Alabama Real Estate License Law Questions and Answers 100% Pass

Alabama Real Estate License Law Questions and Answers 100% Pass 15 days AREC must give __?____ days notice of the hearing? 30 days How many days does AREC have to give before their decision is stated? 30 days How many days does the licensee have to decide if they will accept the decision of AREC or appeal it? conversion spending earnest money = theft misuse of trust accounts What is the #1 violation that would cause a license to be revoked or suspended? detailed closing statement showing all receipts and disbursements In addition to the licensee providing an estimated closing statement at offer time, they should also furnish __________ at the time the sale is closed. Immediately When should any cash funds be deposited by? Commission and public A qualifying broker shall be held responsible to the _________&____________ for all acts of each salesperson and associate broker licensed under them Qualifying Broker A _______ will be responsible to an injured party for the damage caused by any violation by a licensee engaged by this person. 7 days Each qualifying broker shall promptly disburse to the appropriate party any trust monies owed within _______ days of the consummation of the transaction for which the funds were deposited. liable for all acts of the out-of-state broker and for their own acts In an out-of-state co-brokerage the AL broker shall be ___________... name In all advertising of RE located in AL the _______ of the AL broker shall appear offers the same privileges to licensees of this state A licensed broker of another state may act as a co-broker with a licensed broker of this state by written agreement specifying each parcel of property covered, if the state in which the non-resident broker is licensed _____________. 1) 10 days 2) copy of the agreement Whenever an AL broker enters into a co-broker with a non-resident broker to perform in AL the AL broker shall file within ________days. What shall be filed with the commission? Does not need a license Does this person need to be licensed - Person acting without compensation and in good faith under a duly executed power of attorney authorizing the consummation of a RE transaction license period The period of time beginning on Oct 1 on a year designated by the commission to be the first year of a licensing period and ending on midnight Sept 30 of the year designated by commission as the final year of that licensing period 1)residence 2) Aug 1 License renewal forms will be mailed to place of business if for an active license or ________ if inactive prior to ________ of the final year of license period terminates Upon issuance of their broker's license certificate the licensed salesperson's license automatically ____________ upon issuance of their brokers certificate One who does auction is required. the ground men are not required to be licensed. In a RE auction who is/is not required to be licensed? does not need to be licensed Does a person acting as