How many hours of continuing education must all licensed salespeople in Alabama complete during each renewal period?

Property ownership (Salesperson 8%; Broker 10%)

1. Real versus personal property; conveyances
2. Land characteristics and legal descriptions
   1. Types of legal descriptions; Metes and bounds, Lot and block, a government survey
   2. Measuring structures
   3. Livable, rentable, and usable area
   4. Land Measurement
   5. Mineral, air, and water rights
3. Encumbrances and effects on property ownership
   1. Liens
   2. Easements and licenses
   3. Encroachments
   4. Other potential encumbrances of title
4. Types of ownership
   1. Tenants in common
   2. Joint tenancy
   3. Common- interest ownership Timeshares
   4. Condominiums & Co-ops
   5. Ownership in severalty/sole ownership Life Estate ownership
   6. Property ownership held in trust
      (BROKER ONLY)

Land use controls and regulations (Salesperson 5%; Broker 5%)

1. Government rights in land
   1. Property taxes and special assessments
   2. Eminent domain, condemnation, escheat
2. Government controls
   1. Zoning and master plans
   2. Building codes
   3. Regulation of special land types
      1. Flood Zones
      2. Wetlands
   4. Regulation of environmental hazards
      1. Types of hazards
      2. Abatement and mitigation
      3. Restrictions on contaminated
3. Private controls
   1. Deed conditions or restrictions
   2. Covenants, conditions, and restrictions (CC&Rs)
   3. Homeowners association regulations

Valuation and market analysis (Salesperson 7%; Broker 7%)

1. Appraisals
   1. Purpose and use of appraisals for valuation
   2. General steps in the appraisal process
   3. Situations requiring an appraisal by certified appraiser
2. Estimating Value
   1. Effect of economic principles and property characteristics
   2. Sales or market comparison approach
   3. Cost approach
   4. Income analysis approach
3. Competitive/Comparative Market Analysis
   1. Selecting comparables
   2. Adjusting comparables

Financing (Salesperson 10%; Broker 8%)

1. Basic concepts and terminology
   1. Points
   2. LTV
   3. PMI
   4. Interest
   5. PITI
   6. Financing instruments (mortgage, promissory note, etc.)
2. Types of loans
   1. Conventional loans
   2. FHA Insured loans
   3. VA guaranteed loans
   4. USDA/rural loan programs
   5. Amortized loans
   6. Adjustable-rate mortgage loans
   7. Bridge loans
   8. Owner financing (installment and land contract/contract for deed)
3. Financing and lending
   1. Lending process application through closing
   2. Financing and credit laws and rules
      1. Truth in lending
      2. RESPA
      3. Equal Credit Opportunity
      4. CFPB/TRID rules on financing and risky loan features
   3. Underwriting
      1. Debt ratios
      2. Credit scoring
      3. Credit history

General principles of agency (Salesperson 13%; Broker 11%)

1. Agency and non-agency relationships
   1. Types of agents and agencies
   2. Other brokerage relationships (nonagents)
      1. Transactional
      2. Facilitators
2. Agent's duties to clients
   1. Fiduciary responsibilities
   2. Traditional agency duties (COALD)
   3. Powers of attorney and other delegation of authority
3. Creation of agency and non-agency agreements; disclosure of conflict of interest
   1. Agency and agency agreements
      1. Key elements of different types of listing contracts
      2. Key elements of buyer brokerage/tenant representation contracts
   2. Disclosure when acting as principal or other conflicts of interest
4. Responsibilities of agent to customers and third parties, including disclosure, honesty, integrity, accounting for money
5. Termination of agency
   1. Expiration
   2. Completion/performance
   3. Termination by force of law
   4. Destruction of property/death of principal
   5. Mutual agreement

Property disclosures (Salesperson 6%; Broker 7%)

1. Property condition
   1. Property condition that may warrant inspections and surveys
   2. Proposed uses or changes in uses that should trigger inquiry about public or private land use controls
2. Environmental issues requiring disclosure
3. Government disclosure requirements (LEAD)
4. Material facts and defect disclosure

Contracts (Salesperson 17%; Broker 18%)

1. General knowledge of contract law
   1. Requirements for validity
   2. Factors affecting enforceability of contracts
   3. Void, voidable, unenforceable contracts
   4. Rights and obligations of parties to a contract
   5. Executory and executed contracts
   6. Notice, delivery and acceptance of contracts
   7. Breach of contract and remedies for breach
   8. Termination, rescission and cancellation of contracts
   9. Electronic signature and paperless transactions
   10. Bilateral vs. unilateral contracts (option agreements)
2. Contract Clauses, including amendments and addenda
3. Offers/purchase agreements
   1. General requirements
   2. When offer becomes binding
   3. Contingencies
   4. Time is of the essence
4. Counteroffers/multiple offers
   1. Counteroffers
   2. Multiple offers

Leasing and Property Management (Salesperson 3%; Broker 5%)

1. Basic concepts/duties of property management
2. Lease Agreements
   1. Types of leases, e.g., percentage, gross, net, ground
   2. Key elements and provisions of lease agreements
3. Landlord and tenant rights and obligations
4. Property manager's fiduciary responsibilities
5. ADA and Fair Housing compliance in property management
6. Setting rents and lease rates (BROKER ONLY)

Transfer of Title (Salesperson 8%; Broker 7%)

1. Title Insurance
   1. What is insured against
   2. Title searches, title abstracts, chain of title
   3. Marketable vs insurable title
   4. Potential title problems and resolution
   5. Cloud on title, suit to quiet title
      (BROKER ONLY)
2. Deeds
   1. Purpose of deed, when title passes
   2. Types of deeds and when used
   3. Essential elements of deeds
   4. Importance of recording
3. Escrow or closing; tax aspects of transferring title to real property
   1. Responsibilities of escrow agent
   2. Prorated items
   3. Closing statements/TRID disclosures
   4. Estimating closing costs
   5. Property and income taxes
4. Special processes
   1. Foreclosure
   2. Short sale
5. Warranties
   1. Purpose of home or construction warranty programs
   2. Scope of home or construction warranty programs

Practice of real estate (Salesperson 13%; Broker 14%)

1. Trust/escrow accounts
   1. Purpose and definition of trust accounts, including monies held in trust accounts
   2. Responsibility for trust monies, including commingling/conversion
2. Federal fair housing laws and the ADA
   1. Protected classes
   2. Prohibited conduct (red-lining, blockbusting, steering)
   3. Americans with Disabilities (ADA)
   4. Exemptions
3. Advertising and technology
   1. Advertising practices
      1. Truth in advertising
      2. Fair housing issues in advertising
   2. Use of technology
      1. Requirements for confidential information
      2. Do-Not-Call List
4. Licensee and responsibilities
   1. Employee
   2. Independent Contractor
   3. Due diligence for real estate transactions
   4. Supervisory responsibilities (BROKER ONLY)
      1. Licensees
      2. Unlicensed personnel
5. Antitrust laws
   1. Antitrust laws and purpose
   2. Antitrust violations in real estate

Real estate calculations (Salesperson 10%; Broker 8%)

1. Basic math concepts
   1. Loan-to-value ratios
   2. Discount points
   3. Equity
   4. Down payment/amount to be financed
2. Calculations for transactions
   1. Property tax calculations
   2. Prorations
   3. Commission and commission splits
   4. Seller's proceeds of sale
   5. Buyer funds needed at closing
   6. Transfer fee/conveyance tax/revenue stamps
   7. PITI (Principal, Interest, Taxes and Insurance) payments
3. Calculations for valuation, rate of return (BROKER ONLY)
   1. Net operating income
   2. Depreciation
   3. Capitalization rate
   4. Gross Rent and gross income multipliers

(MICHIGAN SPECIFIC PORTION) MICHIGAN STATE LAWS AND RULES
[NOTE: On examination questions dealing with Michigan Laws and Rules, "Department" refers to the Department of Licensing and Regulatory Affairs; "Board" refers to the Board of Real Estate Brokers and Salespersons]

Duties and Powers of the Department and the State Board of Real Estate (Salesperson-3 Items, Broker-3 Items)

1. General powers
2. Investigations, conferences, hearings, and exemptions
3. Penalties

Licensing Requirements (Salesperson-5 Items, Broker-4 Items)

1. Activities requiring a license and exemptions
2. Types of licenses
3. Eligibility for licensing
4. License renewal, including continuing education
5. Transfer or change in license

Statutory Requirements Governing the Activities of Licenses (Salesperson-10 Items, Broker-15 Items)

1. Advertising
2. Commissions and Specific Services for Which Fees may be charged
3. Disclosure/conflict of interest
4. Handling of contracts, documents, listing and recommendations
5. Handling of monies and trust accounts
6. Place of business/branch office requirements (Broker Only)
7. Record keeping
8. Inducements
9. Alternative Dispute Resolution vs. Arbitration (Broker only)
10. No disclosure duty attaches to stigmatized property
11. Closing responsibilities

Contractual Relationships (Salesperson – 5 Items, Broker – 5 Items)

1. Agency relationships available in MI
   1. Transaction coordinator
   2. Designated agency
   3. Dual agency
   4. Agency disclosures
2. Broker/Salesperson relationships
3. Service Provision Agreements (Listings, Buyer Broker

Additional State Topics (Salesperson-12 Items, Broker-13 Items)

1. Land Division Act - Public Act 591 (Disclosure of Private Road)
2. Michigan fair housing
   1. Elliott-Larsen Civil Rights Act
   2. Persons with Disabilities Civil Rights Act
3. Landlord Tenant Relationship Act, Truth in Renting Act
4. Usury laws (Broker only)
5. State Transfer Tax
6. Michigan Condominium Act
7. Michigan State Housing Development Authority (MSHDA)
8. Uniform State Anti-trust Act
9. Michigan Right to Farm Act (Seller's Disclosure Required)
10. Changes in the Land Contract Laws (Dodd Frank Lawfederal)

How often do you have to renew your real estate license in Alabama?

How much is the total renewal fee for a salesperson license in Alabama?

What is the final deadline for renewing licenses in Alabama for salespersons brokers and companies?

Which of the following is the continuing education requirement for a salesperson?