CE Shop (Alabama) Final Exam Review Questions and Answers (Solved Papers) Jeung gave her agent an earnest money check, and the seller accepted Jeung's offer. What will happen to the check now? - Correct Answers ✅An escrow agent will hold the funds in a trust account until the agreement's terms are satisfied.Cheryl, the aggrieved claimant on a complaint against a licensee, has just won her claim. She demonstrated that the licensee was responsible for her losing $60,000. She also paid for a lawyer, which was another $5,000. With other fees and incidentals, her total damages are $67,000. What is the amount she'll receive? - Correct Answers ✅$25,000 Jerrold reviews the floor plan of the Knoxville house he's going to sell. It's 3,800 square feet. In his advertising, he bumps that number up to 4,000 square feet to better justify its asking price. What has Jerrold done? - Correct Answers ✅Intentional misrepresentation Which of the following best describes an inactive license? - Correct Answers ✅This license status means that you've paid your license fee but haven't completed your CE requirements.If you, as an Alabama licensee, make a statement in an ad that you should have known was false, what are you guilty of? - Correct Answers ✅Misrepresentation 1 / 3
CE Shop (Alabama) Final Exam Review Questions and Answers (Solved Papers) Which of the following is a minimum service that an Alabama licensee must provide to her clients? - Correct Answers ✅Disclosing any material facts the licensee knows about that the client couldn't reasonably ascertain Alabama broker Jim is acting as a limited consensual dual agent for seller Christine and buyer Blake. Which of the following is required for Jim to act in this capacity? - Correct Answers ✅He must get the written, informed, advance consent before entering into the relationship.What action may licensees take if they're unhappy with the commission's final decision on their hearing? - Correct Answers ✅They may request a rehearing.The funds placed in trust accounts are insured by the ______. - Correct Answers ✅FDIC When it comes to earnest money, which one of the following statements is true? - Correct Answers ✅Earnest money must be placed in a trust account.D'Wayne is acting as the buyer's agent for Alabama resident Rocky in a real estate transaction. In this transaction, what is D'Wayne's role? - Correct Answers ✅A single agent 2 / 3
CE Shop (Alabama) Final Exam Review Questions and Answers (Solved Papers) Julie is working with buyer clients and has prepared an estimated closing statement. Which of the following statements is true? - Correct Answers ✅She must provide it when an offer is signed.Should the broker end up in litigation, any trust funds not safely tucked away in a trust account could be ______. - Correct Answers ✅Frozen Which one of the following is a true statement regarding the termination of qualifying broker status in Alabama? - Correct Answers ✅Qualifying brokers have to notify their brokerage and the commission in writing if they wish to terminate their status.For how long must an Alabama licensee retain transaction file records after the date of the transaction? - Correct Answers ✅Three years Which of the following statements about escrow accounts is correct? - Correct Answers ✅Escrow accounts are managed by escrow agents, and are used to hold funds belonging to others, such as earnest money deposits.Which entity administers and enforces Alabama's residential and commercial laws for activities that require a license? - Correct Answers ✅Alabama Real Estate Commission
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