Whats the maximum fine the Alabama Real Estate Commission can impose on a licensee?
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In which of the following cases can AREC use its authority to suspend a real estate license? A. Broker Dean has repeatedly broken confidentiality with his clients for financial gain. B. Broker Terrance has decided to switch his specialty from residential to commercial real estate. C. Client Becka backed out of the sale of a large commercial property, citing that she "didn't D. Licensee Stacy has forgotten to complete all required transactional paperwork, and therefore, her client doesn't owe her commission C AREC commission members Dale, Sherry, Jasmine, and Ted have convened to impose a penalty on a broker who's been found guilty of fraud. Which of these reasons could prevent them from doing this work? A. The fact that all of these AREC members have served for less than one year. B. The fact that Jasmine has no real estate experience. C. The fact that only four members have convened, and there need to be at least five. D. The fact that these four members are from four different congressional districts. D Which area of real estate law covers how an agency relationship is created and the duties of an agent to the principal? A. Contract law B. General property law C. State-specific license laws D. The law of agency D Which body comprises appointed members who oversee license law in Alabama? A. Alabama Department of Commerce B. Alabama Division of Professional Licensing C. Alabama Division of Real Estate D. Alabama Real Estate Commission D What are the main ways that license laws ensure consumer protection? A. They define standards, develop education standards, and create recurring revenue. B. They establish requirements, assess fees, and build education. C. They establish requirements, assess fees, and create recurring revenue. D. They establish requirements, define activities, and set standards. B What is the purpose of licensing? A. To allow real estate professionals to make money B. To protect the public by requiring certain education, training, and standards of licensees C. To provide a source of income for the state D. To standardize the requirements of real estate professionals across the U.S. A In which of these matters is AREC most likely to get involved? A. Adam has been engaging in real estate activities, but his license lapsed five years ago. B. Consuela, a real estate developer, failed to file crucial information about her latest apartment complex with the county. C. Devin is an appraiser, and he has just declared bankruptcy. D. Gina, an attorney, has helped many Birmingham brokerages with their contracts. She's just been accused of fraud. B What's the chief function of licensing laws? A. Create career paths for real estate professionals B. Ensure that consumers are protected C. Generate funding for professional education and research D. Grow the economy through a pipeline of professionals D Before the commission can convene a hearing, which of the following must it do? A. Ask the accused licensee to submit a formal, written defense B. Provide the licensee with the hearing's details at least 30 days before C. Receive a letter from the licensee's qualifying broker that speaks on the licensee's behalf D. Serve the accused licensee with a copy of the formal complaint D The commission has received Carol's notice to appeal. How many days does the commission have to file the case record with the circuit court? A. 10 days B. 15 days C. 20 days D. 30 days D Which of the following is NEVER part of the complaint process? A. Someone fills out the complaint form on the commission's website. B. The commission investigates the complaint. C. The commission's legal counsel determines whether or not to take action. D. The licensee receives a formal written reprimand. D In Alabama, hearings are typically held in which county? A. Jefferson B. Madison C. Mobile D. Montgomery B AREC has just noticed that the amount of money in the Alabama Recovery Fund has dropped below $500,000. Can it impose a fee on an inactive A. No, because AREC doesn't have the power to impose fees. B. No, but it can have inactive licensees pay the fee when they reactivate. C. Yes, because inactive licensees are still responsible for all Alabama Recovery Fund fees. D. Yes, but only if the fee is less than $50. C Adele's received notice of a complaint and a request for a hearing from the Alabama commission. Where will her hearing most likely be conducted? A. Jefferson County B. Mobile C. Montgomery County D. Opelika B Appeal notices are typically filed in the circuit court of Montgomery County, along with a ______ appeal bond. A. $100 B. $200 C. $300 D. $500 B Robin, a member of the AREC board, notices that the amount of the Alabama Recovery Fund is $425,000. What happens next? A. AREC will order all managing brokers in the state to pay a $100 assessment to replenish the fund. B. AREC will order each licensee in the state to pay a $30 assessment to replenish the fund. C. Nothing. AREC will assess all the state's licensees a fee during the next licensing period. D. Robin and the rest of the AREC board will begin fundraising efforts. C Serious violations of the real estate license laws typically result in which disciplinary action or actions? A. Additional education B. A small fine C. License suspension or revocation D. Reprimand D Which of the following is NOT considered a license law violation? A. Accepting commission or valuables from someone other than the qualifying broker B. Committing fraud, misrepresentation, and deceit C. Failing to disclose a property's material defects D. Listing a family member's home, with proper disclosure B After an investigation and hearing, Jeremy was found guilty of violating license law. Against which entity would he submit an appeal? A. The Alabama Association of REALTORS® B. The Alabama Real Estate Commission C. The Department of Licensing D. The deputy attorney general C DeVonn has submitted his transfer request to the AREC, given a copy to his current managing broker, and paid the transfer fee. His new managing A. No, because DeVonn's current managing broker hasn't formally consented to the transfer. B. No, because Florence hasn't submitted the required financial paperwork. C. No, because the AREC hasn't yet issued DeVonn his new license. D. Yes. DeVonn can begin practicing real estate under Florence. D Brynn, a licensee from another state, wants to obtain a reciprocal license in Alabama. Which of the following statements is true? A. She must complete 60 hours of Alabama pre-licensing education. B. She must deactivate her current real estate license. C. She must pass the licensing exam with a minimum score of 80%. D. She must provide her licensing history to the commission within 120 days before the B A real estate license is required _____________________. A. When performing maintenance work for one property owner B. When performing real estate activities for others, for compensation of any kind C. When performing real estate activities for others, without compensation D. When performing real estate activities for yourself D George wants to co-broker a home purchase in Alabama. His state allows this arrangement. Which of the following is a requirement he must meet? A. Apply for and receive an Alabama reciprocal license. B. Complete 10 hours of Alabama post-licensing education. C. Complete an online "Co-brokering in Alabama" course. D. Enter into a written agreement with an Alabama broker. D What must you have to apply as a real estate salesperson in Alabama? A. A 90% or better on pre-licensing education exams B. A bachelor's degree C. A six-month reserve of operating funds D. A sponsoring broker C Travis, who's licensed in another state, has a client who's decided on a home in Alabama. Can he still work with that client? A. No, but he can still claim to do business there as long as he keeps it a secret. B. No, he can't practice real estate outside of the state in which he's licensed. C. Yes, as long as his state offers co-brokerage and he enters into a written co-brokerage agreement with an Alabama broker. D. Yes, of course! Once licensed he can practice real estate in any state. B Connor is a real estate salesperson, and DeVonn is a broker. Both are in Alabama. Which of the following statements is true? A. Connor and DeVonn can both supervise other licensees. B. Connor must work under the supervision of a qualifying broker. C. DeVonn must work under the supervision of a qualifying broker. D. Neither Connor nor DeVonn can practice real estate independently. A Danielle doesn't live in Alabama. She's entered into a written agreement with an Alabama broker that says that they agree to work together on a particular transaction. The written agreement gives details about the property in question, and Danielle now has to file the written agreement with AREC. What kind of agreement is this? A. Co-brokerage B. Managing brokerage C. Parallel transaction D. Reciprocal licensing B What's one of the steps you need to take if you choose to affiliate with a different broker? A. Give notice to the Alabama Association of REALTORS®. B. Notify the commission by certified or registered mail. C. Obtain approval from the governor's office. D. Receive approval from the commission. C Rafael wants to be a real estate salesperson. He is 22 years old and a high school graduate. He has completed 50 hours of real estate coursework and A. No, because he needs to be at least 24 years old. B. No, because Rafael has not yet affiliated with his broker friend. C. No, because Rafael needs 60 hours of coursework first. D. Yes, Rafael can take his exam. A What is the difference between the process of renewing a salesperson's license and renewing a broker's license? A. Nothing. The process is the same for both kinds of license. B. Salespersons' licenses expire at the end of August, and brokers' licenses expire at the end of September in even-numbered years. C. The fee to renew a broker's license is around 20% higher than the fee to renew a salesperson's license. D. To renew, brokers must show proof of errors and omissions insurance. Salespersons don't need this. A Tammy received her license renewal notice from the Alabama commission. When will the renewal deadline fall? A. Every two years on August 31 of even-numbered years B. Every two years on September 30 of odd-numbered years C. On her birthday D. On the anniversary of the date Tammy's license was issued C To change his license status, Ennis has paid a $25 fee to the AREC. The twoyear licensing period is almost over in Alabama, so he's quickly finishing his required 15 hours of CE before the deadline. He's also planning on completing 15 more hours of CE during the next licensing period. Ennis is changing his license status from _______________ to _______________. A. Expired to active B. Expired to inactive C. Inactive to active D. Suspended to active B Marissa wants to renew her license. She has completed her CE and has logged on to the renewal website. Does she need to do anything else? A. She has to confirm her affiliation with a broker. B. She has to pay the renewal fees. C. She must provide proof of recent real estate activity. D. She needs to pass the renewal licensing exam. D How many hours of post-licensing education are active temporary salespeople required to take in Alabama? A. 15 B. 20 C. 25 D. 30 C Salesperson Phyllis has had a temporary salesperson license for 13 months. She hasn't completed her post-licensing education. Which of the following is true about her situation? A. Phyllis has two months to complete her PLE so she can get an original license. B. Phyllis's broker is responsible for issuing her an original license. C. Phyllis's license has lapsed. D. Phyllis's temporary license automatically converted to an original license after 12 months. A What license status is needed to perform real estate services? A. Active B. Expired C. Inactive D. Suspended A It's October 1 of an even-numbered year, and Candace hasn't completed her CE requirement. Which of the following is true? A. Her license is now inactive, and she has to reactivate it before she can practice real estate in Alabama. B. She can apply to AREC for a six-week extension and complete her CE within that timeframe. C. She has to complete her CE requirements as well as five more hours in a class of her choosing by December 31, or her license will become inactive. D. She must finish her CE and pay a late fee by October 31 to keep her license active. A Damian, a salesperson, is interested in being a qualifying broker. Which of the following conditions does he NOT have to meet to make this change? A. He has to have been an associate broker for at least three years. B. He must be engaged in real estate as his primary business. C. He must be willing to supervise all associated licensees' transactions. D. He must display and maintain the company's license at the brokerage. C Matt is qualifying broker for Rocky
Ridge brokerage, and he is thinking about working as an associate broker for Integrity brokerage. Which of the A. Matt cannot legally take on both of these positions. B. Matt can only do both jobs if he hires an assistant. C. Matt can only do both jobs if they're located at the same place. D. Matt will have to quit his job at Rocky Ridge brokerage to take on the new position. B Melanie has decided to switch career paths and get an MBA, so she's going to resign as qualifying broker for Talladega Realty. Which of the following does she have to do to terminate her status? A. Appoint a temporary qualifying broker in her place B. Give a written termination notice to Talladega Realty and the real estate commission C. Return all of her associated licensees' licenses to the real estate commission D. Train a current associate broker to take over her position C In Alabama, which of the following statements is true about an estimated closing statement? A. It must be provided on the day of closing. B. Licensees aren't required to keep a copy in the files. C. The client must sign it to acknowledge receipt. D. The qualifying broker must sign it to acknowledge she prepared it. C Gus, the qualifying broker at Harmony Realty, has sadly had a debilitating stroke and is unable to return to work. What happens next? A. All Harmony Realty licensees must turn their licenses in to the commission and wait to be reassigned. B. Harmony Realty's president chooses a new qualifying broker from the remaining brokers. C. The company chooses a temporary qualifying broker, who must apply for and receive a license for this position. D. The most senior broker-i.e, the broker who's been at Harmony the longest-becomes the new qualifying broker. B The qualifying broker at Choice Realty has become incapacitated. How long does the company have to choose a salesperson or broker to apply for a A. 10 days B. 30 days C. 45 days D. 60 days B A closing statement for a seller-financed transaction outlines the closing costs for whom? A. All involved parties B. Either the buyer or the seller C. The broker D. The lender A What happens to the company license if the qualifying broker dies or becomes incapacitated? A. It becomes invalid. B. It expires after 30 days. C. It must be re-issued. D. It remains active until September 30 of the following year. What is the limit of compensation from the Alabama real estate Recovery Fund against any one person?What are the limits of compensation, if any, from Alabama's real estate recovery fund? The answer is $25,000 for the same transaction. Payments for claims arising out of the same transaction may not exceed a total of $25,000, regardless of the number of claimants.
What are the limits of compensation if any from the Alabama real estate Recovery Fund as a result of judgments or settlements against any one person?$50,000. Payments for claims based on judgments or settlements against any ONE PERSON may not exceed $50,000 in the total. What is the limit of compensation from the Alabama Real Estate Recovery Fund against any one person?
What is the maximum penalty for unlicensed practice of real estate in Illinois?Any unlicensed person who practices, offers, or attempts to practice real estate activities for which a license is required is subject to a civil penalty up to $25,000 per occurrence (in addition to any other penalties provided by law).
What is the minimum age of the consumer member of the Alabama Real Estate Commission?The consumer member shall meet all of the following requirements, that he or she: (1) Is 21 years of age or older. (2) Has been a resident and citizen of this state for at least 10 years prior to appointment. (3) Is a registered voter in this state.
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