Salesperson license in that state, as specified by the DBR reciprocal application.
Fees
Submit $140 to the RI General Treasurer and $25 to the Real Estate Recovery Account for initial issuance.
Home License Evidence
Submit a letter of good standing from the home-state licensing authority.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Lead Education
Submit a three-hour Lead Poisoning/Lead Hazard Mitigation certificate.
Military Expedition
Active military personnel, reservists, honorably discharged veterans, and eligible spouses may attach the DBR expedition form with proof of military status to a completed application.
Service Of Process
Execute the irrevocable power of attorney appointing the DBR director for service of process under § 5-20.5-10(d).
Statutory Reading
Sections 5-20.5-4(a) and 5-20.5-10(c)(1) retain the state examination. Section 5-20.5-10(c)(2) recognizes the other license as satisfactorily qualifying but does not expressly waive Rhode Island state testing. The state examination is retained under the contract source-ranking rule.
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.
Uniform Examination Waiver
Section 5-20.5-4(a) waives the uniform portion when the other jurisdiction provides a reciprocal uniform-portion waiver for holders of a valid Rhode Island license.
Restoration after a recovery account payment and revocation
Background Check
DBR may require an updated Attorney General BCI criminal background check.
Broker Affiliation
Affiliation with a Rhode Island licensed principal broker; submit the principal broker affidavit attesting competence and trustworthiness (§ 5-20.5-3(c), regulation § 2.5).
Continuing Education
DBR may require successful completion of specified continuing education courses.
Director Discretion
The director may impose conditions on restoration, including successful completion of a written examination of the same type normally given for an initial license; the examination leaves describe this authorized possibility.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Penalty
Pay any imposed administrative penalty, considering aggravating or mitigating circumstances.
Prior License
License automatically revoked on a court order authorizing payment from the Real Estate Recovery Account.
Rehabilitation
Provide sufficient evidence of rehabilitation when the nature of the offense warrants it.
Repayment
Not eligible for a new license until repaying the full amount paid by the recovery account plus 12% annual interest. Bankruptcy discharge does not remove this disability; repayment does not nullify another disciplinary proceeding.
Timely renewal
No examination is required for this applicant pathway.
Continuing Education
Complete 24 approved clock hours during the preceding two years, including at least nine CORE hours and at least three Fair Housing hours within CORE; provide certificates.
Disclosures
Disclose new criminal convictions and professional license restrictions, suspensions, revocations or denials, and provide supporting records; report broker affiliation and insurance provider.
Existing License
Current Rhode Island salesperson license; this is timely renewal.
Fees
Pay the $130 salesperson renewal fee.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Renewal Term
Two years; licenses issued before January 1, 2020 renew May 1 of each even-numbered year, and licenses issued after January 1, 2020 renew on the issue anniversary (regulation § 2.9).
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.

Official no-examination sources

Effective from 2026-09-22.

Timely renewal for an attorney licensee
No examination is required for this applicant pathway.
Continuing Education
Exempt from continuing education under § 5-20.5-6(d) and regulation § 2.30(D)(2).
Disclosures
Disclose new criminal convictions and professional license restrictions, suspensions, revocations or denials, and provide supporting records; report broker affiliation and insurance provider.
Existing License
Attorney licensed by and in good standing with the Rhode Island Supreme Court, holding a salesperson license granted under § 5-20.5-4(d).
Fees
Pay the $130 salesperson renewal fee.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Renewal Term
Two years; licenses issued before January 1, 2020 renew May 1 of each even-numbered year, and licenses issued after January 1, 2020 renew on the issue anniversary (regulation § 2.9).
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.

Official no-examination sources

Effective from 2026-09-22.

Timely renewal for a grandfathered licensee
No examination is required for this applicant pathway.
Continuing Education
Exempt from continuing education for renewal under regulation § 2.30(D)(1).
Disclosures
Disclose new criminal convictions and professional license restrictions, suspensions, revocations or denials, and provide supporting records; report broker affiliation and insurance provider.
Existing License
Hold a valid license originally issued before December 12, 1984.
Fees
Pay the $130 salesperson renewal fee.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Renewal Term
Two years; licenses issued before January 1, 2020 renew May 1 of each even-numbered year, and licenses issued after January 1, 2020 renew on the issue anniversary (regulation § 2.9).
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.

Official no-examination sources

Effective from 2026-09-22.

Timely renewal of a reciprocal or mutual recognition license
No examination is required for this applicant pathway.
Board Exemption Statement
EXEMPTIONS: ● Licenses issued before Dec. 12, 1984; ● Licensees of MA and CT who obtained their RI license via reciprocity; ● Residents of FL who received their RI license via the Florida Mutual Recognition Agreement; ● Attorneys at law granted a license pursuant to R.I. Gen. Laws § 5-20.5-4(d).
Continuing Education
The April 2026 DBR renewal form lists reciprocity/mutual-recognition continuing-education exemptions and asks for a current active home-state license. Sections 5-20.5-6(b)-(d) and regulation § 2.30 state the education requirements and enumerated exemptions; the applicant should retain the DBR form statement alongside those controlling requirements.
Disclosures
Disclose new criminal convictions and professional license restrictions, suspensions, revocations or denials, and provide supporting records; report broker affiliation and insurance provider.
Existing License
Rhode Island license obtained by reciprocal recognition or Florida mutual recognition.
Fees
Pay the $130 salesperson renewal fee.
Home License Evidence
To claim the DBR reciprocity or mutual-recognition exemption, submit a current copy of the active home-state license.
Insurance
Submit and maintain errors and omissions insurance meeting regulation § 2.28.
Renewal Term
Two years; licenses issued before January 1, 2020 renew May 1 of each even-numbered year, and licenses issued after January 1, 2020 renew on the issue anniversary (regulation § 2.9).
Tax Attestation
File all required Rhode Island tax returns and pay taxes due, or have a payment agreement satisfactory to the Tax Administrator; attest on the application.

Official no-examination sources

Effective from 2026-09-22.

Real Estate Salesperson Examination — National/General Portion

Provider
Pearson VUE
Format
General (national) portion of a state real estate salesperson examination delivered by Pearson VUE; scored separately from the state portion with a pass/fail result, and a candidate who passes one part and fails the other retakes only the failed part
Exam questions
85 items: 80 scored items and 5 pretest items that are not counted toward the score
Examination outline
  • I. REAL PROPERTY CHARACTERISTICS, LEGAL DESCRIPTIONS, AND PROPERTY USE (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Real property vs. personal property (3 items): 1. Fixtures, trade fixtures, emblements; 2. Attachment, severance, and bill of sale
    • B. Characteristics of real property (2 items): 1. Economic characteristics (a. Scarcity; b. Modification / Improvement; c. Permanence of Investment / Fixity; d. Area Preference / Situs); 2. Physical characteristics (a. Immobility; b. Indestructibility; c. Non-homogeneity / Uniqueness)
    • C. Legal descriptions (3 items): 1. Methods used to describe real property; 2. Survey
    • D. Public and private land use controls – encumbrances (3 items): 1. Public controls – governmental powers (a. Police power, eminent domain, taxation, escheat; b. Zoning ordinances); 2. Private controls, restrictions, and encroachments (a. Covenants, conditions, and restrictions (CC&Rs), HOAs; b. Easements; c. Licenses and encroachments)
  • II. FORMS OF OWNERSHIP, TRANSFER, AND RECORDING OF TITLE (SALES 9; 5 KNOWLEDGE, 2 APPLICATION, 2 ANALYSIS)
    • A. Ownership, estates, rights, and interests (5 items): 1. Forms of ownership; 2. Freehold estate (a. Fee simple absolute; b. Fee simple defeasible, determinable, and condition subsequent; c. Life estate; d. Bundle of rights); 3. Leasehold estates and types of leases (a. Estate for years and from period to period (periodic estate); b. Estate at will and estate at sufferance; c. Gross, net, percentage leases, etc.); 4. Liens and lien priority; 5. Air, surface and sub-surface rights
    • B. Deed, title, transfer of title, and recording of title (4 items): 1. Elements of a valid deed; 2. Types of deeds; 3. Title transfer (a. Voluntary alienation; b. Involuntary alienation); 4. Recording the title (a. Constructive and actual notice; b. Title abstract and chain of title; c. Marketable title and cloud on title; d. Attorney title opinion, quiet title lawsuit, and title insurance)
  • III. PROPERTY VALUE AND APPRAISAL (SALES 11; 6 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Concept of value (4 items): 1. Market value vs. market price; 2. Characteristics of value; 3. Principles of value
    • B. Appraisal process (2 items): 1. Purpose and steps to an appraisal; 2. Federal oversight of the appraisal process
    • C. Methods of estimating value and Broker Price Opinions (BPO) (5 items): 1. Sales comparison approach (market data); 2. Cost approach (a. Improvements and depreciation; b. Physical deterioration, functional, and economic obsolescence; c. Reproduction or replacement costs); 3. Income approach; 4. Gross rent and gross income multipliers; 5. Comparative Market Analysis (CMA); 6. Broker Price Opinion (BPO); 7. Assessed value and tax implications
  • IV. REAL ESTATE CONTRACTS AND AGENCY (SALES 16; 7 KNOWLEDGE, 6 APPLICATION, 3 ANALYSIS)
    • A. Types of contracts (1 item): 1. Express vs. implied; 2. Unilateral vs. bilateral
    • B. Required elements of a valid contract (3 items): 1. Voluntary; 2. Agreement / Promise; 3. Legally competent parties; 4. Lawful consideration; 5. Legal act / Purpose
    • C. Contract performance (3 items): 1. Executed vs. executory; 2. Valid vs. void; 3. Voidable vs. unenforceable; 4. Breach of contract, rescission, and termination; 5. Liquidated, punitive, or compensatory damages; 6. Statute of Frauds; 7. Electronic contracts and digital signatures; 8. Time is of the essence
    • D. Sales contract (2 items): 1. Offer and counteroffer; 2. Earnest money and liquidated damages; 3. Equitable title; 4. Contingencies; 5. Disputes and breach of contract; 6. Option contract and installment sales contract
    • E. Types of agency and licensee-client relationships (2 items)
    • F. Creation and termination of agency (2 items)
    • G. Licensee obligations to parties of a transaction (3 items)
  • V. REAL ESTATE PRACTICE (SALES 10; 5 KNOWLEDGE, 3 APPLICATION, 2 ANALYSIS)
    • A. Responsibilities of broker (2 items): 1. Practicing within scope of expertise; 2. Unauthorized practice of law
    • B. Brokerage agreements between the broker and principal (seller, buyer, landlord, or tenant) (3 items): 1. Seller representation – Types of listing agreements (a. Exclusive right-to-sell and exclusive agency listing; b. Non-exclusive or open listing; c. Net listing (conflict of interest); d. Multiple listing service (MLS)); 2. Buyer representation; 3. Property management agreement (a. Accounting for funds; b. Property maintenance; c. Leasing property; d. Collecting rents and security deposits); 4. Termination of agreements; 5. Services, fees, and compensation
    • C. Fair Housing (3 items): 1. Equal opportunity in housing; 2. Protected classes; 3. Fair housing laws; 4. Illegal practices, enforcement, and penalties; 5. Prohibited advertising; 6. Housing and Urban Development (HUD); 7. Americans with Disabilities Act (ADA)
    • D. Risk management (2 items): 1. Supervision; 2. Compliance with federal regulations; including Privacy and Do Not Contact; 3. Vicarious liability; 4. Antitrust laws; 5. Fraud and misrepresentation; 6. Types of insurance (a. Errors and Omissions; b. General Liability)
  • VI. PROPERTY DISCLOSURES AND ENVIRONMENTAL ISSUES (SALES 9; 5 KNOWLEDGE, 3 APPLICATION, 1 ANALYSIS)
    • A. Property conditions and environmental issues (5 items): 1. Hazardous substances (a. Lead-based paint; b. Asbestos, radon, and mold; c. Groundwater contamination and underground storage tanks; d. Waste disposal sites and brownfields; e. Flood plains, flood zones, and flood insurance); 2. Clean Air and Water Acts; 3. Environmental Protection Agency (EPA) (a. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA); b. Superfund Amendment and Reauthorization Act (SARA); c. Environmental site assessments (including Phase I and II studies) and impact statements; d. Wetlands protection)
    • B. Environmental and property disclosure obligations and liability (4 items)
  • VII. FINANCING AND SETTLEMENT (SALES 7; 4 KNOWLEDGE, 2 APPLICATION, 1 ANALYSIS)
    • A. Financing concepts and components (2 items): 1. Methods of financing (a. Mortgage financing – conventional and non-conventional loans; b. Seller financing – land contract/contract for deed); 2. Lien theory vs. title theory and deed of trust; 3. Sources of financing (primary and secondary mortgage markets, and seller financing); 4. Types of loans and loan programs; 5. Mortgage clauses
    • B. Lender Requirements (1 item): 1. FHA requirements; 2. VA requirements; 3. USDA Loan requirements and rural development financing; 4. Conventional requirements; 5. Buyer qualification and Loan to Value (LTV); 6. Hazard and flood insurance; 7. Private mortgage insurance (PMI) and mortgage insurance premium (MIP)
    • C. Federal Financing Regulations and Regulatory Bodies (2 items): 1. Truth-in-Lending and Regulation Z; 2. TILA-RESPA Integrated Disclosures (TRID) (a. Consumer Financial Protection Bureau (CFPB); b. Loan Estimate (LE); c. Closing Disclosure (CD)); 3. Real Estate Settlement Procedures Act (RESPA) (a. Referrals; b. Rebates); 4. Equal Credit Opportunity Act (ECOA); 5. Mortgage fraud and predatory lending
    • D. Settlement and closing the transaction (2 items)
  • VIII. REAL ESTATE MATH CALCULATIONS (SALES 7; 4 APPLICATION, 3 ANALYSIS)
    • A. Property area calculations (1 item): 1. Square footage; 2. Acreage total
    • B. Property valuation (1 item): 1. Comparative Market Analysis (CMA); 2. Net Operating Income (NOI); 3. Capitalization rate; 4. Equity in property; 5. Establishing a listing price; 6. Assessed value and property taxes
    • C. Commission/compensation (1 item)
    • D. Loan financing costs (1 item): 1. Interest; 2. Loan to Value (LTV); 3. Fees; 4. Amortization, discount points, and prepayment penalties
    • E. Settlement and closing costs (1 item): 1. Purchase price and down payment; 2. Monthly mortgage calculations- principal, interest, taxes, and insurance (PITI); 3. Net to the seller; 4. Cost to the buyer; 5. Prorated items; 6. Debits and credits; 7. Transfer tax and recording fee
    • F. Investment (1 item): 1. Return on investment; 2. Appreciation; 3. Depreciation; 4. Tax implications on investment
    • G. Property management calculations (1 item): 1. Property management and budget calculations; 2. Tenancy and rental calculations
Examination sources

RI Sales - State Part

Provider
Pearson VUE
Format
Computer-based examination, English or Spanish; oral examination or additional time at DBR discretion under 230-RICR-30-20-2 § 2.6(A).
Exam questions
50 scored questions and 10 unscored pretest questions
Time limit
1.5 hours
Passing score
70 scaled score
Exam fee
$50
Examination outline
  • I. Duties and Obligations Under Licensing Law (4%)
    • A. Powers and authority of the Department of Business Regulation
    • B. Rhode Island Real Estate Commission
  • II. Licensing Requirements (12%)
    • A. Activities requiring a license
    • B. Status of license — 1. Transfer, renewal, lapsed
    • B. Status of license — 2. Continuing Education
    • C. Eligibility for licensing — 1. Real Estate Recovery Account
    • C. Eligibility for licensing — 2. Errors and omissions insurance
    • C. Eligibility for licensing — 3. Other Requirements
  • III. Statutory Requirements Governing the Activities of Licensees (48%)
    • A. Advertising
    • B. Broker/salesperson relationship
    • C. Commissions
    • D. Disclosure — 1. Conflict of interest
    • D. Disclosure — 2. Material disclosure
    • E. Handling of documents
    • F. Handling of monies
    • G. Listings and purchase and sales agreements
    • H. Unfair inducements
    • I. Unauthorized practice of law
    • J. General obligations of licensees
  • IV. Additional Topics (36%)
    • A. Fair Housing Practice Act RIGL 34-37-1
    • B. Landlord-Tenant Law RIGL 34-18-1
    • C. Agricultural Functions of Department of Environmental Management RIGL 2-1-5 to 2-1-27
    • D. Fire Safety Code – General Provisions RIGL 23-28.1
    • E. Onsite Wastewater Treatment System (OWTS) RIGL 5-20.8-2
    • F. Cesspool Act RIGL 23-19.15
    • G. Sale of Real Property by Non-residents-Withholding Requirements RIGL 44-30-71.3
    • H. Lead Disclosure 216-RICR-50-15-3
    • I. Real Estate Sales Disclosure RIGL 5-20.8
    • J. Condominium Sales RIGL 34-36-1.1
    • K. Relationships in Residential Real Estate Transactions RIGL 5-20.6
Examination sources