Which Of The Following Is True About A Buyer Brokerage Agreement In Alabama

(7) INACTIVE LICENSE. A licence which, at the request of the licensee, is held by the Commission body by order of the Commission or which is renewable but which is currently invalid due to non-renewal. (20) Where a broker accepts a net registration contract for the sale or participation in real property. A "net registration" is one that sets a net price that the owner receives with the deductible that the broker must receive in the form of a commission. The obligation to present a true and fair view to the public in the performances includes information presented, provided or displayed on the websites of real estate agents®. REAL ESTATE AGENTS® will use reasonable efforts to ensure that the information on their websites is up to date. If it turns out that the information on a REALTOR`s website® is no longer up to date or correct, the REALTORS® will take immediate corrective action. (Adopted by the Commission on 1.07.) (b) any timeshare sale in Alabama between a timeshare buyer and a seller for the purchase or lease of one or more weeks of timeshare in the case of a vacation timeshare plan that is not registered with the Board or whose registration is suspended or ordered by the Commission to cease the sale is objectionable by the buyer. An action for nullity of such a transaction must be brought by the buyer within three years from the conclusion of the lease or sales contract. In such an action, the winning party may be awarded reasonable attorneys` fees, which will be determined by the court. (b) Any seller or associate broker who wishes to change qualified broker must notify the commission in writing and send a copy of the notice to its qualified broker.

The new qualified broker submits to the Commission an application for a transfer and a declaration that assumes the responsibility of the licensee. Upon payment of a fee of twenty-five dollars ($25), a new licence certificate will be issued to the seller or associate broker for the unen expired term of the original licence. A fee of twenty-five dollars ($25) will also be charged for any of the following licence changes: (a) The Commission shall establish and maintain a collection fund from which an injured party may receive actual or compensatory damages, without interest or legal costs, incurred solely in the State of Alabama as a result of the conduct of a broker or seller in violation of section 1 or 2 of this Chapter or the Rules; and Commission Regulations. .