Alabama License Law

10 days
How many days does a licensee have to notify commission of criminal prosecution or civil complaint?
15 days
How many days does the real estate commission have to notify licensee of time, date, and place of hearing?
30 days
How many days does the commission have to render a decision?
30 days
How many days does a licensee have after the date of the commissions final order to file for rehearing?
7 days
After transaction closes qualifying broker has how many days to disburse money to appropriate parties?
Limited Consensual Dual Agency
A dual agent who has a signed written agreement from both the buyer and seller. Neither of them will get the full representation. (Informed consent)
single agent, sub-agent, limited consensual dual agent, and transaction broker.
Services a licensee can offer:
Informed consent
a consumer makes a decision based on a full knowledge of the facts. Example: choosing appropriate brokerage services.
-All obligations listed for clients and customers.
-Loyalty
-disclose all material facts known by licensee.
-obey all lawful instructions
Duties to clients:
1. Obedience
2. Loyalty
3. Disclosure
4. Confidentiality
5. Accounting
6. Reasonable skill, and care
What are the 6 fiduciary duties owed to clients?
Obedience
follow all lawful instructions
Loyalty
place clients interest above all others including your own
Disclosure
tell the client everything important to the transction
Confidentiality
keep confidential anything that might harm the clients position in the transaction.
Accounting
to account for anything belonging to others
Reasonable skill and care
to possess and employ the skills demonstrated by reasonably competent agents in your market area.
Fiduciary Relationship
A person who may act for another with total trust, good faith and honesty who has the complete confidence and trust of that person.
Agent
someone who has entered into a contractual agreement to represent the interests of a principal/client in a real estate transaction.
Transaction Broker
a licensee working with a customer. No agency relationship. No fiduciary duty. (Did not sign an agreement).
Sub-agent
An agent for an agent.
rental or property management services.
licensee engaged in transactions with corporations, non profits, limited liability partnerships, etc.
Exemptions from RECAD law:
Agency Agreement
Contract between a brokerage firm and a consumer which establishes an agency relationship.
Agency relationship
A relationship that shall not be implied, assumed, or created without a written agreement.
-Notify commission in writing
-Notify broker/salesperson in writing
-Return license
How does a company withdraw consent for a broker or salesperson to continue doing business in its name?
-Give written notice to the company.
-Give written notice to the commission.
How does a qualifying broker terminate a relationship with a company?
-Give written notice to the licensee
-Give written notice to the commission.
-Send licensee’s license to the commission.
How does a qualifying broker terminate a licensee?
any sole proprietorship, corporation, partnership, branch office or lawfully constituted business organizations.
What is a company?
6 months
How long do you have to complete post license course?
License will become INACTIVE.
What happens to a license if the post license course is not completed within the 6 month time frame?
Show proof of:
-current license in another state.
-that he/she has completed a 6 hour salesperson reciprocal course.
-pass a written examination on Alabama’s real estate license law (not the complete exam).
Requirements of a Reciprocal salesperson license:
-current license in another state.
-that he/she has completed a 6 hour broker reciprocal course.
-pass a written examination on Alabama’s real estate license law (not the complete exam).
Requirements for the Reciprocal Brokers license:
-high school graduate or equivalent
-60 hour salesperson pre-license course and course final exam
-pass state exam
Requirements for temporary salesperson license:
-Owner dealing with his/her own property or property of his/her spouse, child or parent.
-Attorney at law when performing professional duties for a client.
-Person acting without compensation, under a duly authorized power of attorney.
-A person/state/financial institution acting as receiver, trustee, administrator, executor, or guardian; or acting under a court order, trust instrument or will.
-Public officer performing their official duties. (procuring property for the state)
-Person performing clerical or administrative duties for a broker as long as they do not show listings.
-A person licensed as a timeshare seller.
-Anyone who sells cemetery lots.
Who does NOT need a license: