Alabama License Law Real Estate Study Questions and Answers

Alabama Real Estate Commission (AREC) issues the following types of AL Real Estate Licenses Qualifying Broker Associate Broker Salesperson (Temporary salesman license and permanent salesperson license) Company To become a broker, a person must do what two things Complete a 60 hr Broker Pre-License course and submit proof that he or she has been engaged as an active licensed real estate salesman for at least 24 out of 36 months immediately prior to application in any state The Broker applicant must have satisfactorily passed a "National" Brokers exam What is a qualifying or designated broker The licensee that is responsible for supervising the acts of all real estate licensees at that address. The applicant to become a qualifying broker must Sign a statement assuming responsibility for the acts of all licenses under him or her Every company applying for a license must name a Broker According to license law there is only ________ licensee who has the ___________ One, authority When the recovery fund drops below _______, each license may be assessed in the amount of _________ $500,000 / $30 What is a Recovery fund A fund established by the real estate commission to pay for uncollected judgements (damages from a bad real estate transaction) The maximum amount paid from the recovery fund per licensee is 50,000 Payments against any one licensee shall not exceed 50,000 The maximum amount paI'd from the recovery fund per incident is 25,000 Payments for claims arising out of the same transaction shall not exceed 25,000`