Alabama License LawIntermediateAlabama Exam
An Alabama real estate licensee who receives a gift card from a client as a thank-you for helping them purchase a home:
AMust report the gift to AREC
BMay accept it as a personal gift not tied to a referral obligationCorrect
CMust refuse all gifts under AREC rules
DMust deposit the value into the trust account, under standard practice
Why May accept it as a personal gift not tied to a referral obligation Is Correct
Answer B: May accept it as a personal gift not tied to a referral obligation
Accepting a personal gift (not tied to a referral or future business obligation) from a satisfied client is generally permissible. The key is that it not create a conflict of interest or be an undisclosed financial incentive.
Key Alabama License Law Terms in This Question
People Also Study
Related Alabama Questions
- In Alabama, the term for a broker's obligation to keep client funds separate from personal or business operating funds is:Trust Funds
- In Alabama, a real estate licensee who pays or receives a referral fee must ensure:Alabama License Law
- In Alabama, a real estate agent must disclose to a prospective buyer that they have a personal financial interest in a property they are selling. This disclosure must be:Agency
- An Alabama real estate agent who represents a client in a transaction and also has a financial interest in the outcome should:Agency
- A purchase agreement in Alabama that is contingent on the sale of the buyer's current home is an example of a:Contracts
- When an Alabama licensee receives an offer on a listed property, the licensee is obligated to:Alabama License Law
- An Alabama licensee's obligation to keep their contact information updated with AREC is primarily because:Alabama License Law
- An Alabama licensee who changes their place of business must notify AREC within:Alabama License Law
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Trust Account RulesAREC Regulation
Practice More Alabama Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Alabama Quiz →