Alabama License Law
AREC has the authority to do which of the following?
ASet commission rates for real estate transactions
BSuspend or revoke a real estate license✓ Correct
CRequire lenders to approve mortgage applications
DSet property tax rates
Explanation
The Alabama Real Estate Commission (AREC) has the authority to investigate complaints, hold hearings, and suspend or revoke licenses for violations of Alabama real estate law.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
RedliningAn illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
Math Concepts
State-Specific Concepts
AREC Regulation
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