Section 34-27-80 – Short Title.
Section 34-27-80 Short title. This article shall be known and may be cited as the “Real Estate Consumer’s Agency and Disclosure Act.” (Acts 1995, No. 95-211, p. 341, §1.)
Section 34-27-81 – Definitions.
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 […]
Section 34-27-82 – Roles and Duties of Licensees; Written Disclosure Documents; Exceptions; Brokerage Agreements.
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 […]
Section 34-27-83 – Agency Disclosure Office Policy.
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 […]
Section 34-27-84 – Obligations of Licensees.
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 […]
Section 34-27-85 – Services Licensees Required to Provide.
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 […]
Section 34-27-86 – Misrepresentation or False Information Given by Licensee.
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. […]
Section 34-27-87 – Duties Supersede Duties Based on Common Law.
Section 34-27-87 Duties supersede duties based on common law. The duties of licensees as specified in this article or in rules promulgated by the Alabama Real Estate Commission shall supersede any duties of a licensee to a party to a real estate transaction which are based upon common law principles of agency to the extent […]
Section 34-27-88 – Violations.
Section 34-27-88 Violations. A violation or disregard of any provision of this article shall constitute a violation actionable by the commission pursuant to Section 34-27-36, as amended. (Acts 1995, No. 95-211, p. 341, §9.)