Alabama License LawIntermediateAlabama Exam
Which of the following activities requires a real estate license in Alabama?
ASelling your own personal property
BAssisting a friend in finding a rental property without compensation
CListing and selling another person's property for a commissionCorrect
DManaging your own rental properties
Why Listing and selling another person's property for a commission Is Correct
Answer C: Listing and selling another person's property for a commission
A real estate license is required in Alabama when you list, sell, or help negotiate real estate transactions on behalf of others for compensation. Selling your own property, managing your own rentals, or helping friends without compensation does not require a license.
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Key Terms to Know
Listing Agreement
A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
EasementA non-possessory right to use another person's land for a specific purpose.
Adverse PossessionA doctrine by which a person can gain legal title to another's land by openly, continuously, and adversely occupying it for a statutory period.
Math Concepts
State-Specific Concepts
License Law
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