Alabama Real Estate Study guides, Class notes & Summaries

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 MLS? - Local Board of Realtors Equal Credit Opportun...

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...

Glenda is the office manager for a local real estate firm. If she is responsible for coordinating the paperwork flow through the office, preparing ads and supervising the clerical staff, Glenda is which of the following? Required to have a salesperson's license Violating license law Required to have a broker's license Exempt from the license law - Exempt from the license law f a resident has filed a complaint against Broker Garrison, the Commission has the power to do all of the follo...

In a PUD, the property owner is responsible for repairs and maintenance of the exterior of his her own dwelling. - True In a condominium complex which of the following are considered to be common areas? - Not the unit itself. - balconies / hallways / landscaping Which of the following can be setup as condominium ownership? - Commercial buildings/ Residential buildings / Industrial park Hazel and Bob live in a community property state. Hazel owns some investment property that she owned p...

"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...

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 ...

Which of the following ways of specializing is common in the real estate brokerage business? A. By type of mortgage financing required B. By years of experience in the business C. By type of property D. By background of client - C. By type of property Which of the following is included in the legal concept of land? A. A corn crop B. A lake C. A felled tree D. An abandoned vehicle - B. A lake A property abuts a non-navigable stream. What does the property owner own? A. Land to the ...

After passing state exam, you have ___ days to apply for a Temporary License, either on an Active or Inactive basis. - 90 Temporary Licenses are only valid for ___ year(s), and cannot be renewed. - 1 For an Original License, you must pass a ___ hour post-license course. - 30 If Temporary License is ACTIVE, the post-license course must be completed within ___ months. - 6. If the post-license course is not completed within ___ year(s), the Temporary License lapses. This period begins o...

Alabama Real Estate License Exam 2024 Latest Update With Multiple, Correctly Answered Questions Already Graded A+

ALABAMA REAL ESTATE FINAL EXAM STUDY GUIDE - 60 HOUR COURSE ACTUAL QUESTIONS AND ANSWERS 2024/2025 SOLVED 100%