Residential Properties Ltd. Recognizes Rhode Island’s New Agency Law

Posted by Julia McCann — April 2, 2008

PROVIDENCE, R.I. – (April 3, 2008) – Residential Properties Ltd. recently gathered to update agents on Rhode Island’s new agency law. Effective May 1, 2008, the new law is designed to benefit and protect both consumer confidentiality and the liability of real-estate professionals.The company’s agency law class, instructed by a representative from the Rhode Island Association of REALTORS® was offered to all 7 of their offices and was held at the Crowne Plaza in Warwick.Many states, including Massachusetts, Connecticut, Maine and New Hampshire have recently updated their laws to reflect modern real estate practices, affected in part by use of the internet.Current agency law presumes that all real estate agents have allegiance to the seller, unless an agreement is made in writing to the contrary. The new law will simplify the agency process and eliminate vicarious liability for the acts of cooperating brokers. The Department of Business Regulation and the Real Estate Commission will create a new agency disclosure form and new agency regulations.When asked to comment on the benefit of holding class as a group, Libby Isaacson, Residential Properties Ltd.’s Chief Operating Officer had the following to say: “By centralizing the education on this topic, the company is better able to ensure consistency in the quality of service that we continually strive to uphold.”On Sunday, April 13th, Monica Staaf, Legal Council for the Rhode Island Association of REALTORS® will be a guest on WHJJ Talk Radio 920am’s Real Estate Insight with Sally Lapides. Staff will discuss new agency law and other legislative issues that affect real estate.ABOUT RESIDENTIAL PROPERTIES LTDResidential Properties Ltd. has been serving sellers and buyers of distinctive properties since 1981 through service, innovation and sheer hard work. The Company has seven offices located in Barrington, Cranston, Cumberland, East Greenwich, Newport, Providence, and South County and services all of Rhode Island, the Connecticut shoreline and southeastern and central Massachusetts. Their award winning relocation department services buyers and sellers throughout the country.

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