Alabama License Law
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 another✓ Correct
COnly manages commercial properties
DOnly assists with closings
Explanation
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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