Hi. Here's what I found.
Master (1 users)
|--->Submaster (no users)
|---> Slave (1 user)
Area2 --> (1 user with role Slave)
Now edit an Account record and set Rights and Permissions to Owner and users in Area2
If you login user with Master role and try to see Account List you'll see a render error.
The cause is that Submaster role has no user.