The RI REALTORS® Legal Hot Line has been receiving questions about net compensation and seller-paid closing costs.
▪Net compensation: If you want your compensation to be based on a net sale, make sure to define clearly in the purchase and sales agreement, buyer contract or listing contract how it will be calculated.
On March 25th, State-Wide MLS and the RI Association of REALTORS learned of a new Clear Cooperation Policy unveiled by NAR. State-Wide MLS leadership will need time to review the policy in context with our local rules to determine what, if any, changes need to happen. A legal briefing from NAR's legal team with Association legal staff will be held on Thursday, March 27th, and we will share more information as it becomes available. The deadline for implementing the changes is September 30, 2025.
WARWICK, R.I. - March 21, 2025 -In February, single-family home sales in Rhode Island fell 8.8% from February 2024 continuing a twelve-month trend in vacillating sales activity. Pending contracts fell by 10.1% year-over-year, an indication of waning buyer demand and closed sales in the month or two ahead. The median price of single-family homes continued to rise, although more moderately.
March 17, 2025 -- State-Wide MLS has announced that the fees for State-Wide MLS access are increasing on May 1, 2025. This increase is necessary to keep up with the rising costs of providing MLS Services. This will be the first time in twenty years that the fees have changed.
On the same date, State-Wide MLS will begin allowing non-REALTOR® access. This means that all licensed Brokers will be allowed to participate in the MLS, and that Brokers will not have to be REALTORS® to participate in MLS access. All Participants and Subscribers must be licensed to sell real estate. Members of the public cannot participate in the MLS.
he Rhode Island Association of Realtors applauds the 12-bill housing package put forth by House Speaker K. Joseph Shekarchi last week and urges other policymakers to follow his lead in addressing the current housing crisis. The 6000-member organization also calls on cities and towns to collaborate with the state and other stakeholders in making the Speaker’s proposal a reality and further asks legislators to oppose bills that would add extra housing costs for homeowners and buyers. The plea was backed by data that highlight the economic strength of the housing industry.
According to a report released by the National Association of Realtors, Rhode Island’s real estate industry accounted for approximately $14.9 billion or 18.8% of the gross state product in 2024.
On February 19, 2025, the Board of Examiners for Electricians unanimously voted to issue an interpretation to clarify that home inspectors and others who are not licensed as an electrician can legally use “plug-in receptacle testers and testing buttons on GFCI receptacles “because these activities do not involve direct testing of the wiring.”
WARWICK, R.I. – February 21, 2025 – The number of single-family homes for sale increased 4.8% year over year, though the increase is not keeping pace with pent-up demand. Given the number of homes on the market in January, at the current pace of sales all homes currently for sale would be sold within 1.5 months. The data, released by the Rhode Island Association of Realtors today, represents all Realtor-assisted sales transacted last month through its subsidiary, State-Wide Multiple Listing Service.
The Rhode Island Department of Health has created a publicly searchable database of lead service lines. Members of the public can search to find out whether public and private service lines are made from lead. This is a separate from the rental registry database.
In 2024, a number of changes were put in place regarding how brokerage compensation is paid. REALTORS®, lenders, mortgage brokers, and closing attorneys are still adapting to these changes, which has resulted in cooperating brokers not being paid or not receiving the full amount of agreed compensation.
Do you own a limited liability company or corporation?
Federal regulations require existing entities to be registered with the US Department of Treasurer by March 21, 2025, and new entities to be registered within 30 days. If you plan to form a new LLC or corporation, you must file within 30 days after your entity is registered with the Rhode Island Secretary of State’s Office.