REAL ESTATE AGENCY
In Rhode Island, Rhode Island General Law 5-20.6 “allows a real estate broker or salesperson to provide real estate services to you whether you are a buyer, seller, tenant or landlord. The minimum level of service required by law will depend on the type of relationship that you have with a real estate licensee.”
Rhode Island law requires all real estate licensees to perform certain basic duties of a TRANSACTION FACILITATOR when dealing with any buyer/tenant or seller/landlord. By default, a licensee is a TRANSACTION FACILITATOR. You can expect all real estate licensees to provide the following customer level services:
• To perform ministerial/customary acts to assist the buyer/tenant or seller/landlord in the sale, purchase or rental of real estate;
• To perform these acts with honesty, good faith, reasonable skill and care;
• To properly account for money or property placed in the care and responsibility of the brokerage;
• To disclose to the buyer/tenant and/or seller/landlord all adverse material facts about the property which are actually known by the licensee
DESIGNATED CLIENT REPRESENTATIVE
If you choose and if offered by the real estate brokerage, you may become a client and receive representation. A Designated Client Representative is a real estate licensee who represents a buyer, seller, tenant or landlord in a real estate transaction and advocates on your behalf. You can expect to receive all of the duties expected from a facilitator as well as the advice, counsel, advocacy and representation from your representative. Anything you tell your representative remains confidential during and after the transaction. A representative can provide you with a competetive market analysis (CMA).
NEUTRAL DUAL FACILITATOR
A Neutral Dual Facilitator is an individual real estate licensee who assists a buyer and a seller or a tenant and a landlord in the same transaction and must be neutral to any conflicting interests between the parties to the transaction.