License law game gray


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License law game gray

  2. 2. RECAD NEXT
  7. 7. RECAD 5 10 15 20 25Disciplinary Actions 5 10 15 20 25 Escrow Funds 5 10 15 20 25Companies and Brokers 5 10 15 20 25 Misc.Provisions 5 10 15 20 25
  8. 8. RECADWhen must the RECADform be provided to a consumer? Show Answer
  9. 9. As soon as reasonably possible and before confidential information isdisclosed to another. §34-27-82(c) Back to Board
  10. 10. RECADWhat is the real name of the RECAD form? Show Answer
  11. 11. Real EstateConsumer Agency Disclosure 790-X-3-.13 Back to Board
  12. 12. RECADIf no signed brokerage agreement is entered into, what is thelicensee’s relationship to the consumer? Show Answer
  13. 13. Transaction Broker §34-27-82(e) Back to Board
  14. 14. RECADCan Agency be implied in Alabama? Show Answer
  15. 15. No, There must be awritten agreement Back to Board
  16. 16. RECAD Name the two exceptions to the requirement that licensees mustprovide a RECAD form to the consumer? Show Answer
  17. 17. 1.For rental or property management services2.Consumer is acting on behalf of an artificial entity §34-27-82(c)(d) Back to Board
  18. 18. Disciplinary ActionsWhat is the minimum& maximum fine per charge that the Commission may impose? Show Answer
  19. 19. $100 to$2,500§34-27-36(a) Back to Board
  20. 20. Disciplinary ActionsAfter a consumer has executed adocument, what must the licensee do? Show Answer
  21. 21. Promptly furnish a copy to the consumer §34-27-36(a)(10) Back to Board
  22. 22. Disciplinary ActionsWhat is it called when a licensee tells a lie about something significant in a transaction that causes damages? Show Answer
  23. 23. MaterialMisrepresentation §34-27-36(a)(3) Back to Board
  24. 24. Disciplinary ActionsIf you represent both the seller and the buyer, for whom do you prepare a net sheet? When? Show Answer
  25. 25. Both your buyer and the sellerreceive a net sheetat the time of offer 790-X-3-.04 Back to Board
  26. 26. Disciplinary Actions When a licensee knowsthat money is being given “under the table” in a transaction involving a mortgage loan, what should they do?Show Answer
  27. 27. Disclose this fact tothe mortgage lender §34-27-36(a)(21) Back to Board
  28. 28. Escrow FundsWhen a shortage is found by anauditor, what is the charge filed by theCommission against the broker? Show Answer
  29. 29. Failure to deposit and account for funds at all times §34-27-36(a)(8)a&b Back to Board
  30. 30. Escrow Funds What must a salesperson orassociate broker do immediately upon receiving earnest money? Show Answer
  31. 31. Turn money over to his or herQualifying Broker 790-X-3-.03(2) Back to Board
  32. 32. Escrow Funds What keeps a brokerfrom buying gold with escrow funds and holding the gold in trust for consumers? Show Answer
  33. 33. Law requires that funds be deposited into a federallyinsured bank account §34-27-36(a)(8)b Back to Board
  34. 34. Escrow FundsIf a contract calls for earnest money butdoesn’t specify when it is to bedeposited, when is it deposited? Show Answer
  35. 35. When the offerbecomes a contract 790-X-3-.03(3) Back to Board
  36. 36. Escrow Funds What offense iscommitted if a broker deposits earnest money into his/her personal account? Show Answer
  37. 37. Commingling of funds §34-27-36(a)(8)a Back to Board
  38. 38. Companies & Brokers If the broker nevergoes to the office, who is responsible for the actions of the sales agents? Show Answer
  39. 39. Qualifying Broker §34-27-32(e) Back to Board
  40. 40. Companies & Brokers Is the brokerresponsible for an actof a salesperson even if they don’t know about it? Show Answer
  41. 41. Yes, and may be fined or have their license suspended Back to Board
  42. 42. Companies & Brokers What happens to a company when a QB submits written noticeto the company and the Commission that they are no longer the Qualifying Broker? Show Answer
  43. 43. The company is out of business §34-27-34(d) Back to Board
  44. 44. Companies & Brokers Can a QualifyingBroker serve as a QBat different locations? Show Answer
  45. 45. No they may not §34-27-32(g) Back to Board
  46. 46. Companies & BrokersIs it okay for the QB not to have authority to deposit into and write checks out of escrowaccounts if they are not the company owner? Show Answer
  47. 47. No, Qualifying Brokers MUST have these authorities 790-X-3-.03(1) Back to Board
  48. 48. Misc. ProvisionsCan someone manageand lease residential apartments without being licensed? Show Answer
  49. 49. Yes, they are exempt from licensing requirements §34-27-2-(b)(7) Back to Board
  50. 50. Misc. Provisions Is there ever a timethat a Salesperson can serve as a Qualifying Broker of a company? Show Answer
  51. 51. Yes, if they apply for a temporary brokerlicense after the death or disability of the Qualifying Broker §34-27-32(i) Back to Board
  52. 52. Misc. Provisions If a licensee does something REALLY bad, can the Commission revoketheir license without a hearing? Show Answer
  53. 53. No, every licensee isentitled to a hearing §34-27-36 §34-27-37 Back to Board
  54. 54. Misc. Provisions Is an applicant automatically denied a license if they have a criminal record for afelony or crime involving moral turpitude? Show Answer
  55. 55. No, the Commissionmay or may not allowthem to be licensed. §34-27-32(a) Back to Board
  56. 56. Misc. Provisions When a licensee sellstheir own property thatis owned with a relative in an LLC, is it acceptable to simplynote in the contract that they have a real estate Show Answer license?
  57. 57. No, they must disclose the relationships to the buyer in writing before the buyerbecomes contractually obligated §34-27-84(a)(6) Back to Board
  58. 58. Who is more likely to sue you? Buyer or Seller?
  59. 59. 2/3 Of suits are from Buyers
  60. 60. The Big Point Question Show Question
  61. 61. 25 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 26 27 28 29 30 6 7 8 9 Big Point Question What will happen tothe broker if an agentdoes not complete CEby 9/30 and continuesto practice real estate Show Answer
  62. 62. Broker gets free advertising in theAREC Update alongwith the agent forfailing to meet the requirements for licensure To End