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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34-27-69
Section 34-27-69 Surety bond; suspension, etc., of license for violation of article;
reinstatement; relicensure; board must be notified of initiation, etc., of legal action. (a)
Every applicant for a license under this article, either original or renewal, shall furnish
a surety bond payable to the State of Alabama in the amount of $5,000 if a time-sharing salesman
or $10,000 if a broker, with a surety company authorized to do business in Alabama, which
bond shall provide that the obligor therein will pay up to $5,000 or $10,000, respectively,
the aggregate sum of all judgments which may be recovered against such licensee for actual
loss or damage arising from his or her activities conducted under this article. Said bond
shall be filed with the Alabama Real Estate Commission prior to the issuance of such license.
A new bond or a renewal or continuation of the original bond shall be required for each licensing
period. If a continuous bond is filed with the commission prior to the...
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7-9A-614
Section 7-9A-614 Contents and form of notification before disposition of collateral:
Consumer-goods transaction. In a consumer-goods transaction, the following rules apply: (1)
A notification of disposition must provide the following information: (A) the information
specified in Section 7-9A-613(1); (B) a description of any liability for a deficiency
of the person to which the notification is sent; (C) a telephone number from which the amount
that must be paid to the secured party to redeem the collateral under Section 7-9A-623
is available; and (D) a telephone number or mailing address from which additional information
concerning the disposition and the obligation secured is available. (2) A particular phrasing
of the notification is not required. (3) The following form of notification, when completed,
provides sufficient information: Name and address of secured party Date NOTICE OF OUR PLAN
TO SELL PROPERTY Name and address of any obligor who is also a debtor Subject: ___...
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34-27-7
Section 34-27-7 Real Estate Commission - Created; composition; qualifications of members;
appointment; terms; compensation; organization; executive director and assistant executive
director generally; seal; records; immunity from suit. (a) There is created the Alabama Real
Estate Commission. The commission shall consist of nine members appointed by the Governor
with the advice and consent of the Senate as hereinafter provided. The Governor's appointments
to the commission, except for the appointment of the consumer member made pursuant to subsection
(e), shall be made from a list of three persons nominated by the governing body of the Alabama
Professional Real Estate Society or trade association which has the largest licensee membership,
as evidenced by the filing of a verified list of paid members with the Secretary of State
within 10 days of April 6, and annually by December 31 of each year thereafter. At least one
of the persons nominated for each commission seat shall not be a...
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35-8A-411
Section 35-8A-411 Release of liens. (a) In the case of a sale of a unit where delivery
of an offering statement is required pursuant to Section 35-8A-402(c) or a disclosure
is made pursuant to Section 35-8A-407, a seller shall record or furnish to the purchaser
releases of all liens or an agreement to release any liens that encumber that unit and its
common element interest, except liens on real estate that a declarant has the right to withdraw
from the condominium, that the purchaser does not expressly agree in a written contract of
sale which specifically identifies such lien and its amount to take subject to or assume,
or provide a surety bond or substitute collateral for or insurance against the lien in the
manner provided for liens on real estate in Section 35-11-233(b). (b) In conveying
real estate to the association the declarant shall have that real estate released from: (i)
all liens the foreclosure of which would deprive unit owners of any right of access to or
easement of...
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27-7-5.3
Section 27-7-5.3 Licenses - Limited license for self-service storage facility. (a) As
used in this section, the following terms shall have the following meanings: (1) LIMITED
LICENSEE. A person or entity authorized to sell certain coverages for personal property maintained
in self-service storage facilities pursuant to this section. (2) OCCUPANT. A person,
his or her sublessee, successor, or assign entitled to the use of the storage space at a self-service
storage facility under a rental agreement, to the exclusion of others. (3) OWNER. The owner,
operator, lessor, or sublessor of a self-service storage facility, his or her agent, or any
other person authorized by him or her to manage the self-service storage facility or to receive
rent from an occupant under a rental agreement. (4) PERSONAL PROPERTY. Any movable property
not affixed to land including, but not limited to, goods, wares, merchandise, motor vehicles,
watercraft, and household items and furnishings. (5) RENTAL AGREEMENT....
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5-25-2
Section 5-25-2 Definitions. For purposes of this chapter, the following terms shall
have the following meanings: (1) BORROWER. A natural person who submits an application for
a loan secured by a first or subordinate mortgage or deed of trust on a single-family to four-family
home to be occupied by the borrower as the borrower's primary residence. (2) COMMITMENT. A
written statement by a lender that sets forth the terms and conditions upon which the lender
is willing to make a particular mortgage loan to a particular borrower. A good faith estimate
provided under the Federal Real Estate Settlement Procedures Act is not a commitment for the
purposes of Act 2009-624. (3) CONTROL. The direct or indirect possession of the power to direct
or cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract, or otherwise, and shall include the terms controlling,
controlled by, and under common control with. (4) DEPARTMENT. The...
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8-1A-8
Section 8-1A-8 Provision of information in writing; presentation of records. (a) Subject
to subsection (e), if parties have agreed to conduct a transaction by electronic means and
a law requires a person to provide, send, or deliver information in writing to another person,
the requirement is satisfied if the information is provided, sent, or delivered, as the case
may be, in an electronic record capable of retention by the recipient at the time of receipt.
An electronic record is not capable of retention by the recipient if the sender or its information
processing system inhibits the ability of the recipient to print or store the electronic record.
(b) If a law other than this chapter requires a record to be posted or displayed in a certain
manner, to be sent, communicated, or transmitted by a specified method, or to contain information
that is formatted in a certain manner, the following rules apply: (1) The record shall be
posted or displayed in the manner specified in the other...
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27-62-4
Section 27-62-4 Information security program. (a) Commensurate with the size and complexity
of the licensee, the nature and scope of the activities of the licensee, including its use
of third-party service providers, and the sensitivity of the nonpublic information used by
the licensee or in the possession, custody, or control of the licensee, each licensee shall
develop, implement, and maintain a comprehensive written information security program based
on the risk assessment of the licensee that contains administrative, technical, and physical
safeguards for the protection of nonpublic information and the information system of the licensee.
(b) The information security program of a licensee shall be designed to do all of the following:
(1) Protect the security and confidentiality of nonpublic information and the security of
the information system. (2) Protect against any threats or hazards to the security or integrity
of nonpublic information and the information system. (3) Protect...
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27-25-7
Section 27-25-7 Notice of availability of owner's title insurance. (a) In connection
with any transaction involving the purchase or sale of a fee simple or possessory interest
in real property in this state, the title insurer shall obtain or cause its agent to obtain,
at or before the closing of settlement and disbursement of any funds, a statement in writing
from the purchaser acknowledging that the purchaser has received a notice that owner's title
insurance may be available to the purchaser in accordance with the underwriting guidelines
of the title insurer and that the purchaser does or does not desire to purchase owner's insurance
coverage. The written notice of availability of owner's title insurance shall contain all
of the following: (1) The address or legal description of the property. (2) A disclosure that
owner's title insurance may be available in accordance with the underwriting guidelines of
the title insurer and the premium therefor. (3) A space to indicate the desire of...
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