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Rule 790-X-3-.13. The Real Estate Consumers Agency and Disclosure Act (RECAD) requires the Alabama Real Estate Commission to write a Real Estate Brokerage Services Disclosure form which describes the alternative types of brokerage services available to consumers in Alabama transactions.
Is sub agency legal in Alabama?
Sub-Agency - An unusual, yet legal arrangement in Alabama where an agent represents another broker's customer in the sale. A subagent does not represent the buyer and seller, just one client.
Can you do dual agency in Alabama?
A LIMITED CONSENSUAL DUAL AGENT is a licensee for both the buyer and the seller. This may only be done with the written, informed consent of all parties. This type of agent must also be loyal and faithful to the client, except where the duties owed to the clients conflict with one another.
Is Alabama a mandatory disclosure state?
Alabama law provides that a seller or seller's agent has a duty to disclose information about used real estate in three scenarios \u2013 1) Defects affecting health and safety, 2) where a fiduciary relationship exists, and 3) upon specific inquiry by the buyer.
What is true about brokerage agreements in Alabama?
What is true about brokerage agreements in Alabama? They must be in writing to be enforceable. An associate who lists a property still has certain obligations to the buyer in a transaction.
recad meaning
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People also ask
Which situation is considered a dual agency?
Dual agency is when a single real estate agent represents both the buyer and the seller in a real estate transaction. It can also occur when an agent represents both the landlord and the tenant, or when the same real estate company represents both parties in a purchase and sale or rental transaction.
What is the Recad in Alabama?
The Real Estate Consumers Agency and Disclosure Act (RECAD) requires the Alabama Real Estate Commission to write a Real Estate Brokerage Services Disclosure form which describes the alternative types of brokerage services available to consumers in Alabama transactions.
Does Alabama have a required agency disclosure law?
Alabama law clearly states in Rule 790-X-3-. 13 that all licensees are required to provide the Real Estate Brokerage Services Disclosure form to the consumer as soon as reasonably possible for his or her signature.
Is sub agency legal in Alabama?
Sub-Agency - An unusual, yet legal arrangement in Alabama where an agent represents another broker's customer in the sale. A subagent does not represent the buyer and seller, just one client.
What are the different types of buyer agency agreements?
There are three different types of buying agency agreements. These agreements must include an expiration date, a fair housing statement, a blockbusting statement, and a signature line for both the broker and the seller.
alabama real estate commission forms
AREC - Recad - Alabama Real Estate Commission
The Commission: Empowering, Connecting and Educating the great people of Alabama in all things Real Estate.
Ala. Admin. Code r. 790-X-3-.13 - Agency/Brokerage Services ...
... Estate Consumers Agency and Disclosure Act (RECAD) requires the Alabama Real Estate Commission to write a Real Estate Brokerage Services Disclosure form ...
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