Alabama License Law
A salesperson in Alabama receives an earnest money deposit. What must they do with it?
ADeposit it in their personal account temporarily
BTurn it over to their qualifying broker promptly✓ Correct
CHold it until closing
DSend it directly to the seller
Explanation
A salesperson must promptly turn over any earnest money or trust funds to their qualifying broker. Salespersons cannot maintain their own trust accounts in Alabama.
Related Alabama Alabama License Law Questions
- An Alabama real estate broker must keep a copy of every listing and purchase contract for a minimum of:
- Alabama real estate licenses expire:
- Which state agency regulates real estate licenses in Alabama?
- To qualify for a broker's license in Alabama, a licensee must have:
- Which of the following is an example of a material fact that must be disclosed in Alabama real estate transactions?
- Which of the following activities requires a real estate license in Alabama?
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- When a licensee's broker license is revoked, what happens to the salesperson licenses affiliated with that broker?
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