RE Law
Law of agency
Covers how an agency relationship is created
Law of Agency
Covers the duties of an agent to the principal
General property law
Covers the forms of Ownership and tenancy in real property and its distinction from personal property within the common law legal system
General property law
Covers the governments rights and authority under eminent domain
State specific license laws
Covers the requirements of a licensee when performing real estate activities within the state, to include license law, continuing education requirements, supervisory requirements, and prohibited conduct
General property law
Covers the rights of ownership and tenancy
Law of contracts
Covers what happens in the case of a breach of contract and how contracts may be terminated
T or F/ As long as you are actively pursuing your real estate license you can legally perform the same activities that License real estate professionals perform
F
True or false after you have obtained your real estate license you may legally draft a contract
False
True or false it is the commissions responsibility to establish qualified schools that offer real estate instruction
False
What 4 areas does real estate law cover?
General property law, State specific license law, law of agency,Law of contracts
The law of contracts - (4 elements of a contract)
Governs the use of contracts and the required elements to make a contract valid
What laws do you the Alabama real estate commission administer and enforce?
Licensed real estate activities, Real estate violations and penalties, Suspended licenses
True or false The purpose of licensing is to protect the public by requiring certain education training and standards for licensees
True
True or false the requirements for licensing provide an important oversight component to insure that you continue to meet the terms of your license
True
True or false there are different types of licenses based on experience level training, and different requirements and responsibilities that go with each license
True
True or false. Your role as a licensee is limited to the use of legally approved forms in standard clauses
True
