Alabama License Law Questions and Answers Already Passed

Alabama License Law Questions and Answers Already Passed How many days does a licensee have to notify commission of criminal prosecution or civil complaint? 10 days How many days does the real estate commission have to notify licensee of time, date, and place of hearing? 15 days How many days does the commission have to render a decision? 30 days How many days does a licensee have after the date of the commissions final order to file for rehearing? 30 days After transaction closes qualifying broker has how many days to disburse money to appropriate parties? 7 days A dual agent who has a signed written agreement from both the buyer and seller. Neither of them will get the full representation. (Informed consent) Limited Consensual Dual Agency Services a licensee can offer: single agent, sub-agent, limited consensual dual agent, and transaction broker. a consumer makes a decision based on a full knowledge of the facts. Example: choosing appropriate brokerage services. Informed consent Duties to clients: -All obligations listed for clients and customers. -Loyalty -disclose all material facts known by licensee. -obey all lawful instructions What are the 6 fiduciary duties owed to clients? 1. Obedience 2. Loyalty 3. Disclosure 4. Confidentiality 5. Accounting 6. Reasonable skill, and care follow all lawful instructions Obedience place clients interest above all others including your own Loyalty tell the client everything important to the transction Disclosure keep confidential anything that might harm the clients position in the transaction. Confidentiality to account for anything belonging to others Accounting to possess and employ the skills demonstrated by reasonably competent agents in your market area. Reasonable skill and care A person who may act for another with total trust, good faith and honesty who has the complete confidence and trust of that person. Fiduciary Relationship someone who has entered into a contractual agreement to represent the interests of a principal/client in a real estate transaction. Agent a licensee working with a customer. No agency relationship. No fiduciary duty. (Did not sign an agreement). Transaction Broker An agent for an agent. Sub-agent Exemptions from RECAD law: rental or property management services. licensee engaged in transactions with corporations, non profits, limited liability partnerships, etc. Contract between a brokerage firm and a consumer which establishes an agency relationship. Agency Agreement A relationship that shall not be implied, assumed, or created without a written agreement. Agency relationship How does a company withdraw consent for a broker or salesperson to continue doing business in its name? -Notify commission in writing -Notify broker/salesperson in writing -Return license How does a qualifying broker terminate a relationship with a company? -Give written notice to the company. -Give written notice to the commission. How does a qualifying broker terminate a licensee? -Give written notice to the licensee -Give written notice to the commission. -Send licensee's license to the commission. What is a company? any sole proprietorship, corporation, partnership, branch office or lawfully constituted business organizations. How long do you have to complete post license course? 6 months What happens to a license if the post license course is not completed within the 6 month time frame? License will become INACTIVE. Requirements of a Reciprocal salesperson license: Show proof of: -current license in another state. -that he/she has completed a 6 hour salesperson reciprocal course. -pass a written examination on Alabama's real estate license law (not the complete exam). Requirements for the Reciprocal Brokers license: -current license in another state. -that he/she has completed a 6 hour broker reciprocal course. -pass a written examination on Alabama's real estate license law (not the complete exam). Requirements for temporary salesperson license: -high school graduate or equivalent -60 hour salesperson pre-license course and course final exam -pass state exam Who does NOT need a license: -Owner dealing with his/her own property or property of his/her spouse, child or parent. -Attorney at law when performing professional duties for a client. -Person acting without compensation, under a duly authorized power of attorney. -A person/state/financial institution acting as receiver, trustee, administrator, executor, or guardian; or acting under a court order, trust instrument or will. -Public officer performing their official duties. (procuring property for the state) -Person performing clerical or administrative duties for a broker as long as they do not show listings. -A person licensed as a timeshare seller. -Anyone who sells cemetery lots.