Pop Quiz

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?

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?

What are the ways listed on RECAD that a licensee may interact with a consumer?

Can you write an offer for someone as a transaction broker?

If you don’t have a buyer’s agency agreement, can you legally show property to a potential buyer?

Can you collect a commission from a buyer?

A licensee represents the seller and a consumer calls and wants to see the property.

How can this happen?

Your listing has expired and the seller listed with another company.

You now have a buyer client who wants to see the property and you know the seller will take considerably less.

Do you disclose this to your buyer client?

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.

You don’t get the listing.The next month you have a buyer

client who wants to make an offer on that home.

Do you tell them what you know?

Is a seller disclosure form required?

What must be disclosed?

Two years ago your listing had a murder-suicide.

Are you required to disclose?

A sex predator lives next door to your listing.

You don’t know about it.Are you required to disclose this?

You know there is toxic mold in the basement behind the new paneling.

Must you disclose?

Six months after the buyer moved in the home you helped them find there was a big storm and the roof leaked.

They didn’t want a home inspection

What do you say?

You knew the roof leaked and didn’t tell them

Now what could happen?

What does fiduciary mean?

When must RECAD be presented?

Your buyer client wants to make an offer on a property you have listed.

What must you do?

What are the services that require a real estate license?

Who can you perform real estate services for without a license?

How soon after passing the state test must you locate a qualifying broker?

Can a broker operate out of their home?

If you are a limited consensual dual agent, who must you prepare a net sheet for?

How many hours of post license instruction must you have?

How many months do you have to complete the post license class?

How much is the recovery fee?

How much is the criminal background check?

How many members does the Alabama Real Estate Commission have?

Can you pay someone to do business with you?

Can a listing have an automatic renewal?

Can a listing be for a year?

Does a contract to sell a house need to be in writing?

Who may pay a real estate salesperson?

If you get arrested for credit card fraud, when must you notify the commission?

How old must one be to sign a contract to purchase real estate?

What does acknowledgement mean?

What is the homestead exemption amount granted to a homeowner who’s home is sold to satisfy a debt?

What are the three methods for a legal description?

Which of these methods are used in Alabama?

The line that runs roughly from Birmingham to Huntsville is called?

Which direction do Townships run?

What is a reason a contract may be

void?

What is a reason a contract may be voidable?

What is adverse possession?

What are the times on leases?

When must the landlord present the covenants and restrictions to a lessee?

What is the maximum security deposit on a lease?

To be valid, when must the deed be delivered?

What is the equitable right of redemption?

What is the statutory right of redemption?

How long must the purchaser of a tax certificate wait to file a claim on the land?

From a legal standpoint, when do property taxes become a lien?

What are the zoning classifications?

Which zoning classification is usually tax exempt?

A husband and wife will likely hold property as?

At a condominium the owners each hold what kind of ownership in the pool?

Can the office manager at the real estate company show properties?

How long must you hold a salesperson license before taking the broker test?

How long do you have from the time you start the real estate class until you must finish?

You have finished your real estate class and will take the test next week.

Your neighbor wants you to help sell their house, but wants it listed now

Can you help?

How long is a real estate license good if you are inactive?

How many classroom hours are required every two years to keep the license active?

May your licensed assistant advise a client?

Does an apartment manager need a real estate license?

The qualifying broker must explain the office RECAD policy how often?

A licensee who is convicted of violating a real estate law may be fined how much?

If you are late renewing your license, what is the penalty?

What is the fee for a temporary license?

Can you pay an insurance agent a referral for a lead?

What is the maximum amount the recovery fund will pay in one transaction?

What will the RE Commission do to a licensee if money is paid from the recovery fund due to that licensee?

A violation of a RE Commission rule is what class violation?

Can a city impose a tax on a for sale sign on a property?

Can a person living in Georgia hold a license in Alabama?

What is a material fact?

What are the obligations to a customer?

What is a ad valorem tax?

What are the bundle of rights?

Priority of liens is based on what?

Can real property become personal property?

Your garage is on your neighbor’s property.

This is an example of?

The type of property ownership with the most rights is?

Is a fire covered by homeowner’s insurance?

Is a flood covered by homeowner’s insurance?

What is a spot survey?

The legal description most likely to describe a new home community is?

Is demand affected by wage levels?

You give a neighbor permission to fish in your lake.

You die.What happens to the permission?

A salesperson told a buyer that his listing was the best value in town?

What is this called?

A salesperson tells a person that “they” are moving into the neighborhood.

This is called?

A lender decides not to make loans in an area of town.

What is this called?

Is a listing terminated by the death of the salesperson?

What is the difference in a voluntary lien and an involuntary?

What are the requirements for joint tenancy with right of survivorship?

What is the difference in an appraisal and a home inspection?

Rights that attach to the land are called?

What type of listing is illegal?

Information about the age, education and other characteristics of the population is called?

A broker helps a customer fill out the contract.

He is probably acting as a?

Can the owner of a life estate based on their life will that estate?

What kind of property is a trade fixture?

Does land depreciate?

A rancher owns a large parcel of land where oil is discovered.

Who owns the oil?

Can a broker set their office minimum listing fee?

What is the difference in a general and a specific lien?

Supply increases, demand decreases.

What will happen to prices?

Recording is what kind of notice?

Possession of the property is what kind of notice?

Reversion of property to the state is what?

A clause in the mortgage that requires the balance to be paid immediately due to being 3 months late on payments is?

The primary purpose of a deed is to?

What is market price?

What is the purpose of title insurance?

The purchase price is a credit to whom?

Is the bank the Mortgagee or Mortgagor?

What are PETE’s powers?

What is estoppels?

What is usury?

What kind of obsolescence is a home with 5 bedrooms and 1 bath?

What is FRESH CORN?