CE Shop (Alabama) Final Exam Review 2025-2026
With Complete Questions and Correct Answers |
Graded A+ | Verified Answers And Brand New
Jeung gave her agent an earnest money check, and the seller accepted
Jeung's offer. What will happen to the check now? - answer--An escrow
agent will hold the funds in a trust account until the agreement's terms
are satisfied.
Cheryl, the aggrieved claimant on a complaint against a licensee, has
just won her claim. She demonstrated that the licensee was responsible
for her losing $60,000. She also paid for a lawyer, which was another
$5,000. With other fees and incidentals, her total damages are $67,000.
What is the amount she'll receive? - answer--$25,000
Jerrold reviews the floor plan of the Knoxville house he's going to sell.
It's 3,800 square feet. In his advertising, he bumps that number up to
4,000 square feet to better justify its asking price. What has Jerrold
done? - answer--Intentional misrepresentation
Which of the following best describes an inactive license? - answer--This
license status means that you've paid your license fee but haven't
completed your CE requirements.
,If you, as an Alabama licensee, make a statement in an ad that you
should have known was false, what are you guilty of? - answer--
Misrepresentation
Which of the following is a minimum service that an Alabama licensee
must provide to her clients? - answer--Disclosing any material facts the
licensee knows about that the client couldn't reasonably ascertain
Alabama broker Jim is acting as a limited consensual dual agent for
seller Christine and buyer Blake. Which of the following is required for
Jim to act in this capacity? - answer--He must get the written, informed,
advance consent before entering into the relationship.
What action may licensees take if they're unhappy with the
commission's final decision on their hearing? - answer--They may
request a rehearing.
The funds placed in trust accounts are insured by the ______. - answer--
FDIC
When it comes to earnest money, which one of the following
statements is true? - answer--Earnest money must be placed in a trust
account.
, D'Wayne is acting as the buyer's agent for Alabama resident Rocky in a
real estate transaction. In this transaction, what is D'Wayne's role? -
answer--A single agent
Julie is working with buyer clients and has prepared an estimated
closing statement. Which of the following statements is true? - answer--
She must provide it when an offer is signed.
Should the broker end up in litigation, any trust funds not safely tucked
away in a trust account could be ______. - answer--Frozen
Which one of the following is a true statement regarding the
termination of qualifying broker status in Alabama? - answer--Qualifying
brokers have to notify their brokerage and the commission in writing if
they wish to terminate their status.
For how long must an Alabama licensee retain transaction file records
after the date of the transaction? - answer--Three years
Which of the following statements about escrow accounts is correct? -
answer--Escrow accounts are managed by escrow agents, and are used
to hold funds belonging to others, such as earnest money deposits.
With Complete Questions and Correct Answers |
Graded A+ | Verified Answers And Brand New
Jeung gave her agent an earnest money check, and the seller accepted
Jeung's offer. What will happen to the check now? - answer--An escrow
agent will hold the funds in a trust account until the agreement's terms
are satisfied.
Cheryl, the aggrieved claimant on a complaint against a licensee, has
just won her claim. She demonstrated that the licensee was responsible
for her losing $60,000. She also paid for a lawyer, which was another
$5,000. With other fees and incidentals, her total damages are $67,000.
What is the amount she'll receive? - answer--$25,000
Jerrold reviews the floor plan of the Knoxville house he's going to sell.
It's 3,800 square feet. In his advertising, he bumps that number up to
4,000 square feet to better justify its asking price. What has Jerrold
done? - answer--Intentional misrepresentation
Which of the following best describes an inactive license? - answer--This
license status means that you've paid your license fee but haven't
completed your CE requirements.
,If you, as an Alabama licensee, make a statement in an ad that you
should have known was false, what are you guilty of? - answer--
Misrepresentation
Which of the following is a minimum service that an Alabama licensee
must provide to her clients? - answer--Disclosing any material facts the
licensee knows about that the client couldn't reasonably ascertain
Alabama broker Jim is acting as a limited consensual dual agent for
seller Christine and buyer Blake. Which of the following is required for
Jim to act in this capacity? - answer--He must get the written, informed,
advance consent before entering into the relationship.
What action may licensees take if they're unhappy with the
commission's final decision on their hearing? - answer--They may
request a rehearing.
The funds placed in trust accounts are insured by the ______. - answer--
FDIC
When it comes to earnest money, which one of the following
statements is true? - answer--Earnest money must be placed in a trust
account.
, D'Wayne is acting as the buyer's agent for Alabama resident Rocky in a
real estate transaction. In this transaction, what is D'Wayne's role? -
answer--A single agent
Julie is working with buyer clients and has prepared an estimated
closing statement. Which of the following statements is true? - answer--
She must provide it when an offer is signed.
Should the broker end up in litigation, any trust funds not safely tucked
away in a trust account could be ______. - answer--Frozen
Which one of the following is a true statement regarding the
termination of qualifying broker status in Alabama? - answer--Qualifying
brokers have to notify their brokerage and the commission in writing if
they wish to terminate their status.
For how long must an Alabama licensee retain transaction file records
after the date of the transaction? - answer--Three years
Which of the following statements about escrow accounts is correct? -
answer--Escrow accounts are managed by escrow agents, and are used
to hold funds belonging to others, such as earnest money deposits.
