Rhode Island General Laws
Chapter 5-20.5 - Real Estate Brokers and Salespersons
Section 5-20.5-27. - License required for ownership.

§ 5-20.5-27. License required for ownership.
No person, firm, or corporation shall have an ownership interest in a real estate brokerage firm nor participate in the operation of the real estate brokerage firm unless the person, firm, or corporation holds a valid real estate broker’s license, issued pursuant to the provisions of this chapter.
History of Section.P.L. 1998, ch. 115, § 2; P.L. 2011, ch. 102, § 1; P.L. 2011, ch. 113, § 1.

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Structure Rhode Island General Laws

Rhode Island General Laws

Title 5 - Businesses and Professions

Chapter 5-20.5 - Real Estate Brokers and Salespersons

Section 5-20.5-1. - Definitions.

Section 5-20.5-2. - Persons exempt.

Section 5-20.5-3. - Contents of application — Application fee — Recommendations required.

Section 5-20.5-4. - Examination of applicants — Examination fee — Licensing without examination.

Section 5-20.5-5. - Real estate recovery account.

Section 5-20.5-6. - Duration and renewal of licenses — Continuing education rules and regulations — Suspension or revocation of licenses.

Section 5-20.5-7. - Fixed office required — Display of license — Notice of change of address and employment.

Section 5-20.5-8. - Corporations, partnerships, or associations engaging in business.

Section 5-20.5-9. - Temporary license issued to representative of deceased broker.

Section 5-20.5-10. - Nonresident brokers — Employment of unlicensed brokers restricted — Nonresident salespersons — Service of process.

Section 5-20.5-11. - Fees and license renewals.

Section 5-20.5-12. - Commission — Creation — Composition — Appointment, terms, and compensation of members — Officers — Deputy directors — Seal.

Section 5-20.5-13. - [Repealed.]

Section 5-20.5-14. - Revocation, suspension of license — Probationary period — Penalties.

Section 5-20.5-15. - Hearings before revocation or suspension of license.

Section 5-20.5-16. - Appeals.

Section 5-20.5-17. - Penalties for violations.

Section 5-20.5-18. - Department assistance in educational programs.

Section 5-20.5-19. - Real estate courses and schools — Regulation — Issue and revocation of permits — Exceptions.

Section 5-20.5-20. - Real estate school permit — Fees — Penalty for operation without permit prohibited.

Section 5-20.5-21. - Actions for recovery of fee or commission.

Section 5-20.5-22. - Severability.

Section 5-20.5-23. - [Repealed.]

Section 5-20.5-24. - [Repealed.]

Section 5-20.5-25. - Errors and omissions insurance required of real estate licensees.

Section 5-20.5-26. - Escrows.

Section 5-20.5-27. - License required for ownership.

Section 5-20.5-28. - Order to cease unsafe practices — Appeal.