As of November 27, 2019, real estate licensees will no longer risk losing their entire commission for failing to disclose a personal or family relationship in writing. The R.I. Association of REALTORS® worked with the R.I. Department of Business Regulation to change the penalty to a maximum fine of $2,000 per violation, the standard penalty for all other violations of real estate license law.
Real estate licensees are now required to disclose in writing if they are representing a household member in a real estate transaction. Household members can include a roommate, a romantic partner, friend, or anyone else who lives with the licensee or has a legal residence at his or her address.
The RIAR Forms Committee updated the RIAR Disclosure of Personal Interest or Relationship form to comply with these changes. Watch Instanet or your online forms provider for the updated disclosure.
Questions? Please contact the RIAR Legal Department at 401-432-6945 or email email@example.com.