Alabama License Law
An Alabama salesperson who transfers from one broker to another must begin working under the new broker:
AImmediately upon giving notice to the old broker
BOnly after the license transfer is approved and processed by AREC✓ Correct
CAfter a mandatory 30-day waiting period
DImmediately upon the new broker signing a written agreement
Explanation
The license transfer must be approved by AREC before the salesperson may begin working under the new broker. Performing licensed activities before the transfer is approved is unlawful.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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
AREC Regulation
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