Arec.alabama.gov

State of Alabama REAL ESTATE COMMISSION

Estate License Law was not framed, although it might have been, to apply to all transactions affecting Alabama Real Estate; the law’s coverage is limited to Alabama transactions. This remains true even if the broker violated the license law and was, therefore, subject to fine and imprisonment. Richland Dev. Co. v. Sta-ples, 295 F2d 122.

Actived: 8 days ago

URL: https://arec.alabama.gov/arec/(X(1)S(k5zywkoeqg12gxm3a3yifyjw))/docs/newsletter/update/update_winter1998.pdf

State of Alabama REAL ESTATE COMMISSION

(4 days ago) The common law of agency is not very compatible with today’s practice of real estate. Contract brokerage, which allows real estate services to be delivered under contract law, instead of agency law is need-ed where sub-agency is not available. Prior statutory law did not set out the responsibilities of

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Risk Management: Avoiding Violations

(8 days ago) punished by License Law. D. “Uh‐Oh! What Do I Do Now!” (Law violation) 1. Licensee in trouble §34‐27‐36 (a) (23) a., b. It is illegal if the licensee has entered a plea of guilty, or “nolo contendere” (“I do

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Risk Management: Avoiding Violations

(2 days ago) is inviting improper conduct, but only the licensee would be punished by License Law. D. “But It’s The Law” § 34‐27‐36. Disciplinary Action. It is illegal for the licensee to make significant or material misrepresentations to a customer or client about a transaction.

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BRIEFLY LEGAL AND COMMISSION NOTE Net Sheets and New

(6 days ago) The law does not require you to provide what the buyer or seller will “net” when the transaction closes. There is no requirement to find out the existing mortgage payoff or to include it on the estimated closing statement. It is fine to let the seller know that the existing mortgage will have to be paid off at closing, but the Commission

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AReviewof Minimum Services

(4 days ago) New License Law Book Available Qualifying brokers should have received a complimentary copy of License Law, 24th Edition Revised 2015. The new edition includes all current revisions from the 23rd edition and its supplement. Qualifying brokers are encouraged to keep a copy of the License Law handy and regularly refer to it in sales and

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ESTIMATED CLOSING STATEMENTS

(4 days ago) Law. The statute and rule clearly state that only closing costs are required to be disclosed. The buyer’s monthly mortgage payment is not an expected closing cost which would be required to be disclosed under Section 34-27-36(a)(22). Of course, if you have adequate information about the loan amount, interest rate, loan term,

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A Consumer A Information

(7 days ago) Alabama law also requires all licensees exer-cise reasonable care and skill when providing broker-age services, answer all questions completely and accurately, and present all written purchase offers to sellers promptly and in a truthful manner. Licensees must also keep confidential any information

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Appendix A – Chapter 265-X-2 ALABAMA LAW …

(9 days ago) Contact the Alabama Law Enforcement Agency’s Records & Identification Division by calling 334-353-4340. ALEA’s normal business hours are Monday through Friday, from 8:00 a.m. until 5:00 p.m. Central Standard Time (CST).

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License Activation Form

(6 days ago) REVISED 2/8/2013 LICENSE ACTIVATION FORM PAGE 1 INSTRUCTIONS: ALL LICENSEES ‐ Before submitting an application for license activation, please ensure that you have met CE (continuing education) requirements for the current license period. You can verify your CE credits on the Commission’s website,

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By Chris Booth, General Counsel

(4 days ago) License Law Section 34-27-35(h) requires licensees to notify the Com-mission within 30 days of an address change. Address information, as well as all contact information, can be reviewed and updated from the Commission’s website by logging in to your licensing record under Online Services. If you update your home address information online

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