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29 Cards in this Set
- Front
- Back
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What is the Recovery Fund |
It is a special revenue find established and maintained by Alabama real estate commission |
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what if a person is adversely affected by the licensees actions. What can they agreed person do |
He may go to court to obtain a judgement and ask for damages they're greedy person must notify the commission by certified mail |
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What should the aggrieved person do if he was not paid all of his money |
The aggrieved person must provide the Commission 10 days written notice before filing a claim on the unpaid amount |
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What is the recovery time used for |
It is used to cover actual computer in compensatory damages not including interest and courthouse |
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If a claim is filed their aggrieved person will need to provide what information. All of the following must be provided or you wave your right to recover from the fund |
not a spouse child or parent of the debtor; must specify the amount of the judgment & the amount still owed on the judgment, if each of the following have been applied to the damages awarded the amount received from the, debtors, bonding company, and out of court settlement |
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The recovery plan can not drop below what amount? |
$500,000 |
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What is the additional charge that the broker and salesperson will be charged to recover the funds |
$30 |
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The recovery find can be invested in any investment that is legal and what else |
Domestic life insurance company, deposited into a commission fund and 1/2 going to the University of Alabama Real Estate and Education Center |
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How much is a temporary salesperson's license |
$150 |
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How much is a permit salesperson license |
The permanent sales persons license is renewed every two years for $170 or $85 a year |
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What are the renewal dates and deadlines |
Renewal period starts October 1st and ends on midnight on September 30th, but you must submitted all items to the Commission by August 31st |
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What is the additional recovery fun fee |
$30, this will be charged to each active salesperson and broker if the recovery fund balance falls below $500,000 |
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What is the original research and education fee |
$30, this fee is applied when applicating for an original sales person or broker's license |
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what is the amount for the Renewal and research and education fee |
$7.50 per year for each year of renewal. $15 for 2 years |
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How much is it if you change your license information |
$25 per license that is affected by the change; if your license is change from active inactive you do not have to pay a fee |
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What are the limitations of the recovery fund, what it does not cover |
The licensee or bonding company unless he or she is a principal in a real estate transaction |
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What what are the limitations on the recovery time, what the recovery does not cover |
Acts of a licensee who is acting on his or her own behalf or on a family member's behalf. |
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What are the limitations on the recovery fund what the Recovery Fund does not cover |
Acts on a licensee who is on inactive status. |
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What are the limitations on the recovery Fund what it does not cover |
Does not cover the acts of a corporation, branch office, or partnership, except through the individual's licensee |
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What are the limitations on the recovery fund, what it does not cover |
It does not cover acts of a licensee's related to making are developing timeshare |
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What are the limited damages for multiple judgments on settlements against a single individual |
Cannot exceed $50,000 |
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What are the limitations of liability for a single transaction |
Do not exceed $25,000 regardless of the number of claims |
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What happens if the funds are insufficient to satisfy a claim |
Individual must wait for payment, individual will receive a 12% annual interest rate |
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In order to satisfy the judgment against a licensee and to put the money back into the recovery fun, what will the Commission do? |
They will make the licensee payback be fun plus 12 percent annual interest |
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How much is an original brokers license |
$150 |
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How much is an original company license |
$85 per year & a $170 pre every 2 year renewal period which is every two years |
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What is the renewal dates |
renew your license every two years starting on October 1st at midnight and September 30th but all paperwork must be submitted to the Commission by August 31st |
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Failing to renew your license by the deadline how much is the penalty |
It is $150 penalty plus the required licensing fee |
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How much is it for the original Recovery Fund fee |
This fee is paid when applying for an original salesperson or brokers license the fee is $30 |
