§ 34-38-4. Department investigation.
The department may, prior to issuing any license under this chapter to any person or broker, fully investigate all information placed before it under § 34-38-3 and in addition it may carry out a physical examination, investigation, or inspection of any subdivision which is the subject of the application. In addition, the department shall secure a written appraisal of the value of the properties to be offered both in their existing condition and after promised improvements, if any, from not less than one nor more than five (5) real estate appraisers who are not employees of the seller or any of its competitors, and who shall be selected by the department. All reasonable expenses incurred by the department in carrying out the examination, investigation, or inspection or securing the appraisals shall be paid by the applicant and no license shall be issued until the expenses have been fully paid.
History of Section.P.L. 1972, ch. 56, § 1.
Structure Rhode Island General Laws
Chapter 34-38 - Regulation of Out of State Real Estate Sales and Dispositions
Section 34-38-1. - Definitions.
Section 34-38-2. - Exemptions.
Section 34-38-3. - Filing requirements.
Section 34-38-4. - Department investigation.
Section 34-38-5. - Approval or disapproval of filing and issuance of license.
Section 34-38-6. - Requirements for offer or disposition.
Section 34-38-7. - Advertisement and sale.
Section 34-38-8. - Escrow account.
Section 34-38-9. - Appointment of agent and service of process.