|
34-27-82
Section 34-27-82 Roles and duties of licensees; written disclosure documents; exceptions;
brokerage agreements. (a) When engaged in any real estate transaction, the licensee may act
as a single agent, sub-agent, a limited consensual dual agent, or as a transaction broker.
(b) At the initial contact between a licensee and the consumer and until such time a broker
enters into a specific written agreement to establish an agency relationship with one or more
of the parties to a transaction, the licensee shall not be considered an agent of that consumer.
An agency relationship shall not be assumed, implied, or created without a written bilateral
agreement establishing the terms of the agency relationship. (c) As soon as reasonably possible
and before any confidential information is disclosed to any other person by a licensee, the
licensee shall provide a written disclosure form to a consumer for signature describing the
alternative types of brokerage services, as identified in subsection...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-82.htm - 3K - Match Info - Similar pages
34-27-81
Section 34-27-81 Definitions. As used in this article, the following words shall have
the following meanings: (1) AGENCY AGREEMENT. A written agreement between a broker and a client
which creates a fiduciary relationship between the broker and a principal, who is commonly
referred to as a client. (2) BROKER. Any person licensed as a real estate broker pursuant
to Articles 1 and 2 of this chapter. (3) BROKERAGE AGREEMENT. A specific written agreement
between a brokerage firm and a consumer which establishes a brokerage relationship. The brokerage
agreement shall contain a statement of the terms and conditions of the brokerage services
to be provided. (4) BROKERAGE SERVICE. Any service, except for rental or property management
services, provided by a broker or licensee to another person and includes all activities for
which a real estate license is required under Articles 1 and 2 of this chapter. (5) CONSUMER.
A person who obtains information, advice, or services concerning real estate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-81.htm - 4K - Match Info - Similar pages
34-27-84
Section 34-27-84 Obligations of licensees. (a) Licensees shall have all of the following
obligations to all parties in a real estate transaction: (1) To provide brokerage services
to all parties to the transaction honestly and in good faith. (2) To exercise reasonable skill
and care in providing brokerage services to all parties. (3) To keep confidential any information
given to the licensee in confidence, or any information obtained by the licensee that the
licensee knows a reasonable individual would want to keep confidential, unless disclosure
of this information is required by law, violates a fiduciary duty to a client, becomes public
knowledge, or is authorized by the party in writing. (4) To account for all property coming
into the possession of the licensee that belongs to any party to the real estate transaction.
(5) When assisting a party in the negotiation of a real estate transaction, to present all
written offers in a timely and truthful manner. (6) To act on behalf of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-84.htm - 2K - Match Info - Similar pages
27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus
Lines Insurance Multi-State Compliance Compact Act is enacted into law and entered into with
all jurisdictions mutually adopting the compact in the form substantially as follows: PREAMBLE
WHEREAS, with regard to Non-Admitted Insurance policies with risk exposures located in multiple
states, the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted
and Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
34-27-83
Section 34-27-83 Agency disclosure office policy. Any broker acting in a real estate
transaction shall adopt a written agency disclosure office policy which specifically enumerates
the types of brokerage service arrangements a licensee may offer or accept. (a) The qualifying
broker for each brokerage company shall provide every licensee a copy of the agency disclosure
policy regarding the types of brokerage services offered by their company. This policy shall
be explained to all licensees at least once a year. (b) A form acknowledging receipt of the
office policy statement and a satisfactory explanation of its contents shall be signed by
each licensee and a copy retained by the brokerage company for three years. (Acts 1995, No.
95-211, p. 341, ยง4.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-83.htm - 1K - Match Info - Similar pages
34-27-85
Section 34-27-85 Services licensees required to provide. (a) In addition to the duties
enumerated in Section 34-27-84, a licensee shall provide all of the following services
to clients: (1) Loyally represent the best interests of the client by placing the interests
of the client ahead of the interests of any other party, unless loyalty to a client violates
the duties of the licensee to other parties under Section 34-27-84, or is otherwise
prohibited by law. (2) Disclose to the client all information known by the licensee that is
material to the transaction and not discoverable by the client through reasonable investigation
and observation, except for confidential information as provided in subdivision (3) of subsection
(a) of Section 34-27-84. A licensee shall have no affirmative duty to discover the
information. (3) Fulfill any obligation required by the agency agreement, and any lawful instructions
of the client that are within the scope of the agency agreement, that are not...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-85.htm - 1K - Match Info - Similar pages
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
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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-11.htm - 13K - Match Info - Similar pages
34-27-100
Section 34-27-100 Definitions. For the purposes of this article, the following terms
shall have the following meanings: (1) ACTUAL INTRODUCTION. a. When the buyer, seller, landlord,
or tenant has been referred to the real estate licensee by the person or entity seeking the
referral fee prior to the time the customer has executed a real estate brokerage services
disclosure form or waived execution in writing or the customer has executed a buyer's agency
agreement, property listing agreement, or a transaction brokerage agreement; or b. For real
estate transactions in which the law of this state does not require the presentation of a
real estate brokerage services disclosure form, when the buyer, seller, landlord, or tenant
has been referred to the real estate licensee by the person or entity seeking the referral
fee prior to any contact between the buyer, seller, landlord, or tenant and the real estate
licensee during which their real estate business has been discussed. (2) INTERFERENCE...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27-100.htm - 3K - Match Info - Similar pages
5-18A-13
Section 5-18A-13 Duties of licensee. (a) A licensee may not knowingly enter into a deferred
presentment transaction with a customer that has outstanding deferred presentment transactions
from any lender at any location that exceeds five hundred dollars ($500) for the term of the
loan. (b) Before a licensee shall present for payment or deposit a check or debit authorization
accepted by the licensee, the check shall be endorsed with the actual name under which the
licensee is doing business. (c) Any agreement for a deferred presentment transaction shall
be in writing and signed by the checking account holder. The customer in a deferred presentment
contract shall have the right to redeem the check or debit authorization from the licensee
before the agreed date of deposit upon payment to the licensee of the amount of the contract.
A licensee shall not defer presentment of any personal check or debit authorization for less
than 10 days nor more than 31 calendar days after the date of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-18A-13.htm - 6K - Match Info - Similar pages
|