CE Shop (Alabama) Final Exam Review
questions and answers with verified
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Jeung gave her agent an earnest money check, and the seller accepted Jeung's offer.
What will happen to the check now? - ANSWER✔✔ An escrow agent will hold
the funds in a trust account until the agreement's terms are satisfied.
Cheryl, the aggrieved claimant on a complaint against a licensee, has just won her
claim. She demonstrated that the licensee was responsible for her losing $60,000.
She also paid for a lawyer, which was another $5,000. With other fees and
incidentals, her total damages are $67,000. What is the amount she'll receive? -
ANSWER✔✔ $25,000
Jerrold reviews the floor plan of the Knoxville house he's going to sell. It's 3,800
square feet. In his advertising, he bumps that number up to 4,000 square feet to
better justify its asking price. What has Jerrold done? - ANSWER✔✔ Intentional
misrepresentation
Which of the following best describes an inactive license? - ANSWER✔✔ This
license status means that you've paid your license fee but haven't completed your
CE requirements.
If you, as an Alabama licensee, make a statement in an ad that you should have
known was false, what are you guilty of? - ANSWER✔✔ Misrepresentation
Which of the following is a minimum service that an Alabama licensee must
provide to her clients? - ANSWER✔✔ Disclosing any material facts the licensee
knows about that the client couldn't reasonably ascertain
, Alabama broker Jim is acting as a limited consensual dual agent for seller Christine
and buyer Blake. Which of the following is required for Jim to act in this capacity?
- ANSWER✔✔ He must get the written, informed, advance consent before
entering into the relationship.
What action may licensees take if they're unhappy with the commission's final
decision on their hearing? - ANSWER✔✔ They may request a rehearing.
The funds placed in trust accounts are insured by the ______. - ANSWER✔✔
FDIC
When it comes to earnest money, which one of the following statements is true? -
ANSWER✔✔ Earnest money must be placed in a trust account.
D'Wayne is acting as the buyer's agent for Alabama resident Rocky in a real estate
transaction. In this transaction, what is D'Wayne's role? - ANSWER✔✔ A single
agent
Julie is working with buyer clients and has prepared an estimated closing
statement. Which of the following statements is true? - ANSWER✔✔ She must
provide it when an offer is signed.
Should the broker end up in litigation, any trust funds not safely tucked away in a
trust account could be ______. - ANSWER✔✔ Frozen
Which one of the following is a true statement regarding the termination of
qualifying broker status in Alabama? - ANSWER✔✔ Qualifying brokers have to
notify their brokerage and the commission in writing if they wish to terminate their
status.
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