Alabama (STATE) Real Estate Practice Exam

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 is investigating the actions and records of Alabama licensee Thomasina. Which of the following is true? The commission can investigate Thomasina without a written complaint. The commission must have notified Thomasina, and her qualifying broker, before beginning the investigation. The commission must have received a written complaint about Thomasina. The commission must have received Thomasina's permission to do this. The commission can investigate Thomasina without a written complaint. Melanie has decided to switch career paths and get an MBA, so she's going to resign as qualifying broker for Talladega Realty. Which of the following does she have to do to terminate her status? Appoint a temporary qualifying broker in her place Give a written termination notice to Talladega Realty and the real estate commission Return all of her associated licensees' licenses to the real estate commission Train a current associate broker to take over her position Give a written termination notice to Talladega Realty and the real estate commission Ben, a managing broker, is holding transaction money in a trust account. The transaction doesn't close, and both the buyer and seller claim that the money in the account is theirs. Two weeks later, both parties come to Ben's office and say they've reached an agreement, and that Ben should give the money to the seller. Ben says, "I can't disburse these funds until I get your signed permission." When both parties sign, Ben disburses the money to the seller. What, if anything, did Ben do wrong?