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Rhode Island allows dual agents to manage real estate transactions, but they do not have free rein to do whatever they want. There are rules that realtors must follow if they want to steer clear of any legal troubles.
Real Estate Sales Disclosures ? Single/Multi RI law requires a seller to disclose known deficient conditions to potential buyers.
Which States Ban Dual Agency? Wyoming, Alaska, Vermont, Colorado, Florida, Maryland, Texas and Kansas ban or severely limit the practice of dual agency. While other states have not made it illegal to have dual agency, they have created many limitations on the power a dual agent has.
Dual license dual agency situation is when two agents from the same brokerage or real estate company represent a buyer and seller. It is also known as a designated agency or appointed agency.
Principal Broker or other appointed designator shall become a Dual Agent and is neutral as to any conflicting interests of the seller and purchaser, but will continue to owe the seller and purchaser the duties of confidentiality of material information and to account for funds.
There are two main types of agency when it comes to real estate: single agency (where an agent/broker exclusively represents your interest), and dual agency (where either one agent represents both buyer and seller, or, one agent represents the seller and one represents the buyer but both agents are with the same ...
The Seller of any interest in residential real property is required to provide the Buyer with any information on lead-based paint hazards from risk assessments or inspections in the Seller's possession and notify the Buyer of any known lead-based paint hazards.
The Rhode Island governor signed a bill that prohibits employers from requiring employees enter into nondisclosure or non-disparagement agreements. The new law took effect immediately.