Alabama License LawIntermediateAlabama Exam
When must an Alabama broker provide a written agency disclosure to a prospective client?
AAt the time of closing
BAt the first substantive contact or meetingCorrect
COnly when a contract is signed
DWithin 24 hours of showing a property, in general
Why At the first substantive contact or meeting Is Correct
Answer B: At the first substantive contact or meeting
Alabama requires that agency disclosures be made in writing at the first substantive contact or meeting with a prospective buyer or seller.
Key Alabama License Law Terms in This Question
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
LienA 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.
State-Specific Concepts
License Law
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