Alabama Real Estate License Law Study Aid with Questions and Answers

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 broker shall be held responsible to the _________&____________ for all acts of each salesperson and associate broker licensed under them Qualifying Broker Individual whose primary business is real estate and who supervises all licensees in a brokerage and who must be a signatory on all trust accounts 7 days Each qualifying broker shall promptly disburse to the appropriate party any trust monies owed within _______ days of the consummation of the transaction for which the funds were deposited. 10 days Whenever an Alabama broker enters into an agreement with a non-resident broker to engage in activities requiring a real estate license in AL, he must file a copy of the written agreement with the Commission within _________ days. name In all advertising of RE located in AL the _______ of the AL broker shall appear offers the same privileges to licensees of this state A licensed broker of another state may act as a co-broker with a licensed broker of this state by written agreement specifying each parcel of property covered, if the state in which the non-resident broker is licensed _____________. 1) 10 days 2) copy of the agreement Whenever an AL broker enters into a co-broker agreement with a non-resident broker to perform in AL the AL broker shall file within ________days. What shall be filed with the commission?