Sector3 have posted up on their forum that the next patch for RaceRoom will bring proper flag rules.
This new update will go live next week and will feature 7 different flag rules.
Indicates the start of a session and safe racing conditions.
Is shown to the drivers to warn them about incidents ahead. You should reduce your speed and refrain from overtaking unless stated otherwise. If you illegally passed cars under yellow you will be asked to give those positions back. Failing to do so within 15 seconds will result in a penalty.
Indicates a faster car approaching from behind, and is typically shown on your out lap or when being lapped. Let the driver pass safely to avoid a penalty.
You have 10 sec to do so, before receiving a first warning, and another 10 sec before receiving a Drive Through Penalty.
This flag is a warning handed to the driver for going off track / driving the wrong way / etc.
The white flag warns you about a slow car on track. This could be a damaged car trying to make its way back into the pits, a driver rejoining the track after losing control, or a car from a slower class.
The one flag no driver wants to see. If you are receiving a black flag you have been disqualified.
The chequered flag is being shown when the winner crossed the finish line and the race is ending.
I think whats going to make these new flag rules interesting is that the AI will be subject to the same rules and penalties which should make for a more realistic race and even pave the way for multi class races as well.
Normally Sector3 release new patches and updates on a Tuesday so i am betting we should see this go live April 4th.