Alabama License Law Exam Practice Quiz with Complete Solutions

Alabama License Law Exam Practice Quiz with Complete Solutions A broker who operates a brokerage business within the corporate city limits of Montgomery Must be sure his/her office is located in property zoned for business. Any person desiring to make an appeal of a decision or ruling of the Commission to a court must post a satisfactory appeal bond in the amount of______? $200 Of the following, who would be exempt from the licensure provisions of License Law? Public officers performing their duties. Alabama Law permits a broker to? Not take a net listing on a proper. Not automatically extend the term of a listing contract w/o notifying the principle. Not purchase property listed with his/her firm withoutnotifying the seller of this intent to do so. Upon the acceptance and delivery of any sales contract, the selling broker should? Voluntarily furnish a copy of the sales contract to all parties executing the contract. An applicant for salesman's license having completed the prelicense course must pass the state exam within? 6 months of completion of prelicense course. All of the following require a real estate license except: Manage an apartment complex for principle. When submitting application for salesperson license, all of the following must be submitted except: $150 for temporary license, $25 for public safety records research $30 for Education and Research Fund. Not $30 for Recovery fund if applying for inactive license. Broker promising to pay an owner $500 if owner would list with broker and then failing to pay is an example of: Making a false promise to induce seller to list. All of the following are correct regarding qualifying broker except: Have a separate license for each company serving as qualifying broker. Real estate must be principal business and must actually provide full time supervision for all licensees with company. Regarding the state license exam, all of the following apply except: Student will have 3 1/2 hours to complete state license exam. The passing grade for both salesman and broker license examination shall be seventy (70%) Student can not take state exam until they have completed 60HR pre License course. Which of the following does not require a real estate license? Owner Managing personally owned property. A real estate company wishing to maintain more that one business location must apply for a /an ? License for each location. In regards to the Real Estate Recovery fund, all of the following are correct except: The fee is required to be paid for temporary active license. The fund must always have a minimum balance of $500,000. No more than $25,000 will be paid for one real estate transaction. Regarding a licensee who is accused of a violation of license law, all of the following is correct except: The accused must be given 15 day advance notice of date of hearing. The accused can require Commission to subpoena witnesses for his behalf. Notice to the accused must be given in person or by certified mail. (The accused my require postponement of hearing up to 30 days) Which of the following is an example of salesperson correctly handling earnest money received from buyer client? Turning over to broker no later than next business day. Broker promising to pay an owner $500 if owner would list with broker is? Legal Which of the following would not be exempt from the licensure provisions of the Alabama Real Estate License Law? A secretary in a real estate office who only shows listed properties when the licensed agents are unavailable for such showings. A broker decides to ope his/her own brokerage office, With which answer must he comply? The company must have a business telephone. Regarding license fees, which of the following is correct? The $30 Recovery fund fee is paid on receipt of initial active license. Which of the following is not required for receiving a real estate license? Resident of Alabama A$25 transfer fee is required to be paid for all of the following? Change of Name. Change of Real Estate Co. Transfer from inactive status to active status. In regards to inactive license, all of the following are correct: No act for which a license is required shall be performed under an inactive license. To Have initial license issued inactive does not require $30 payment to recovery fund. License may be renewed from period to period on inactive status by paying renewal license fee. A person would least likely be found guilty of misrepresentation for which of the following? Failing to point out several broken windows. The office address on the real estate company license is also the same address of the qualifying broker's residence. Which of the following is most likely true? Broker lives in rural area outside city limits or police jurisdiction of a municipality. Salesperson receiving cash in the amount of $5000 as earnest money from buyer, depositing cash into personal account and then writing personal check in exact same amount to give broker as earnest money is an example of: Commingling which is an illegal act on part of licensee. Which of the following would be an example of licensee failing to point out latent structural defect to buyer? Failure to point out to buyer the defect inside the fireplace chimney. A licensed real estate broker who engages the services of a licensed salesperson, on the basis that the broker can direct what the salesperson can do but not how it is to be done has: engaged and independent contractor. A broker's license can be revoked if he or she: Allows his or her licensed salesperson to operate a real estate brokerage business without the broker's supervision. Regarding the license examination, all of the following are correct: One has 3 1/2 hours to complete the state exam. The fee must be paid to testing service by visa/MasterCard, cashiers check, certified check or money order. A passing score of 70% or better. From the final hearing of any complaint brought before them, the Alabama Real Estate Commission shall render a decision on such complaint within: 30 days Findings or ruling of the Alabama Real Estate Commission are deemed conclusive unless the accused shall appeal such finding or ruling within: 30 days For a company to receive an Alabama Real Estate License, it must: Have a qualifying broker make applications. Licensee transferring from inactive to active status must do all of the following: Pay a $25 Transfer fee. Have a qualifying broker accepting responsibility. Have completed continuing education requirements for license period. The Real Estate Commission__________the acceptance of ngs. Prohibits Under what circumstance can a sales person obtain his broker's license after only one year as a licensee? Be appointed temporary qualifying broker upon the death or disability of the qualifying broker. The members of the Alabama Real Estate Commission Are appointed by the governor, with the advice and consent of the state senate.