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Alabama Real Estate Commission Salesperson Test Outline 150 Questions This follows the class outline Steve McTyeire, Broker 205-807-5200.

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Presentation on theme: "Alabama Real Estate Commission Salesperson Test Outline 150 Questions This follows the class outline Steve McTyeire, Broker 205-807-5200."— Presentation transcript:

1 Alabama Real Estate Commission Salesperson Test Outline 150 Questions This follows the class outline Steve McTyeire, Broker 205-807-5200

2 What federal laws on contacting customers must we obey?

3 What is the purpose of the Alabama Real Estate Commission?

4 How many members are on the Commission?

5 New Commissioners: Who appoints? Who confirms? How long is term? Are all Commissioners brokers?

6 How many Commission members hold a real estate license?

7 How old must Commissioners be to serve?

8 Define broker

9 Define associate broker

10 Define qualifying broker (QB)

11 Define Commissioner

12 Define Company

13 Define Engage

14 Why would the Commission hold a license?

15 Define licensee

16 What is the license period?

17 By when must the license be renewed?

18 What is the penalty for late renewal?

19 By when must continuing education be completed?

20 Define Person

21 Define Place of Business Rural Within Police Jurisdiction (city) Any exceptions?

22 Where must records be kept? How long?

23 Define Salesperson

24 What are the activities that require a license?

25 License required if performing for another in Alabama: B Buy A Aid R Rent N Negotiate S Sell A Auction L Lease E Exchange

26 What activities are exempt from a license?

27 License not required: My attorney has authority, as an apartment manager, to sell time share cemetery lots

28 What must you do if you want to: Co-Brokerage with an out of state broker?

29 What are the qualifications for an Alabama Salesperson License?

30 What are the qualifications for a broker license?

31 QB may serve for more than 1 company if:

32 How long is a license period?

33 How much is a salesperson’s renewal?

34 How many hours of CE are required each license period? What do the hours include?

35 Is there an exam in a CE class?

36 Does your CE need to be up to date to: Renew a license? Re-activate a license?

37 How many hours is the post license course?

38 How long do you have after taking the state test to complete post license?

39 What if you forget to take the post license within 6 months?

40 How much is the temporary license?

41 Explain how the expiration date of a temporary license is determined?

42 If you don’t complete the post license course within 1 year of passing the state test, what will happen?

43 What is the fee to transfer a license?

44 What must be done to transfer your license to another broker?

45 Why would a license be inactive?

46 Must you complete CE if inactive?

47 How long can you stay inactive?

48 If you want to re-activate, what must be done?

49 Each company and branch office must have: 1 2

50 To be issued a broker license, an applicant must: 1 2 3 4

51 To be the qualifying broker, an broker must: 1 2 3

52 What are the responsibilities of the QB? 1 2 3

53 QB may terminate status by: 1 2

54 QB may terminate agent by: 1 2 3

55 How may a QB serve more than 1 company? 1 2 3

56 What happens if the QB dies or becomes disabled?

57 How can the company continue after death of broker?

58 What is an associate broker status?

59 Who may operate a real estate brokerage from home? How can this be done?

60 What is the purpose of the Recovery Fund?

61 How much will you pay into the Recovery Fund when you get an original license?

62 What will happen if the Recovery fund drops below $500,000?

63 How is the Recovery Fund funded?

64 Does an Alabama salesperson pay into the Recovery fund when they get a broker license?

65 Why would the Recovery Fund pay out?

66 How much will the Recovery Fund pay due to one transaction?

67 How much will the Recovery Fund pay due to one licensee?

68 What will happen to the licensee’s license when the Fund pays?

69 What will happen if someone calls the AREC and tells them you did something they don’t think is right?

70 What is the AREC looking for in a complaint? 1 2

71 What does a complaint include? 1 2 3 4 5

72 If probable cause is found, what happens?

73 Days to Hearing? Days to Decision? Days to Appeal?

74 What class violation is a real estate infraction?

75 What are the penalties? Minimum? Maximum? Jail time?

76 If you don’t like the AREC decision, what can you do?

77 Does a rehearing change the effective date of a Commission order?

78 If you want to appeal, what do you do?

79 Who pays the cost of an appeal?

80 Trust Funds must be held: 1 2 3

81 Who can hold the trust money?

82 When must trust funds be deposited?

83 How is trust money disbursed?

84 How long do these records need to be held & where?

85 What is RECAD

86 RECAD Definitions: –Agency Agreement

87 RECAD Definitions: –Consumer

88 RECAD Definitions: –Client

89 RECAD Definitions: –Customer

90 RECAD Definitions Dual Agency: 1 2

91 RECAD Definitions: –Informed Consent

92 RECAD Definitions –Material Fact

93 RECAD Definitions: Can agency be implied?

94 How does fraud apply to implied agency?

95 Define –Transaction Broker

96 Define –Single Agent

97 Define –Dual Agent

98 Define –Sub Agent

99 What are the RECAD duties to all: 1 2 3 4 5 6

100 What are the RECAD duties to Clients: All of the “duties to all” OLD + Plus 1 2 3

101 Who must sign the RECAD?

102 Is there anything else that goes with the RECAD from?

103 What is RECAD office policy?

104 What services are exempt under RECAD? 1 2

105 Violations How does the AREC feel about: –Misrepresentation? –Dishonest Dealings?

106 Will the AREC allow you to operate in a “gray area” by selling and buying property in your family members (spouse, child or parent) names to avoid real estate laws?

107 What will the Commission likely do if you don’t tell the truth on your application?

108 Do you need to disclose the fact that you have an interest in the property you are selling?

109 When must you disclose your personal interest?

110 Why is it important to disclose health and safety issues? Will you get in trouble for not disclosing something related to this topic? Do you have a duty to discover these defects?

111 If you induce a party to break a contract to substitute one where you gain, will you have some explaining to do?

112 Advertising: –What are the 3 rules 1 2 3

113 Do Alabama’s RE laws apply to Internet advertising?

114 Rule change on advertising letter size New law Brokerage name must be prominent on ad Old Law did say broker name must be as big or bigger than agent’s

115 What does a listing agreement must have?

116 Can we have an automatic renewal on a listing?

117 What is a “net listing” Are they legal in Alabama?

118 Disclosure: What are the forms to use for disclosure?

119 Disclosure –What is a latent defect?

120 Disclosure: –Do you need to disclose latent defects?

121 Disclosure: –Do you need to discover latent defects?

122 What are some health & safety issues?

123 What is the date to use for: –Lead Based Paint (LBP) disclosure?

124 Who must sign the –Lead Based Paint form? (LBP)

125 What is the fine for not getting the LBP?

126 Do you need to give a consumer anything along with the LBP form?

127 When do you prepare a net sheet?

128 If you own the property you are selling, do you need to disclose this? When?

129 Must you tell the buyer looking at your listing that there was a murder in the home?

130 Would you need to tell them about the Radon gas you know is seeping through the floor?

131 What does “caveat emptor” mean?

132 How does “caveat emptor” help the seller?

133 Agents do not have full immunity under “caveat emptor” What are the exceptions: 1 2 3 4

134 Why is the disclosure box in a contract?

135 How long must you keep records?

136 What kind of rebates can you accept?

137 RESPA federal law also levels the field by allowing buyers to do what?

138 What is an affiliated business arrangement?

139 Who is the only one allowed to pay agents?

140 What is the fine for presenting a bad check to AREC?

141 If you are arrested, or have a civil case filed against you for involving a real estate transaction, when must you inform AREC?

142 When the case is settled, how long do you have to let AREC know?

143 Can you conduct a lottery for free lots to influence purchasers?

144 Documents How soon must you get copies to the parties?

145 Documents How long must these records be kept?

146 If you have someone’s documents or papers and won’t give them back, what will the AREC do?

147 If you get a written offer, what must you do?

148 Finally, is it illegal to violate any provision or rule of AREC?

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