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A comprehensive guide for real estate brokers on commission rights, disclosure obligations, and legal requirements in client interactions. Explore scenarios and regulations to navigate the industry successfully.

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Pop Quiz

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  1. Pop Quiz

  2. 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?

  3. 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?

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

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

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

  7. Can you collect a commission from a buyer?

  8. A licensee represents the seller and a consumer calls and wants to see the property. • How can this happen?

  9. 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?

  10. 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?

  11. Is a seller disclosure form required?

  12. What must be disclosed?

  13. Two years ago your listing had a murder-suicide. • Are you required to disclose?

  14. A sex predator lives next door to your listing. • You don’t know about it. • Are you required to disclose this?

  15. You know there is toxic mold in the basement behind the new paneling. • Must you disclose?

  16. 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?

  17. You knew the roof leaked and didn’t tell them • Now what could happen?

  18. What does fiduciary mean?

  19. When must RECAD be presented?

  20. Your buyer client wants to make an offer on a property you have listed. • What must you do?

  21. What are the services that require a real estate license?

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

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

  24. Can a broker operate out of their home?

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

  26. How many hours of post license instruction must you have?

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

  28. How much is the recovery fee?

  29. How much is the criminal background check?

  30. How many members does the Alabama Real Estate Commission have?

  31. Can you pay someone to do business with you?

  32. Can a listing have an automatic renewal?

  33. Can a listing be for a year?

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

  35. Who may pay a real estate salesperson?

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

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

  38. What does acknowledgement mean?

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

  40. What are the three methods for a legal description?

  41. Which of these methods are used in Alabama?

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

  43. Which direction do Townships run?

  44. What is a reason a contract may be • void?

  45. What is a reason a contract may be voidable?

  46. What is adverse possession?

  47. What are the times on leases?

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

  49. What is the maximum security deposit on a lease?

  50. To be valid, when must the deed be delivered?

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