Commercial Licensing Regulation 11 - Real Estate Brokers and Salespersons
|Title||230||Department of Business Regulation (includes the Office of the Health Insurance Commissioner)|
|Part||2||Commercial Licensing Regulation 11 - Real Estate Brokers and Salespersons|
|Type of Filing||Amendment|
|Regulation Status||Inactive View Active Rule|
|Effective||06/22/2008 to 05/27/2009|
Regulation Authority :
R.I. Gen. Laws §§ 5-20.5 and R.I. Gen. Laws § 42-14-17.
Purpose and Reason :
The Department of Business Regulation (“Department”) hereby adopts Commercial Licensing Regulation 11 – Real Estate Brokers and Salespersons (“Regulation”) effective June 22, 2008 and makes this statement in accordance with R.I. Gen. Laws § 42-35-2.3. The purpose of this regulation is to promote the general welfare of the citizens of Rhode Island by implementation of R.I. Gen. Laws § 5-20.5-1 et seq. so that the provisions thereunder may be best effectuated and the public interest be most effectively served. Rule 34 is a new rule and is added to this regulation to require all holders of a real estate brokers and salespersons licenses (“Licensees”) to successfully complete a course of at least three (3) clock hours, approved by the Real Estate Commission, on the recently revised law defining relationships in real estate transactions, R.I. Gen. Laws § 5-20.6-1, et seq. This statute was amended on July 6, 2007 and became effective on May 1, 2008.