PROVIDENCE – Becoming a licensed real estate broker in Rhode Island became a bit harder last week with the implementation of a new law.
The law, signed by Gov. Lincoln D. Chafee last month, requires that aspiring brokers hold two years of experience as a real estate salesperson instead of the previously required one year.
But while would-be brokers will need more experience, they will no longer need three property owners to sign their application and attest to their integrity. Instead, applicants are now required merely to submit the names of three people that can vouch for their reputation for honesty.
In other changes, all real estate salespeople are now individually required to inform the R.I. Department of Business Regulation immediately upon change of employment or broker affiliation.
The law also bolsters language allowing the department to suspend or revoke licenses in the cases of fraud, inappropriate use of escrow accounts or failure to report change of employment.
