Alabama Real Estate Exam Questions and Answers (Solved Papers) Bob's broker license was issued in January of 2016. When does he have to be finished with his post-license coursework?
- Correct Answers ✅Broker licenses do not require
completion of post-license courses.In addition to meeting the general requirements for obtaining a broker license, an applicant is required to - Correct Answers ✅have held an active salesperson license for 24 of the past 36 months.Who is responsible for applying for a company license? - Correct Answers ✅The company's qualifying broker If a qualifying broker operates from a home office - Correct Answers ✅he must have a sign that identifies the space as a real estate office.The FDIC protects bank account funds by - Correct Answers ✅insuring each client's funds up to $250,000.Checks used as earnest money must be deposited into a trust account - Correct Answers ✅when the offer becomes a contract.Broker Bob received cash from a client as earnest money on a property. Bob hung onto the cash until the offer became a contract and then deposited the money into his personal 1 / 4
Alabama Real Estate Exam Questions and Answers (Solved Papers) account. What did Bob do wrong in handling the cash? - Correct Answers ✅He didn't deposit the cash immediately.Trust funds must be disbursed within ____ of the transaction's closing. - Correct Answers ✅7 days What is commingling? - Correct Answers ✅A client's funds and a broker's funds being deposited into the same trust account An accounting document currently used to show final costs of transferring property ownership is called - Correct Answers ✅an estimated closing statement.TRID requires a Loan Estimate to be provided to borrowers - Correct Answers ✅within 3 business days of loan application._______ requires that property buyers be informed about closing costs. - Correct Answers ✅RESPA An individual who is provided brokerage services by a licensee without signing an agency agreement is a(n) - Correct Answers ✅customer. 2 / 4
Alabama Real Estate Exam Questions and Answers (Solved Papers) RECAD was enacted by - Correct Answers ✅Alabama Legislature.When must a broker provide the non-agency disclosure form to a consumer? - Correct Answers ✅Before confidential information is exchanged RECAD requires qualifying brokers to maintain an office policy that sets - Correct Answers ✅the brokerage services the company will offer.An agency relationship is not assumed, implied, or created until - Correct Answers ✅the licensee and the consumer enter into a written agreement.In which brokerage relationship does the broker work with both parties in the same transaction without becoming an agent? - Correct Answers ✅Transaction brokerage In which brokerage relationship does the agent represent only one client in a transaction? - Correct Answers ✅Single agency Which brokerage relationship is illegal in many states but is legal in Alabama? - Correct Answers ✅Limited consensual dual agency 3 / 4
Alabama Real Estate Exam Questions and Answers (Solved Papers) To whom does the licensee owe the duty to accept and present offers? - Correct Answers ✅Both of the above (client & consumer) To whom does the licensee owe the duty to put the individual's best interest ahead of the interests of others in the transaction? - Correct Answers ✅The client Broker Sue has just told a potential buyer that the property Sue has listed is a waterfront lot. In reality, the water is 1 block away but can be seen from an upstairs window. What has Sue done wrong? - Correct Answers ✅She has misrepresented the property.Brokers sometimes face lawsuits by dissatisfied clients and/or consumers. For what offense do brokers face lawsuits most often? - Correct Answers ✅Misrepresentation When a licensee does not disclose significant property defects out of ignorance, the licensee has committed - Correct Answers ✅Negligent misrepresentation Alabama uses the rule of caveat emptor in the sale of - Correct Answers ✅used residential property.
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