Rhode Island General Laws 5-20.6-10. Client representation contract – Minimum requirements
If a seller, buyer, landlord, or tenant and principal broker elect to enter into a client representation contract, the contract shall meet the following requirements:
(1) Be an express, written contract;
(2) Include terms of compensation;
(3) Describe all services and limitations on services to be performed by the principal broker and his or her affiliated licensees;
(4) State that a principal broker may appoint one or more affiliated licensees to act as the designated client representative(s) for a seller or landlord and one or more affiliated licensees to act as the designated client representative(s) for a buyer or tenant in the same transaction after a licensee has obtained consent from the client being represented; and
(5) Be signed by all parties.
History of Section.
P.L. 2007, ch. 344, § 2; P.L. 2007, ch. 403, § 2.
Terms Used In Rhode Island General Laws 5-20.6-10
- Buyer: means a person who acquires or seeks to acquire an ownership interest in real estate. See Rhode Island General Laws 5-20.6-2
- Client: means a buyer, seller, tenant, or landlord who has agreed to representation by a licensee in a real estate transaction, evidenced by an executed, mandatory relationship disclosure, to whom a licensee owes the duties set forth in §?5-20. See Rhode Island General Laws 5-20.6-2
- Contract: A legal written agreement that becomes binding when signed.
- Landlord: means a person who leases or attempts to lease his or her ownership interest in real estate to another person. See Rhode Island General Laws 5-20.6-2
- Licensee: means an individual licensed by the director as a real estate broker or real estate salesperson pursuant to chapter 20. See Rhode Island General Laws 5-20.6-2
- Principal broker: means a real estate broker licensed by the director who is designated by the brokerage to be responsible for the supervision and activities of his or her affiliated licensees in accordance with this chapter and chapter 20. See Rhode Island General Laws 5-20.6-2
- Seller: means a person who sells or attempts to sell an ownership interest in real estate to another person. See Rhode Island General Laws 5-20.6-2
- Tenant: means a person who acquired or seeks to acquire an interest in real estate that entitles him or her to occupy or use a property that is owned by another person. See Rhode Island General Laws 5-20.6-2