ALABAMA RECIPROCAL COMPREHENSIVE
QUESTIONS AND ANSWERS SET A+
✔✔A license issued on December 10, 2006 expires at midnight on _____. -
✔✔September 30, 2008
✔✔If a licensee wishes to transfer to another broker at the same time he/she renews
his/her license, the licensee _____. - ✔✔must complete the standard transfer
procedures
✔✔According to the rules of the Commission, trust funds received by a salesperson
must be turned over to his/her qualifying broker _____. - ✔✔immediately upon receipt of
the funds
✔✔Who is typically responsible for depositing trust funds received by a salesperson? -
✔✔the salesperson's qualifying broker
✔✔Who must have authority to deposit or withdraw funds from a trust account? - ✔✔the
qualifying broker
✔✔After a transaction is consummated, a qualifying broker must disburse trust funds to
the appropriate party _____. - ✔✔within 7 days
✔✔If a transaction is not consummated or if there is a disagreement as to how the
funds should be disbursed, the broker may disburse funds according to _____. - ✔✔1. a
court order
2. a written agreement signed by all parties
✔✔A licensee is working with a buyer on a transaction involving the sale of a single-
family residence.When the buyer signs a written offer, the licensee must provide the
buyer with _____. - ✔✔an estimated closing statement
, ✔✔A licensee is working with a buyer on a transaction involving the sale of a single-
family residence.At closing, the licensee must provide the buyer with _____. - ✔✔an
actual, detailed closing statement
✔✔A licensee is working with a buyer on a transaction involving the sale of a single-
family residence.The licensee must provide the buyer with an estimated closing
statement _____. - ✔✔at the time the buyer signs a written offer
✔✔A licensee is working with a buyer on a transaction involving the sale of a single-
family residence.The licensee must provide the buyer with an actual, detailed closing
statement _____. - ✔✔at closing
✔✔Including a provision for an automatic extension in a listing contract is a(n) _____. -
✔✔violation of Commission rules
✔✔A broker has a seller's property listed for $125,000.Which offers must the broker
present to the seller? - ✔✔all written offers
✔✔A formal complaint must contain _____. - ✔✔1. the legal jurisdiction under
2. which the charge is made
the type of license held by the party
3. the date the party's license was issued
✔✔The Real Estate Consumer's Agency and Disclosure Act is also referred to as
_____. - ✔✔RECAD
✔✔RECAD deals with _____. - ✔✔agency relationships and agency disclosure
✔✔The Real Estate Consumer's Agency and Disclosure Act went into effect _____. -
✔✔October 1, 1996
✔✔A person who has entered into an agency agreement with a broker is called a(n)
_____. - ✔✔client
✔✔A person who receives brokerage services from a broker but who is NOT a client of
the broker is called a(n) _____. - ✔✔customer
✔✔A broker always works for his/her _____. - ✔✔client
✔✔A broker is permitted to work with (but not for) his/her _____. - ✔✔customer
QUESTIONS AND ANSWERS SET A+
✔✔A license issued on December 10, 2006 expires at midnight on _____. -
✔✔September 30, 2008
✔✔If a licensee wishes to transfer to another broker at the same time he/she renews
his/her license, the licensee _____. - ✔✔must complete the standard transfer
procedures
✔✔According to the rules of the Commission, trust funds received by a salesperson
must be turned over to his/her qualifying broker _____. - ✔✔immediately upon receipt of
the funds
✔✔Who is typically responsible for depositing trust funds received by a salesperson? -
✔✔the salesperson's qualifying broker
✔✔Who must have authority to deposit or withdraw funds from a trust account? - ✔✔the
qualifying broker
✔✔After a transaction is consummated, a qualifying broker must disburse trust funds to
the appropriate party _____. - ✔✔within 7 days
✔✔If a transaction is not consummated or if there is a disagreement as to how the
funds should be disbursed, the broker may disburse funds according to _____. - ✔✔1. a
court order
2. a written agreement signed by all parties
✔✔A licensee is working with a buyer on a transaction involving the sale of a single-
family residence.When the buyer signs a written offer, the licensee must provide the
buyer with _____. - ✔✔an estimated closing statement
, ✔✔A licensee is working with a buyer on a transaction involving the sale of a single-
family residence.At closing, the licensee must provide the buyer with _____. - ✔✔an
actual, detailed closing statement
✔✔A licensee is working with a buyer on a transaction involving the sale of a single-
family residence.The licensee must provide the buyer with an estimated closing
statement _____. - ✔✔at the time the buyer signs a written offer
✔✔A licensee is working with a buyer on a transaction involving the sale of a single-
family residence.The licensee must provide the buyer with an actual, detailed closing
statement _____. - ✔✔at closing
✔✔Including a provision for an automatic extension in a listing contract is a(n) _____. -
✔✔violation of Commission rules
✔✔A broker has a seller's property listed for $125,000.Which offers must the broker
present to the seller? - ✔✔all written offers
✔✔A formal complaint must contain _____. - ✔✔1. the legal jurisdiction under
2. which the charge is made
the type of license held by the party
3. the date the party's license was issued
✔✔The Real Estate Consumer's Agency and Disclosure Act is also referred to as
_____. - ✔✔RECAD
✔✔RECAD deals with _____. - ✔✔agency relationships and agency disclosure
✔✔The Real Estate Consumer's Agency and Disclosure Act went into effect _____. -
✔✔October 1, 1996
✔✔A person who has entered into an agency agreement with a broker is called a(n)
_____. - ✔✔client
✔✔A person who receives brokerage services from a broker but who is NOT a client of
the broker is called a(n) _____. - ✔✔customer
✔✔A broker always works for his/her _____. - ✔✔client
✔✔A broker is permitted to work with (but not for) his/her _____. - ✔✔customer
