Alabama real estate exam - Study guides, Class notes & Summaries

Alabama Real Estate Exam Prep All Rated A+ "To uphold, protect, and promote the public interest, which embraces the interests of regulated licensees and entities and the interest of consumers, by the fair and impartial development and administration of licensing laws and regulations." Alabama Real Estate Commission Mission Statement Protect consumers from unprofessional practices. What is the primary purpose of license laws? Buyers, Sellers, Tenants, and Land/Building Owners Who do...

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Alabama Real Estate Exam All Answers Correct What type of listing is typically a verbal agreement? ️An Open Listing Implied Agency ️Relationship was never discussed but actions of one or more of the parties "implied" a relationship exists. What two agreements are considered personal services agreements? ️Listing agreement and Buyer agreement When both the buyer and the seller are represented by the same brokerage firm is called: ️Dual Agency Who typically manages the M...

Alabama Real Estate State Exam Prep All Answers Correct Abstract Of Title The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. Accelerated Cost Recovery System (ACRS) Method for claiming tax deductions for certain property purchased before 1987 in which it was possible to ...

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Special or Specific Agency - The Principal gives the agent authority to do one specific thing-sell property. They enter into a contract that stipulates how the task will be done-multiple listings of the property, commission paid etc. General - Principal and agent enter into a contract giving the agent the authority to conduct several activities-show property to renters, check references and negotiate leases. Designated agency - A dual agent cannot fully represent both parties so the agent ...

A buyer's agent receives a written offer on a single family residence that her buyers wish to submit. What must the agent provide to her buyer at the time the buyer signs the written offer? A. An explanation of limited dual consensual agency. B. A copy of the Alabama Consumer Information booklet. C. A copy of the written offer for the buyer's records. D. A complete estimated closing statement. - D. A complete estimated closing statement. At the time the buyer signs the written offer, th...

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