"Caveat Emptor" (no this is not a new dining experience :)  Caveat emptor (/'?mpt??r/; from caveat, "may he beware", a subjunctive form of cavere, "to beware" + emptor, "buyer") is Latin for "Let the buyer beware"

Rule 790-X-3-.13 (RECAD)

REAL ESTATE BROKERAGE SERVICES DISCLOSURE

THIS IS FOR INFORMATION PURPOSES.  THIS IS NOT A CONTRACT

 

Alabama law requires you, the consumer, to be informed about the types of services which real estate licensees may perform. The purpose of this disclosure is to give you a summary of these services.

                A SINGLE AGENT is a licensee who represents only one party in a sale. That is, a single agent represents his or her client. The client may be either the seller or the buyer. A single agent must be completely loyal and faithful to the client.

A SUBAGENT is another agent/licensee who also represents only one party in a sale.  A subagent helps the agent represent the same client. The client may be either the seller or the buyer. A subagent must also be completely loyal and faithful to the client.

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.

A TRANSACTION BROKER assists one or more parties, who are-customers, in a sale. A transaction broker is not an agent and does not perform the same services as an agent.

Alabama law imposes the following obligations on all real estate licensees to all parties no matter their relationship:

1.     To provide services honestly and in good faith;

2.     To exercise reasonable care and skill;

3.     To keep confidential any information gained in confidence, unless disclosure is required by law or duty to a client, the information becomes public knowledge or disclosure is authorized in writing;

4.     Present all offers promptly to the seller;

5.     Answer your questions completely and accurately.

 

Further, even if you are working with a licensee who is not your agent, there are many things the licensee may do to assist you. Some examples are:

1.     Provide information about properties,

2.     Show properties;

3.     Assist in making a written offer,

4.     Provide information on financing.

 

You should choose which type of service you want from a licensee, and sign a brokerage service agreement. If you do not sign an agreement, by law the licensee working with you is a transaction broker.

 

The licensee's broker is required by law to have on file an office policy describing the company's brokerage services. You should feel free to ask any questions you have.

 

The Alabama Real Estate Commission requires the real estate licensee to sign, date, and provide you a copy of this form. Your signature is not required by law or rule, but would be appreciated.

 

Name of licensee                                                                                                                                                                                -   

                                                                                                            

Signature of licensee _________________________________________     Date ____________________________

 

Consumer name ___________________________________________         Date ____________________________

 

Signature of consumer ________________________________________     Date ____________________________