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Rhode Island Real Estate Listing Agreement

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Updated on November 3rd, 2021

A Rhode Island real estate listing agreement is used when a real estate agent wishes to sell a residential property on behalf of its owner and establishes a working relationship between both parties. The document lays out how the selected agent will be compensated as well as the approved methods the agent may use to market the property.

The two parties will determine an appropriate price for the property, and the agent will do their best to secure a suitable buyer before the agreement term expires. If the agent succeeds, they will receive their commission as a percentage or flat rate when the transfer of ownership is complete.

  • Dual Agency (§ 5-20.6-6) – If both buyer and seller consent, an agent may represent them both in a real estate transaction.
  • Purchase Agreement – A potential buyer uses this form to submit a bid on a residential property. If the seller agrees and signs the form, the property will change ownership.

Contents

Disclosures / Waivers (3)

1) Agency Disclosure

A licensee must provide a prospective client with this document which lays out the licensee’s responsibilities, duties, and legal obligations to their client. The client must sign and acknowledge receipt of this document.

2) Dual Agency

Also known as a “dual facilitator,” the agent may represent both the buyer and a seller in a real estate transaction as a neutral facilitator as long as both parties consent to this arrangement.

3) Property Disclosure Statement

This statement must be provided to all potential buyers detailing the property’s condition. This disclosure must be delivered to the buyer before any agreement is signed to transfer real estate.