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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...
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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,
§4.)...
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34-27-86
Section 34-27-86 Misrepresentation or false information given by licensee. (a) A client is
not liable for a misrepresentation made by a broker in connection with the broker providing
brokerage services unless the client knows or should have known of the misrepresentation or
the broker is repeating a misrepresentation made by the client to the broker. (b) A licensee
shall not be liable for providing false information to a party in a real estate transaction
if the false information was provided to the licensee by a client of the licensee or by a
customer or by another licensee unless the licensee knows or should have known that the information
was false. (Acts 1995, No. 95-211, p. 341, §7.)...
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7-9A-521
Section 7-9A-521 Uniform form of written financing statement and amendment. (a) Initial financing
statement form. A filing office that accepts written records may not refuse to accept a written
initial financing statement in the following form and format except for a reason set forth
in Section 7-9A-516(b): UCC FINANCING STATEMENT FOLLOW INSTRUCTIONS A. NAME & PHONE OF
CONTACT AT FILER (optional) ___ B. E-MAIL CONTACT AT FILER (optional) ___ C. SEND ACKNOWLEDGMENT
TO: (Name and Address) ___ THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY 1. DEBTOR'S NAME:
Provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate
any part of the Debtor's name); if any part of the Individual Debtor's name will not fit in
line 1b, leave all of item 1 blank, check here [ ] and provide the Individual Debtor information
in item 10 of the Financing Statement Addendum (Form UCC1Ad) 1a....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/7-9A-521.htm - 11K - 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...
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5-25-12
Section 5-25-12 Disclosure by licensee; prohibited activities. (a) Licensees shall: (1) Prior
to the collection of a mortgage broker fee from a borrower, disclose to the borrower in writing
the nature of the mortgage broker's relationship to the borrower and the method by which the
mortgage broker will be compensated for services. (2) Comply with applicable federal and state
laws, rules, and regulations. (b) Licensees shall not: (1) Intentionally misrepresent or conceal
a material fact, term, or condition of the transaction to which he or she is a party, pertinent
to an application for a mortgage loan or a borrower. (2) Fail to use due diligence and make
reasonable efforts to procure a mortgage loan on behalf of the borrower. (3) Fail to disburse
funds in accordance with a written commitment to make a mortgage loan. (4) Delay closing of
a mortgage loan for the purpose of increasing interest rate, costs, fees, or other charges
payable by the borrower. (5) Collect any mortgage broker...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-25-12.htm - 1K - Match Info - Similar pages
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
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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34-27-66
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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34-27-2
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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