Alabama Reciprocal Study Guide Flashcards

Alabama Reciprocal Study Guide Flashcards If a salesperson wants to transfer to a different qualifying broker, he/she must provide written notification to _____.the Commission and his/her former broker` If a license law violation occurs, the Commission has the authority to _____.

• impose a fine up to $2,500.2. revoke or suspend the

licensee's license3. reprimand the licensee The recovery fund covers damages resulting from acts of

_____.

a licensee acting as an agent in a transaction A consumer member of the Alabama Real Estate Commission must own real estate If a member of the public suffers as a result of a violation by a real estate licensee, the recovery fund may be used to cover _____.actual and compensatory damages 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) _____.temporary license certificate If a criminal or civil complaint involving a real estate transaction has been filed against a licensee, he/she must notify the Commission, by certified mail, within _____.10 days If a broker accepts a rebate from a party in a real estate transaction, the broker is engaging in a(n) violation of the license law. True or False True Disclosing to a potential buyer at the time an offer is made the approximate amount of the closing costs he/she will be expected to pay is a(n) acceptable business practice. True or False True An associate broker or a salesperson may accept a commission or compensation from _____.his/her qualifying broker only After an applicant completes all licensing requirements and completes the required post license course, the Commission will issue a(n) _____.original license A licensee who fails to disclose his/her status as a real estate licensee in an advertisement is engaging in a(n)

_____.

violation of the license law If the qualifying broker for a company dies, the company must designate another officer, member, or salesperson to apply for a temporary qualifying broker's license within

_____.

30 days A state or federally chartered financial institution acting under a court order is exempt from licensing requirements.True or False True

In Alabama, a license period is the 2-year period that ends at midnight on _____ of the second year.September 30 When is a licensee permitted to recover from the recovery fund?if he/she suffers damages when acting as a principal Alabama reciprocal license applicants must show proof that they have completed _____ hours of reciprocal salesperson or reciprocal broker prelicense course work.

• hours

If a broker pays a fee for a real estate activity to a multiple listing service, the broker is engaging in a(n) _____.acceptable business practice If a license law violation occurs, the Commission has the authority to require the licensee to complete continuing education. True or false complete continuing educationpay financial restitutionpay a fine up to $2500 If a licensee is significantly affected by a rule issued by the Commission, the licensee _____.may request a declaratory ruling A salesperson is selling property belonging to her mother.is the salesperson is required to comply with the provisions of the license law regarding trust funds.yes To receive an Alabama broker's license, a person must have been an active real estate licensee for _____.at least 2 of the previous 3 years While a salesperson's license is active, it is in the custody of _____.qualifying broker Including a fixed expiration date in a written listing agreement is _____.required by the license law How many members of Alabama Real Estate Commission are required to have 10 years experience as a real estate licensee?8 If a real estate company maintains more than one place of business, how many qualifying brokers are required?one for each location or branch office 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 31 An individual may serve as the qualifying broker at _____.only one location The Alabama Real Estate Commission is responsible for ___.

• coordinating the approval of real estate schools2.

investigating alleged violations of the license law3. issuing licenses A licensee fails to renew his license during the first year of the new license period, and his license lapses.If the licensee wishes to return to his real estate practice, he must _____.meet all of the requirements for an original license Accepting a net listing is a(n) violation of the license law.True or False True If a licensee fails to submit the renewal requirements by September 30th of the final year of the license period, his/her license _____.is placed on inactive status

A salesperson works on behalf ofa qualifying broker only When damages are paid from the real estate recovery fund, the limit of liability for multiple judgments against a single licensee is _____.

50,000

If a criminal or civil complaint involving a real estate transaction has been filed against a licensee, he/she must notify the Commission by certified mail An associate broker works on behalf ofa qualifying broker only In order to sell property in Alabama, an individualmay cooperate with an Alabama real estate licensee or have an AL real estate license A temporary license is valid for _____.1 year When a licensee accepts and holds funds on behalf of another, the funds must be deposited in _____.a federally insured account located in Alabama A salesperson is selling his own property.In this situation, the salesperson is required to comply with the provisions of the license law regarding agency disclosure.yes When are public officials exempt from real estate licensing requirements?When conducting official business When is a broker permitted to serve as the qualifying broker for more than one company?if all companies give written consent A salesperson is selling his own property.In this situation, the salesperson is permitted but not required to advertise the property for sale through his broker.yes The executive director of the Real Estate Commission isemployed by the commission According to the Alabama license law, if a salesperson employed by a licensed corporation violates the license law, who may be held liable to an injured party?the qualifying broker The education and examination requirements for licensure as an associate broker are _____.the same as for a qualifying broker If the location of a real estate business changes, the fee for the change is _____.$25 for each license affected by the change A qualifying broker must keep copies of all documents related to a real estate transaction _____.for 3 years Disclosing latent structural defects to a potential buyer is a(n) acceptable business practice. True or False.True If a broker pays a fee for a real estate activity to an unlicensed individual, the broker is engaging in a(n) _____.violation of the license law When damages are paid from the real estate recovery fund, the limit of liability for damages for a single transaction (regardless of the number of claimants) is

_____.

$25,000

The Commission has the authority to discipline _____.people who practice real estate without a license and real estate licensees A person acting, without compensation, under a duly authorized power of attorney to carry out a specific real

estate transaction is exempt from licensing requirements