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Pop Quiz,[object Object]
If a licensed broker procures a ready, willing, and able buyer, who’s offer is accepted by the seller, is the broker due a commission?,[object Object]
If a licensed broker procures a ready, willing, and able buyer, who’s offer is accepted by the seller, but then the buyer can’t get financing, is the broker due a commission?,[object Object]
What are the ways listed on RECAD that a licensee may interact with a consumer?,[object Object]
Can you write an offer for someone as a transaction broker?,[object Object]
If you don’t have a buyer’s agency agreement, can you legally show property to a potential buyer?,[object Object]
Can you collect a commission from a buyer?,[object Object]
A licensee represents the seller and a consumer calls and wants to see the property. ,[object Object],How can this happen?,[object Object]
Your listing has expired and the seller listed with another company.,[object Object],You now have a buyer client who wants to see the property and you know the seller will take considerably less.,[object Object],Do you disclose this to your buyer client? ,[object Object]
The seller tells you at your listing presentation that they owe more than the home is worth and will have to dip into their savings to do the deal, but must sell.,[object Object],You don’t get the listing.,[object Object],The next month you have a buyer client who wants to make an offer on that home.,[object Object],Do you tell them what you know?,[object Object]
Is a seller disclosure required?,[object Object]
What must be disclosed?,[object Object]
Two years ago your listing had a murder-suicide.,[object Object],Are you required to disclose?,[object Object]
A sex predator lives next door to your listing.,[object Object],You don’t know about it.,[object Object],Are you required to disclose this?,[object Object]
You know there is toxic mold in the basement behind the new paneling.,[object Object],Must you disclose?,[object Object]
Six months after the buyer moved in the home you helped them find there was a big storm and the roof leaked.,[object Object],They didn’t want a home inspection,[object Object],What do you say?,[object Object]
You knew the roof leaked and didn’t tell them,[object Object],Now what could happen?,[object Object]
What does fiduciary mean?,[object Object]
When must RECAD be presented?,[object Object]
Your buyer client wants to make an offer on a property you have listed.,[object Object],What must you do?,[object Object]
What are the services that require a real estate license?,[object Object]
Who can you perform real estate services for without a license?,[object Object]
How soon after passing the state test must you locate a qualifying broker?,[object Object]
Can a broker operate out of their home?,[object Object]
If you are a limited consensual dual agent, who must you prepare a net sheet for?,[object Object]
How many hours of post license instruction must you have?,[object Object]
How many months do you have to complete the post license class?,[object Object]
How much is the recovery fee?,[object Object]
How much is the criminal background check?,[object Object]
How many members does the Alabama Real Estate Commission have?,[object Object]
Can you pay someone to do business with you?,[object Object]
Can a listing have an automatic renewal?,[object Object]
Can a listing be for a year?,[object Object]
Does a contract to sell a house need to be in writing?,[object Object]
Who may pay a real estate salesperson?,[object Object]
If you get arrested for credit card fraud, when must you notify the commission?,[object Object]
How old must one be to sign a contract to purchase real estate?,[object Object]
What does acknowledgement mean?,[object Object]
What is the homestead exemption amount granted to a homeowner who’s home is sold to satisfy a debt?,[object Object]
What are the three methods for a legal description?,[object Object]
Which of these methods are used in Alabama?,[object Object]
The line that runs roughly from Birmingham to Huntsville is called?,[object Object]
Which direction do Townships run?,[object Object]
What is a reason a contract may be ,[object Object],void?,[object Object]
What is a reason a contract may be voidable?,[object Object]
What is adverse possession?,[object Object]
What are the times on leases?,[object Object]
When must the landlord present the covenants  and restrictions to a lessee?,[object Object]
What is the maximum security deposit on a lease?,[object Object]
To be valid, when must the deed be delivered?,[object Object]
What is the equitable right of redemption?,[object Object]
What is the statutory right of redemption?,[object Object]
How long must the purchaser of a tax certificate wait to file a claim on the land? ,[object Object]
From a legal standpoint, when do property taxes become a lien?,[object Object]
What are the zoning classifications?  ,[object Object]
Which zoning classification is usually tax exempt?,[object Object]
A husband and wife will likely hold property as?,[object Object]
At a condominium the owners each hold what kind of ownership in the pool?,[object Object]
Can the office manager at the real estate company show properties?,[object Object]
How long must you hold a salesperson license before taking the broker test?,[object Object]
How long do you have from the time you start the real estate class until you must finish?,[object Object]
You have finished your real estate class and will take the test next week.,[object Object],Your neighbor wants you to help sell their house, but wants it listed now,[object Object],Can you help?,[object Object]
How long is a real estate license good if you are inactive?,[object Object]
How many classroom hours are required every two years to keep the license active?,[object Object]
May your licensed assistant advise a client?,[object Object]
Does an apartment manager need a real estate license?,[object Object]
The qualifying broker must explain the office RECAD policy how often?,[object Object]
A licensee who is convicted of violating a real estate law may be fined how much?,[object Object]
If you are late renewing your license, what is the penalty?,[object Object]
What is the fee for a temporary license?,[object Object]
Can you pay an insurance agent a referral for a lead?,[object Object]
What is the maximum amount the recovery fund will pay in one transaction?,[object Object]
What will the RE Commission do to a licensee if money is paid from the recovery fund due to that licensee?,[object Object]
A violation of a RE Commission rule is what class violation?,[object Object]
Can a city impose a tax on a for sale sign on a property?,[object Object]
Can a person living in Georgia hold a license in Alabama?,[object Object]
What is a material fact?,[object Object]
What are the obligations to a customer?,[object Object]
What is a ad valorem tax?,[object Object]
What are the bundle of rights?,[object Object]
Priority of liens is based on what?,[object Object]
Can real property become personal property?,[object Object]
Your garage is on your neighbor’s property.,[object Object],This is an example of?,[object Object]
The type of property ownership with the most rights is?,[object Object]
Is a fire covered by homeowner’s insurance?,[object Object]
Is a flood covered by homeowner’s insurance?,[object Object]
What is a spot survey?,[object Object]
The legal description most likely to describe a new home community is?,[object Object]
Is demand affected by wage levels?,[object Object]
You give a neighbor permission to fish in your lake.,[object Object],You die.,[object Object],What happens to the permission?,[object Object]
A salesperson told a buyer that his listing was the best value in town?,[object Object],What is this called?,[object Object]
A salesperson tells a person that “they” are moving into the neighborhood.,[object Object],This is called?,[object Object]
A lender decides not to make loans in an area of town.,[object Object],What is this called?,[object Object]
Is a listing terminated by the death of the salesperson?,[object Object]
What is the difference in a voluntary lien and an involuntary?,[object Object]
What are the requirements for joint tenancy with right of survivorship?,[object Object]
What is the difference in an appraisal and a home inspection?,[object Object]
Rights that attach to the land are called?,[object Object]
What type of listing is illegal?,[object Object]
Information about the age, education and other characteristics of the population is called?,[object Object]
A broker helps a customer fill out the contract.,[object Object],He is probably acting as a?,[object Object]
Can the owner of a life estate based on their life will that estate?,[object Object]
What kind of property is a trade fixture?,[object Object]
Does land depreciate? ,[object Object]
A rancher owns a large parcel of land where oil is discovered.,[object Object],Who owns the oil?,[object Object]
Can a broker set their office minimum listing fee?,[object Object]
What is the difference in a general and a specific lien?,[object Object]
Supply increases, demand decreases.,[object Object],What will happen to prices?,[object Object]
Recording is what kind of notice?,[object Object]
Possession of the property is what kind of notice?,[object Object]
Reversion of property to the state is what?,[object Object]
A clause in the mortgage that requires the balance to be paid immediately due to being 3 months late on payments is?,[object Object]
The primary purpose of a deed is to?,[object Object]
What is market price?,[object Object]
What is the purpose of title insurance?,[object Object]
The purchase price is a credit to whom?,[object Object]
Is the bank the ,[object Object],Mortgagee or Mortgagor?,[object Object]
What are PETE’s powers?,[object Object]
What is estoppels?,[object Object]
What is usury?,[object Object]
What kind of obsolescence is a home with 5 bedrooms and 1 bath? ,[object Object]
What is FRESH CORN?,[object Object]
Al law questions

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