Gianna1

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 providi...

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 Following a hearing, How many days does the licensee have to decide if they will accept the decision of AREC or appeal it? Estimated closing statement Net sheet--must be provided to the principal the licensee represents/assists with each offer or counteroffer Immediately When should any cash funds be deposited by? Commission and public A qualifying...

A ___________ agency is created when a broker designates another real estate agent in the same office to represent either a buyer or a seller because they cannot fully represent both parties being a dual agency. designated agency A _________ agency gives the agent authority to do one specific thing on the principal's behalf. special or specific A _________ agency gives the agent the authority to do several activities on the principal's behalf. general A brokerage which facilitates the trans...

"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 does license law protect? Law of Contracts, General Prop...

Alabama Legislators Create/write the law Real Estate Commissioners write the rules and regulations/hold just as much weight as law Purpose of the Alabama real estate commission (AREC) adopt and enforce rules and regulations do all things necessary to enforce Alabama license law Mission to protect the public through the licensing and regulating of real estate licenses Vision to ensure public confidence in real estate transactions Values effective management of our resources, excellent custom...

Alabama Real Estate Commission (AREC) issues the following types of AL Real Estate Licenses Qualifying Broker Associate Broker Salesperson (Temporary salesman license and permanent salesperson license) Company To become a broker, a person must do what two things Complete a 60 hr Broker Pre-License course and submit proof that he or she has been engaged as an active licensed real estate salesman for at least 24 out of 36 months immediately prior to application in any state The Broker applicant ...

The consumer member of the Alabama Real Estate Commission must be_____ years of age or older. - 21 Prior to the appointment of each original appointee to the Alabama Real Estate Commission, these persons must have been residents and citizens of Alabama for a minimum of -three years. -five years. -six years. -ten years. ten years Each member of the Commission____________________during the time in which he/she serves as a Commissioner. -performs without pay -receives a token annual salary of ...

broker who operates a brokerage business within the corporate city limits of Montgomery A. maintain maintain his place of business in his home B. May not hire sales people C. must be sure his/her office is located in property zone for business (answer) D. all of the above Any person desiring to make an appeal of a decision or ruling of the commission to a quart must post a satisfactory appeal bond in the amount of $200 Of the following, who would be exempt from the licensure provisions of the ...

Non-trust funds, as long as they're not commingled with trust funds, are not bound by _______. Banking regulations International trade rules Real estate laws State laws Real estate laws What's one of the steps you need to take if you choose to affiliate with a different broker? Give notice to the Alabama Association of REALTORS. ® Obtain approval from your existing broker. Pay the required transfer fees. Receive approval from the commission. Pay the required transfer fees. The commission i...

Routine Audit of brokers trust account has to notify broker how many hours prior? 72 hours Broker has to be ___ or older 21 years Maximum security deposit is ? Twice the rent Courtsey has what kind of power? life estate Dower has what kind of power? fee simple Anyone who acts as a real property securities dealer has to be? Licensed real estate broker How long after passing your exam do you have to choose a company to work for? 6 months What is an unlicensed person subject to if caught act...