News

A number of new lead laws went into effect in 2023.  Most recently, the Rhode Island legal exemption for owner-occupied two- and three-family properties was eliminated as of January 1, 2024.  Those properties along with single-family dwellings, such as homes and condominiums, and multi-unit dwellings built before 1978 now must comply with lead mitigation laws.  Share this one-page fact sheet from the Rhode Island Department of Health with customers and clients.

Are you renewing your real estate license or changing brokerages?   Make sure that you’re covered by errors and omissions insurance.

 Rhode Island law requires all real estate licensees to document that they are covered by an errors and omissions insurance policy.  The policy can be either an individual policy and/or a principal broker’s blanket policy.  

As a reminder, starting on January 1, 2024, real estate licensees who are working as independent contractors are required to register once per year with the RI Department of Labor and Training or when switching brokerages. The intent of the law is to prevent misclassification of workers as independent contractors for purposes of workers’ compensation.

The Office of Housing and Community Development is in the process of updating the Landlord Tenant Handbook as a result of legislation which is now law, that the Rhode Island Association of Realtors filed.  The Office has posted a draft that was created by the RI Center for Justice and is accepting public comments.  

Warwick, R.I. – December 21, 2023 – Pent-up demand continued to drive prices up in the Ocean State in November according to data recently released by the Rhode Island Association of Realtors and its subsidiary, State-Wide Multiple Listing Service. The median price of single-family homes sold in Rhode Island rose to $431,000 last month, up from $411,450 a year earlier, a 4.8% increase.

For many years, owner-occupied two and three-family dwellings have been exempt from complying with lead hazard mitigation laws.  This exemption will be eliminated on January 1, 2024.  

Do you ever solicit business by cold calling members of the public, including For Sale By Owner’s (FSBO’s), owners of withdrawn or expired listings, open house attendees, or former clients and customers?  If the phone number is one of the 221 million filed with the National Do Not Call Registry, you could face a maximum fine of $11,000 or even be named as a defendant in a class action lawsuit for repeated violations. 

Home sales data released today by the Rhode Island Association of Realtors showed some improving trends. Single-family home sales activity in Rhode Island continued an 18-month descent in October, falling 17% year-over-year. Pending sales however - those homes put under contract in October but not closed by the 31st – fell by only 7.1%. An indication of sales activity in the weeks ahead, pending sales have not increased from the prior year since December 2021 and had fallen as much as 40.9% in October, 2022.

 The Rhode Island Association of REALTORS® Executive Committee has approved the following new forms that were created by the Forms Committee. 

• Waiver of Inspections and/or Mortgage Contingency Agreement
• Sight Unseen Addendum to Purchase and Sales Agreement
• Sight Unseen Addendum to Residential Lease or Rental Agreement

On December 1, 2023, State-Wide Multiple Listing Service will allow listing brokers to enter zero as an offer of compensation to cooperating brokers. The Rhode Island Association of REALTORS® Executive Committee has approved the following updates to the following forms....