Alabama License LawIntermediateAlabama Exam
Alabama's license law defines 'broker' to include a person who, for compensation:
AOnly sells residential property
BSells, exchanges, purchases, rents, or leases real property for anotherCorrect
COnly manages commercial properties, as is customary in this jurisdiction
DOnly assists with closings
Why Sells, exchanges, purchases, rents, or leases real property for another Is Correct
Answer B: Sells, exchanges, purchases, rents, or leases real property for another
Under Alabama law, a broker is broadly defined as a person who, for compensation, performs a wide range of real estate activities on behalf of another, including sales, purchases, rentals, and leases.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
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.
State-Specific Concepts
License Law
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