License law game gray
63
-
Upload
stevemct -
Category
Real Estate
-
view
275 -
download
7
Transcript of License law game gray
NEXT
TODAY’STOPICS
NEXT
RECAD
NEXT
DISCIPLINARYACTIONS
NEXT
ESCROWFUNDS
NEXT
COMPANIES&
BROKERS
NEXT
MISC.PROVISIONS
15
20
25
5 10RECAD
Disciplinary
Actions
Escrow
Funds
Companies and
Brokers
Misc.
Provisions
5
5
5
5
10
10
10
10
15
15
15
15
20
20
20
25
25
25
25
20
RECAD
When must the RECAD form be provided to a
consumer?
Show Answer
As soon as reasonably possible and before
confidential information is
disclosed to another.
§34-27-82(c)Back to Board
RECAD
What is the real name of the RECAD form?
Show Answer
Back to Board
Real Estate Consumer Agency
Disclosure
790-X-3-.13
RECAD
If no signed brokerage agreement isentered
into, what is the licensee’s
relationship to the consumer?
Show Answer
Back to Board
Transaction Broker
§34-27-82(e)
RECAD
Can Agency be implied in Alabama?
Show Answer
Back to Board
No,There must be a
written agreement
RECAD
Name the two exceptions to the requirement that licensees must
provide a RECAD form to the consumer?Show Answer
Back to Board
1.For rental or property
management services
2.Consumer is acting on behalf of an artificial entity
§34-27-82(c)(d)
Disciplinary Actions
What is the minimum & maximum fine per
charge that the Commission may
impose?Show Answer
Back to Board
$100to
$2,500
§34-27-36(a)
Disciplinary Actions
After a consumer has executed a document,
what must the licensee do?
Show Answer
Back to Board
Promptly furnish a copy to the consumer
§34-27-36(a)(10)
Disciplinary Actions
What is it called when a licensee tells a lie
about something significant in a
transaction that causes damages?
Show Answer
Back to Board
Material Misrepresentation
§34-27-36(a)(3)
Disciplinary Actions
If you represent both the seller and the
buyer, for whom do you prepare a net
sheet?
When? Show Answer
Back to Board
Both your buyer and the seller
receive a net sheet at the time of offer
790-X-3-.04
Show Answer
Disciplinary Actions
When a licensee knows that money is being given
“under the table” in a transaction involving amortgage loan, what
should they do?
Disclose this fact to the mortgage lender
§34-27-36(a)(21)
Back to Board
Escrow Funds
When a shortage is found by an auditor, what is the charge
filed by the Commission against
the broker?Show Answer
Failure to deposit and account for funds at
all times
§34-27-36(a)(8)a&b
Back to Board
Escrow Funds
What must a salesperson or
associate broker do immediately upon receiving earnest
money?Show Answer
Back to Board
Turn money over to his or her
Qualifying Broker
790-X-3-.03(2)
Escrow Funds
What keeps a broker from buying gold with
escrow funds and holding the gold in
trust for consumers?Show Answer
Back to Board
Law requires that funds be deposited
into a federally insured bank account
§34-27-36(a)(8)b
Escrow Funds
If a contract calls for earnest money but
doesn’t specify when it is to be deposited, when is it deposited?
Show Answer
When the offer becomes a contract
790-X-3-.03(3)
Back to Board
Escrow Funds
What offense is committed if a broker
deposits earnest money into his/her personal account?
Show Answer
Commingling of funds
§34-27-36(a)(8)a
Back to Board
Companies & Brokers
If the broker never goes to the office, who is responsible for the actions of the sales
agents?Show Answer
Qualifying Broker
§34-27-32(e)
Back to Board
Companies & Brokers
Is the broker responsible for an act of a salesperson even
if they don’t know about it?
Show Answer
Yes, and may be fined or have their license
suspended
Back to Board
Companies & Brokers
What happens to a company when a QB
submits written notice to the company and the Commission that they
are no longer the Qualifying Broker?Show Answer
The company is out of business
§34-27-34(d)
Back to Board
Companies & Brokers
Can a Qualifying Broker serve as a QB at different locations?
Show Answer
No they may not
§34-27-32(g)
Back to Board
Companies & Brokers
Is it okay for the QB not to have authority to
deposit into and write checks out of escrow
accounts if they are not the company owner?
Show Answer
No, Qualifying Brokers MUST have these
authorities
790-X-3-.03(1)Back to Board
Misc. Provisions
Can someone manage and lease residential apartments without
being licensed?
Show Answer
Yes, they are exempt from licensing requirements
§34-27-2-(b)(7)
Back to Board
Misc. Provisions
Is there ever a time that a Salesperson can serve as a Qualifying Broker of a company?
Show Answer
Yes, if they apply for a temporary broker
license after the death or disability of the Qualifying Broker
§34-27-32(i)Back to Board
Misc. Provisions
If a licensee does something REALLY
bad, can the Commission revoke
their license without a hearing?
Show Answer
No, every licensee is entitled to a hearing
§34-27-36
§34-27-37Back to Board
Misc. Provisions
Is an applicant automatically denied a license if they have a criminal record for a
felony or crime involving moral turpitude?
Show Answer
No, the Commission may or may not allow them to be licensed.
§34-27-32(a)
Back to Board
Misc. Provisions
When a licensee sells their own property that is owned with a relative
in an LLC, is it acceptable to simply
note in the contract that they have a real estate
license?Show Answer
No, they must disclose the relationships to the buyer in writing
before the buyer becomes contractually
obligated
§34-27-84(a)(6) Back to Board
Who is more likely to sue you?
Buyer or Seller?
2/3 Of suits are fromBuyers
Show Question
The Big Point Question
Big Point Question
What will happen to the broker if an agent does not complete CE by 9/30 and continues to practice real estate
Show Answer
3029282726252423222120191817161514131211109876
To End
Broker gets free advertising in the
AREC Update along with the agent for failing to meet the requirements for
licensure
