RIRES - Rhode Island Real Estate Salesperson

Question 1: A commercial tenant in Providence wants only the ability to match any offer the owner later accepts from another party, rather than a locked-in price he alone can trigger at will during a set period. Which arrangement BEST fits the tenant's described goal?

An option to purchase

A land contract

A binder agreement

A right of first refusal

Question 2: A forged signature on one listing and a valid listing signed by a seventeen-year-old on another reach a court the same week. Considering how the law classifies each defect, which statement BEST describes the status of these two agreements?

Forged one void; minor's one voidable

Both void from the beginning

Both voidable by either party

Forged one voidable; minor's one void

Question 3: A broker is made a part-owner of the very property that is the subject of the listing, giving the broker a stake in the outcome. The principal later tries to fire the broker unilaterally. Why can the principal NOT revoke this particular agency alone?

It was created by ratification

The listing has not expired

It became a universal agency

It is coupled with an interest

Question 4: Instructors caution that void and voidable contracts are easily confused yet legally very different. To capture the precise distinction that matters when a party wants to escape a real estate agreement, which statement BEST distinguishes a void contract from a voidable one?

Both lack an essential element entirely

Void can be ratified; voidable cannot

Void lacks an element; voidable is rescindable

Voidable has no legal effect ever

Question 5: An owner stands by while another person openly holds herself out as the owner's agent to a third party, saying nothing to correct the impression, and the third party reasonably relies on it and is harmed. Which doctrine BEST explains the resulting agency?

Agency by ratification

Express agency

Universal agency

Agency by estoppel

Question 6: Federal law such as the E-Sign Act and state versions of UETA generally provide that a contract and its signature cannot be denied enforceability merely because they exist in electronic form. What does this framework establish about electronic real estate agreements?

Electronic signatures are legally valid

Electronic contracts are always unenforceable

Only paper contracts bind the parties

Digital signatures require notarization to count

Question 7: A seller's agent knows the home has a hidden foundation crack that no ordinary walkthrough would reveal and that threatens structural soundness. Regarding a prospective buyer who is only a customer, what must the agent do about this concealed defect?

Conceal it to protect the seller

Disclose only if the buyer asks

Disclose the known latent defect

Wait until closing to reveal it

Question 8: A seller finances a Narragansett cottage under an installment land contract. The buyer has made regular payments for years but still owes a balance. Under the traditional form of this contract, when is the seller obligated to deliver a deed to the buyer?

As soon as possession is given

Once the first payment clears

When equitable title first arises

After all contract payments are made

Question 9: A purchase contract states that if the buyer defaults, the seller may keep the earnest money deposit as the agreed, preset compensation and sole remedy for the breach. Money the parties fix in advance for a breach is best described as which of the following?

Liquidated damages

Punitive damages

Compensatory damages

Specific performance

Question 10: A listing agent carelessly forgets to present a written offer to the seller before it expires, and also fails to research an obvious pricing error, costing the seller money. The agent's negligent, unskilled performance most directly violates which fiduciary duty?

Confidentiality

Accounting

Reasonable care

Obedience

Question 11: An instructor explains that in a typical option to purchase, the owner must sell if the holder chooses to buy, but the holder is never obligated to complete the purchase. This one-sided enforceability makes the option which classification of contract?

A bilateral contract

A voidable contract

An implied contract

A unilateral contract

Question 12: A seller of a unique waterfront estate refuses to close after signing a valid contract. Rather than accept money, the buyer asks the court to compel the seller to actually convey the one-of-a-kind property as promised. This equitable remedy is called what?

Compensatory damages

Specific performance

Liquidated damages

Punitive damages

Question 13: A commercial tenant transfers all of its remaining rights and duties under a lease to a new company, and the landlord signs a fresh agreement that releases the original tenant entirely and substitutes the newcomer. This substitution creating a new contract is called what?

Assignment

Rescission

Novation

Delegation

Question 14: During a listing, the seller privately tells the agent she will accept far less than asking price because of a job transfer. A buyer's agent asks whether the seller is flexible. Which duty forbids revealing the seller's willingness to accept less?

Confidentiality

Disclosure

Reasonable care

Accounting

Question 15: A buyer of a Pawtucket triple-decker backs out with no legitimate reason after the contract is signed. The contract names the earnest money as the seller's sole remedy for such default. Assuming that clause controls, what may the seller generally do?

Keep the deposit and sue for more

Keep the deposit and sue no further

Force the buyer to complete purchase

Rescind and return the deposit

Question 16: A seller who has signed a valid sales contract suddenly refuses to deliver title and walks away from the transaction without any legal excuse. This failure to perform a contractual obligation on time and without justification is known by which term?

Rescission

Novation

Assignment

Breach of contract

Question 17: Without ever telling the seller, a listing agent quietly arranges to buy the listed home through a relative, hoping to profit personally from the later resale. This concealed act of self-dealing most directly breaches which fiduciary duty owed to the principal?

Loyalty

Accounting

Reasonable care

Obedience

Question 18: A Providence seller who signed a valid sales contract suddenly refuses to convey the property, even though the buyer has fully performed. The buyer wants a court to force the seller to complete the sale rather than merely pay money. Which remedy is that?

Suit for money damages

Rescission of the contract

Suit for specific performance

Retention of liquidated damages

Question 19: A buyer and seller in Providence reach a complete oral agreement to sell a colonial home, but nothing is put in writing. Neither can force the other to perform in court, though the deal is otherwise honest. Such a contract is best described as what?

Unenforceable

Void

Voidable

Executed

Question 20: A seller instructs a listing agent to refuse showings to buyers of a particular national origin, a plainly unlawful order. The agent declines to follow it. Which fiduciary duty explains why the agent must obey lawful instructions yet reject this one?

Loyalty

Obedience

Accounting

Confidentiality

RIRES Rhode Island Real Estate Salesperson - Set 4 - Part 1

Question 1: A commercial tenant in Providence wants only the ability to match any offer the owner later accepts from another party, rather than a locked-in price he alone can trigger at will during a set period. Which arrangement BEST fits the tenant's described goal?

Question 2: A forged signature on one listing and a valid listing signed by a seventeen-year-old on another reach a court the same week. Considering how the law classifies each defect, which statement BEST describes the status of these two agreements?

Question 3: A broker is made a part-owner of the very property that is the subject of the listing, giving the broker a stake in the outcome. The principal later tries to fire the broker unilaterally. Why can the principal NOT revoke this particular agency alone?

Question 4: Instructors caution that void and voidable contracts are easily confused yet legally very different. To capture the precise distinction that matters when a party wants to escape a real estate agreement, which statement BEST distinguishes a void contract from a voidable one?

Question 5: An owner stands by while another person openly holds herself out as the owner's agent to a third party, saying nothing to correct the impression, and the third party reasonably relies on it and is harmed. Which doctrine BEST explains the resulting agency?

Question 6: Federal law such as the E-Sign Act and state versions of UETA generally provide that a contract and its signature cannot be denied enforceability merely because they exist in electronic form. What does this framework establish about electronic real estate agreements?

Question 7: A seller's agent knows the home has a hidden foundation crack that no ordinary walkthrough would reveal and that threatens structural soundness. Regarding a prospective buyer who is only a customer, what must the agent do about this concealed defect?

Question 8: A seller finances a Narragansett cottage under an installment land contract. The buyer has made regular payments for years but still owes a balance. Under the traditional form of this contract, when is the seller obligated to deliver a deed to the buyer?

Question 9: A purchase contract states that if the buyer defaults, the seller may keep the earnest money deposit as the agreed, preset compensation and sole remedy for the breach. Money the parties fix in advance for a breach is best described as which of the following?

Question 10: A listing agent carelessly forgets to present a written offer to the seller before it expires, and also fails to research an obvious pricing error, costing the seller money. The agent's negligent, unskilled performance most directly violates which fiduciary duty?

Question 11: An instructor explains that in a typical option to purchase, the owner must sell if the holder chooses to buy, but the holder is never obligated to complete the purchase. This one-sided enforceability makes the option which classification of contract?

Question 12: A seller of a unique waterfront estate refuses to close after signing a valid contract. Rather than accept money, the buyer asks the court to compel the seller to actually convey the one-of-a-kind property as promised. This equitable remedy is called what?

Question 13: A commercial tenant transfers all of its remaining rights and duties under a lease to a new company, and the landlord signs a fresh agreement that releases the original tenant entirely and substitutes the newcomer. This substitution creating a new contract is called what?

Question 14: During a listing, the seller privately tells the agent she will accept far less than asking price because of a job transfer. A buyer's agent asks whether the seller is flexible. Which duty forbids revealing the seller's willingness to accept less?

Question 15: A buyer of a Pawtucket triple-decker backs out with no legitimate reason after the contract is signed. The contract names the earnest money as the seller's sole remedy for such default. Assuming that clause controls, what may the seller generally do?

Question 16: A seller who has signed a valid sales contract suddenly refuses to deliver title and walks away from the transaction without any legal excuse. This failure to perform a contractual obligation on time and without justification is known by which term?

Question 17: Without ever telling the seller, a listing agent quietly arranges to buy the listed home through a relative, hoping to profit personally from the later resale. This concealed act of self-dealing most directly breaches which fiduciary duty owed to the principal?

Question 18: A Providence seller who signed a valid sales contract suddenly refuses to convey the property, even though the buyer has fully performed. The buyer wants a court to force the seller to complete the sale rather than merely pay money. Which remedy is that?

Question 19: A buyer and seller in Providence reach a complete oral agreement to sell a colonial home, but nothing is put in writing. Neither can force the other to perform in court, though the deal is otherwise honest. Such a contract is best described as what?

Question 20: A seller instructs a listing agent to refuse showings to buyers of a particular national origin, a plainly unlawful order. The agent declines to follow it. Which fiduciary duty explains why the agent must obey lawful instructions yet reject this one?

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