Rhode Island General Laws 5-20.6-4. Duties owed by a transaction facilitator to a customer
(a) A transaction facilitator owes the following duties to a customer:
(1) To perform agreed-upon ministerial acts timely and competently;
(2) To perform these acts with honesty, good faith, reasonable skill, and care;
(3) To properly account for money or property placed in the care and responsibility of the principal broker; and
(4) To protect confidential information when assisting customers as a dual facilitator.
Terms Used In Rhode Island General Laws 5-20.6-4
- Confidential information: means the following information:
(i) A buyer's or tenant's willingness to pay more than the offered price;
(ii) A seller's or landlord's willingness to accept less than the asking price;
(iii) A buyer's or tenant's previous offers made to purchase or lease real estate;
(iv) A seller's or landlord's previous offers received to purchase or lease real estate;
(v) Any parties' motivating factors;
(vi) Any parties' willingness to agree to other financing terms;
(vii) Any facts or suspicions regarding circumstances, other than known, material defects of a property that a licensee must in all cases disclose, that may psychologically impact or stigmatize any real estate; or
(viii) Any information about a party's assets, liabilities, income, or expenses. See Rhode Island General Laws 5-20.6-2
- Customer: means a buyer, seller, tenant, or landlord who has agreed to certain assistance 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
- Dual facilitator: means a single licensee who, with the prior written consent of both parties, assists a seller client and a buyer client in the same transaction subject to the limitations set forth in §?5-20. See Rhode Island General Laws 5-20.6-2
- Fiduciary: A trustee, executor, or administrator.
- 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
- Ministerial acts: means acts of an administrative nature that licensees perform for client or customers, including, but not limited to, showing property; preparing offers or agreements to sell, purchase, exchange, rent, or lease; conveying offers or agreements to the parties; and providing information and assistance. 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
- Transaction facilitator: means a licensee who provides assistance to a buyer, seller, tenant, or landlord, or both, in a real estate transaction. See Rhode Island General Laws 5-20.6-2
(b) A licensee acting as a transaction facilitator does not owe any fiduciary duties to a customer except those duties specified in subsection (a).
History of Section.
P.L. 1989, ch. 141 § 2; P.L. 1990, ch. 425, § 2; P.L. 1993, ch. 397, § 1; P.L. 2007, ch. 344, § 1; P.L. 2007, ch. 403, § 1; P.L. 2013, ch. 27, § 2; P.L. 2013, ch. 38, § 2; P.L. 2014, ch. 528, § 2.