Alabama Real estate Recip Flashcards

Alabama Real estate Recip Flashcards A person hired by a broker to show the broker's listings _____.must be licensed if over 21 years of ageis exempt from licensing requirementsmust be licensedmust be an attorney must be licensed violation of the license lawActing as a dual agent WITH the knowledge and written consent of all parties involved is a(n) _____.violation of the license lawacceptable business practice Members of the Alabama Real Estate Commission serve a term of _____.10 yearslife5 years9 years

• years

In order to sell property in Alabama, an individual _____.either of the answers shownneither of the answers shownmay cooperate with an Alabama real estate licenseemust have an Alabama real estate license either of the answers shown acceptable business practiceIf a broker accepts a rebate from a party in a real estate transaction, the broker is engaging in a(n) _____.violation of the license lawacceptable business practice If a license law violation occurs, the Commission has the authority to _____.impose a fine up to $10,000all of the answers shownimpose a jail sentenceimpose a fine up to

$2,500

impose a fine up to $2,500 Prior to receiving a nonresident license, the entity that may be designated as the recipient of any legal notices against the applicant is the _____.the Real Estate Commission in his/her state of residencethe Alabama Real Estate Commission chairpersonexecutive director of Alabama Real Estate Commissionbroker with whom he/she will affiliate executive director of Alabama Real Estate Commission In Alabama, a license period is the 2-year period that ends at midnight on _____ of the second year.October 1August 31October 31September 30 September 30 When an Alabama broker cooperates with an out-of-state broker, a copy of the written cooperative agreement must be filed with the Alabama Commission within _____ days.10143060 10 If a criminal or civil complaint involving a real estate transaction has been filed against a licensee, he/she must notify the Commission _____.in personorally or in writingby certified mailby mail by certified mail When is a broker permitted to serve as the qualifying broker for more than one company?neveralwaysif all companies give written consentif the broker has a separate

office for each company if all companies give written consent II onlyThe executive director of the Alabama Real Estate

Commission is:I. employed by the CommissionII. selected

by the Commission from among its membersboth I and IIneither I nor IIII onlyI only

The recovery fund covers damages resulting from acts of _____.a licensee acting on his/her own behalfa licensee acting as an agent in a transactionall of the answers shownan inactive licensee a licensee acting as an agent in a transaction To receive an Alabama salesperson's license, a person must successfully complete prelicense education totaling at least _____ hours.30156045 60 If a salesperson is on inactive status, he/she may engage in which of the following real estate activities?managing rental property for several ownersany activity except salesnone except as a principalaccepting listings none except as a principal When payment from the real estate recovery fund is authorized, the license of the person against whom the claim is made _____.may be terminatedis placed on inactive statusis not affectedis automatically suspended may be terminated If an applicant has met all licensing requirements and has affiliated with a broker but has NOT yet completed the required post license course, the Commission will issue a(n) _____.inactive license certificateoriginal licensetemporary license certificateprobationary license temporary license certificate The Alabama Real Estate License Law requires licenses for _____.salespeople onlybrokers and salespeoplebrokers onlybrokers, salespeople, and principals brokers and salespeople When a salesperson's license is placed on inactive status, the license is held by _____.the keeper of licensesthe salespersonthe salesperson's qualifying brokerthe Real Estate Commission the Real Estate Commission A temporary license is valid for _____.6 months90 days1 year15 days

• year

A salesperson works on behalf of _____.himself/herself or a qualifying brokera qualifying broker or a principala qualifying broker or an associate brokera qualifying broker only a qualifying broker only To renew a license, a licensee must submit a renewal form and all other renewal requirements to the Commission by _____ of the second year of the license period.August 31September 30October 1October 31 August 31 After an applicant completes all licensing requirements and completes the required post license course, the Commission will issue a(n) _____.original licensetemporary license certificateinactive license certificateprobationary license original license The money with which the Alabama Real Estate Commission operates comes _____.almost entirely from feesfrom the state's tax revenuesfrom the tooth fairyfrom