Friday, February 8, 2019 / by Amy Norris
AL RECAD and "Caveat Emptor" (no this is not a new dining experience :) 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
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
A TRANSACTION BROKER assists one or more parties, who
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
Name of licensee -
Signature of licensee _________________________________________ Date ____________________________
Consumer name ___________________________________________ Date ____________________________
Signature of consumer ________________________________________ Date ____________________________