Alabama Reciprocal Broker Prelicense Course Description
This course includes instruction on Alabama License Law and Regulations with emphasis on topics such as RECAD, trust accounts, disciplinary actions, office audits, and other responsibilities of a broker. Successful completion of this coursework is required prior to taking the state portion of the license examination.
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Description:
- Ø identify who is required to have a real estate license
- Ø identify who is exempt from licensing requirements
- Ø list the requirements for licensure including the requirements for:
- o brokers’ and salespersons’ licenses
- o nonresident licenses
- o reciprocal licenses
- o fees
- Ø license renewal, including
- o renewal process
- o required education
- Ø describe the provisions of the Alabama Real Estate License Law related to:
- o transferring a license
- o inactive status
- o reactivation of a license
- Ø describe the provisions of the Alabama Real Estate License Law related to:
- o the purpose of the real estate recovery fund
- o payments into and from the real estate recovery fund
- o trust account guidelines
- o estimated closing statements
- o office inspections
- Ø identify the provisions of the Alabama Real Estate License Law related to:
- o violations by licensees
- o hearings and appeals
- Ø identify the purpose of the Real Estate Consumer’s Agency and Disclosure Act (RECAD).
- Ø define several agency terms as they relate to RECAD.
- Ø describe a licensee’s duty when dealing with:
- o client-level services
- o customer-level services
- Ø describe the provisions of RECAD related to disclosing brokerage relationships to consumers
- Ø identify a licensee’s duties to his/her client under RECAD
- Ø identify a licensee’s duties to third parties under RECAD
- Ø identify licensee’s liability for misrepresentation and false information
- Ø describe the purpose of earnest money
- Ø identify the different forms of earnest money and how each should be handle
- Ø explain the requirements for handling earnest money
- Ø explain how to handle some situations that can arise when earnest money is paid by check
- Ø know who is allowed to refund earnest money and under what conditions
- Ø discuss some guidelines for the disbursement of earnest money
- Ø discuss AREC Advisory Trust Account Guidelines and license law related to handling trust funds