ALABAMA LICENSE LAW 2

What is the Alabama Real Estate Commission primary purpose/mission?

• To provide real estate licensees with proper tools to succeed

• To satisfy the government through taxation and consumer interest

• To serve the public through the licensing and regulation of real estate licensees

• To satisfy the government through other means

When does a licensee present an Estimated Closing Statement to a client?

• Statement to be provided to buyer or seller at time of written offer

• Statement to be provided to buyer after written offer has been accepted

• Seller receives it after offer has been accepted

• None of these are true

Which of the following is a reason why the Alabama Real Estate Commission might impose a disciplinary penalty against you?

• You make false and dishonest promises to clients or customers

• You renew your license a month late

• You request that your broker reassign your listings while you take a leave of absence

• You sign agency agreement after disclosing possible conflicts of interest

Licensee must sign and retain a copy of each RECAD form in broker's office for how long?

• Thirty days

• Sixty days

• One Year

• Three Years

If the Recovery Fund falls below a certain amount the Alabama Real Estate Commission can issue a one time assessment fee to replenish the fund. How much is this minimum and how much is the fee?

• $500,000/$20 fee

• $800,000/$20 fee

• $500,000/$30 fee

• $800,000/$30 fee

Generally speaking is it a violation of license law to pay or receive any rebate from any person in a real estate transaction?

• No

• Yes

• Yes, with the exception of a broker to salesperson transaction

• Yes, with the exception of transactions under $100,000

The Purpose of the Recovery Fund is to enable

• Sellers to recover lost money on sales agreements

• Widows to gain money if their spouses pass away

• People to get recourse of uncollected judgments against licensees

• Sellers to recover escrow money that brokers have handled improperly

When an individual or business entity is illegally performing actions that require a real estate license in the state, the Commission executive director may issue an:

• Offset action real estate order

• Recovery Fund Dedication

• Cease and Desist Offer

• Probable Cause

How many members are in the Alabama Real Estate Commission?

• Two

• Seven

• Nine

• As many as needed

How much is the fee to transfer a salesperson license to a new qualifying broker?

• $5.00

• $10.00

• $25.00

• $150.00