Alabama Real Estate License Law Study Guide 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 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 providing an estimated closing statement at offer time, they should also furnish __________ at the time the sale is closed. 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 A _______ will be responsible to an injured party for the damage caused by any violation by a licensee engaged by this person. 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. liable for all acts of the out-of-state broker and for their own acts In an out-of-state co-brokerage the AL broker shall be ___________... 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