§ 5-20.6-1. Legislative purpose.
(a) The way that consumers buy, sell, rent, exchange, and otherwise transfer real estate has changed over the years. The purpose of this legislation is to provide consumers with choice.
(b) This chapter is intended to abrogate the common law of agency relative to relationships in regulated real estate transactions to the extent that they are inconsistent with this chapter.
(c) Unless otherwise specified by written agreement, a licensee owes only those duties and obligations set forth under this chapter, chapter 20.5 of this title, and the regulations promulgated thereunder. A licensee does not owe a fiduciary duty under the common law of agency to his or her clients and is not subject to equitable remedies for breach of fiduciary duty.
(d) Nothing in this chapter shall prohibit a principal broker and his or her affiliated licensees from entering into a written representation contract with a buyer, seller, tenant, or landlord that creates a relationship in which the duties and obligations are greater than those provided in this chapter.
History of Section.P.L. 1989, ch. 141, § 2; P.L. 1990, ch. 425, § 2; P.L. 2007, ch. 344, § 1; P.L. 2007, ch. 403, § 1.
Structure Rhode Island General Laws
Title 5 - Businesses and Professions
Chapter 5-20.6 - Relationships in Residential Real Estate Transactions
Section 5-20.6-1. - Legislative purpose.
Section 5-20.6-2. - Definitions.
Section 5-20.6-3. - Relationships — Creation and presumption.
Section 5-20.6-4. - Duties owed by a transaction facilitator to a customer.
Section 5-20.6-5. - Duties owed by a designated client representative to client.
Section 5-20.6-6. - Dual facilitator.
Section 5-20.6-7. - Duty to protect confidential information.
Section 5-20.6-8. - Mandatory relationship disclosure.
Section 5-20.6-9. - Written requirement for representation of a client.
Section 5-20.6-10. - Client representation contract — Minimum requirements.
Section 5-20.6-11. - Relationship and compensation.