Alabama License LawIntermediateAlabama Exam
Before receiving compensation for the sale of real estate, an Alabama salesperson must verify that:
AThe seller has paid all closing costs
BTheir license is active and they are affiliated with a licensed Alabama brokerCorrect
CAREC has approved the transaction
DThe buyer has received a property disclosure form, according to common practice
Why Their license is active and they are affiliated with a licensed Alabama broker Is Correct
Answer B: Their license is active and they are affiliated with a licensed Alabama broker
To lawfully receive compensation, an Alabama salesperson must have an active license affiliated with a licensed Alabama broker at the time the services were performed.
Key Alabama License Law Terms in This Question
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Key Terms to Know
Closing Costs
Fees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Math Concepts
State-Specific Concepts
Disclosure RequirementsAREC Regulation
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