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34-27-35
Section 34-27-35 License certificates generally. (a) The commission shall prescribe
the form and content of license certificates issued. Each qualifying broker's license certificate
shall show the name and business address of the broker. The license certificate of each active
salesperson or associate broker shall show his or her name and address. The license certificate
of each active salesperson or associate broker shall be delivered or mailed to his or her
qualifying broker. Each license certificate shall be kept by the qualifying broker and shall
be publicly displayed at the address which appears on the license certificate. (b) The commission
may establish a one-year or multi-year license period. (c)(1) The fee for a temporary license
shall be one hundred fifty dollars ($150). The original fee for a broker's license shall be
one hundred fifty dollars ($150) and, beginning with the license period effective October
1, 2002, the renewal fee for a broker's license shall be seventy-five...
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34-27-2
Section 34-27-2 Definitions; exemptions from chapter. (a) For purposes of Articles 1
and 2 of this chapter, the following terms shall have the respective meanings ascribed by
this section: (1) ASSOCIATE BROKER. Any broker other than a qualifying broker. (2)
BROKER. Any person licensed as a real estate broker under Articles 1 and 2 of this chapter.
(3) COMMISSION. The Alabama Real Estate Commission, except where the context requires that
it means the fee paid to a broker or salesperson. (4) COMMISSIONER. A member of the commission.
(5) COMPANY. Any sole proprietorship, corporation, partnership, branch office, or lawfully
constituted business organization as the Legislature may provide for from time to time, which
is licensed as a company under Articles 1 and 2 of this chapter. (6) ENGAGE. Contractual relationships
between a qualifying broker and an associate broker or salesperson licensed under him or her
whether the relationship is employer-employee, independent contractor, or...
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34-27-66
Section 34-27-66 Examination and license requirements; issuance and renewal of license;
inactive status; change of address. (a) Any person desiring to act as a seller of vacation
time-sharing plans shall file with the commission a written application upon such form as
the commission shall designate and shall pass to the satisfaction of the commission the examination
hereinafter prescribed. (b) Prerequisites for taking the vacation time-sharing sales examination
are as follows: (1) Evidence satisfactory to the commission that the applicant bears a good
reputation for honesty and truthfulness. (2) The applicant should not have been convicted
of any criminal offense involving moral turpitude or of any felony in this or any other state.
(3) The applicant shall be at least 19 years of age. (4) The applicant shall be a citizen
of the United States or, if not a citizen of the United States, a person who is legally present
in the United States with appropriate documentation from the federal...
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34-27-36
Section 34-27-36 Disciplinary action - Generally. (a) The commission or its staff may
on its own, or on the verified complaint in writing of any person, investigate the actions
and records of a licensee. The commission may issue subpoenas and compel the testimony of
witnesses and the production of records and documents during an investigation. If probable
cause is found, a formal complaint shall be filed and the commission shall hold a hearing
on the formal complaint. The commission shall revoke or suspend the license or impose a fine
of not less than one hundred dollars ($100) nor more than two thousand five hundred dollars
($2,500), or both, or reprimand the licensee in each instance in which the licensee is found
guilty of any of the following acts set out in this section. The commission may revoke
or suspend a license until such time as the licensee has completed an approved continuing
education course and/or made restitution to accounts containing funds to be held for other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-36.htm - 12K - Match Info - Similar pages
34-27-32
Section 34-27-32 Requirements for license; application; place of business; branch offices;
multiple brokers; fees. (a) A license for a broker or a salesperson shall be registered to
a specific real estate office and shall be issued only to, and held only by, a person who
meets all of the following requirements: (1) Is trustworthy and competent to transact the
business of a broker or salesperson in a manner that safeguards the interest of the public.
(2) Is a person whose application for real estate licensure has not been rejected in any state
on any grounds other than failure to pass a written examination within the two years prior
to the application for real estate licensure with Alabama. If the applicant's rejection for
real estate licensure in any state is more than two years from the date of application for
licensure with Alabama, then the applicant may not be issued an Alabama real estate license
without the approval of the commissioners. (3) Is a person whose real estate license...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-32.htm - 11K - Match Info - Similar pages
34-27-34
Section 34-27-34 Who may serve as qualifying broker; responsibility of qualifying broker;
change of broker; termination of qualifying broker's status. (a)(1) A broker may serve as
qualifying broker for a salesperson or associate broker only if licensed in Alabama, his or
her principal business is that of a real estate broker, and he or she shall be in a position
to actually supervise the real estate activities of the associate broker or salesperson on
a full-time basis. (2) A salesperson or associate broker shall not perform acts for which
a license is required unless licensed under a qualifying broker. A qualifying broker shall
be held responsible to the commission and to the public for all acts governed by this chapter
of each salesperson and associate broker licensed under him or her and of each company for
which he or she is the qualifying broker. It shall be the duty of the qualifying broker to
see that all transactions of every licensee engaged by him or her or any company for...
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34-27-33
Section 34-27-33 Examinations; temporary and original salesperson licenses; post license
course requirements. (a)(1) In addition to other requirements of this chapter, every applicant
for a broker's or salesperson's license shall submit to a reasonable written examination.
The commission shall conduct examinations at places and times it prescribes. The commission
may contract with an independent testing agency to prepare, grade, or conduct the examination.
(2) Effective October 1, 2001, and thereafter, the fee for each examination and the provisions
for payment and forfeiture shall be as specified in the contract with the independent testing
agency. (b) Within 90 days after passing the examination, the applicant shall secure a qualifying
broker and meet all requirements of this chapter and the board shall issue an active license
or classify the license as inactive. In order to obtain an active license, the applicant's
qualifying broker shall sign and submit to the commission a sworn...
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34-27-31
Section 34-27-31 Recovery Fund created; fees paid to fund; injured party's recovery
from fund; procedures, appeals, etc.; licensee to report any legal action taken against him
or her. (a) The commission shall establish and maintain a Recovery Fund from which an aggrieved
party may recover actual or compensatory damages, not including interest and court costs,
sustained only within the State of Alabama as a result of conduct of a broker or salesperson
in violation of Article 1 or 2 of this chapter or the rules and regulations of the commission.
(b) Notwithstanding any other provision to the contrary, payments from the Recovery Fund are
subject to the following conditions and limitations: (1) The fund shall not be obligated for
the acts or omissions of a broker or salesperson while acting on his or her own behalf or
on behalf of his or her child, spouse, or parent regarding property in which he or she or
his or her spouse, child, or parent has, or is attempting to acquire, an interest;...
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34-27-50
Section 34-27-50 Definitions. For the purposes of this article, the following terms
shall have the meaning respectively ascribed to them by this section: (1) ACCOMMODATIONS.
Any hotel or motel room, condominium, or cooperative unit, cabin, lodge, apartment, or any
other private or commercial structure designed for occupancy by one or more individuals or
any recreational vehicle campsite or campground. (2) BUSINESS ENTITY. Any individual, corporation,
firm, association, joint venture, partnership, trust, estate, business trust, syndicate, fiduciary,
and any other group or combination which engages in acts or practices in any trade or commerce.
(3) CONTRACT. Any contract, promissory note, credit agreement, negotiable instrument, lease,
use agreement, license, security, or other muniment conferring on the purchaser the rights,
benefits, and obligations of a vacation time-sharing plan. (4) COMMISSION. The Alabama Real
Estate Commission. (5) COMMISSIONER. A member of the Alabama Real Estate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-50.htm - 7K - Match Info - Similar pages
8-6-11
Section 8-6-11 Registration of securities - Exempt transactions. (a) Except as hereinafter
in this section expressly provided, Sections 8-6-3 through 8-6-9 shall not apply to
any of the following transactions: (1) Any isolated nonissuer transaction, whether effected
through a dealer or not; (2) Any nonissuer transaction in an outstanding security by a registered
dealer if: a. The issuer has a class of securities subject to registration under Section
12 of the Securities Exchange Act of 1934 and has been subject to the reporting requirements
of Sections 13 or 15(d) of the Securities Exchange Act of 1934 for not less than 180 days
before the transaction; or has filed and maintained with the commission for not less than
180 days before the transaction information, in such form as the commission, by rule, specifies,
substantially comparable to the information which the issuer would be required to file under
Section 12(b) or Section 12(g) of the Securities Exchange Act of 1934, or the...
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