Alabama Real Estate License Law Definitions

Front 1

Agency Agreement

Back 1

A written Agreement between a broker and a client that creates a fiduciary relationship between the broker and a principal.

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Broker

Back 2

Any Person licensed as a real estate broker

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Brokerage Agreement

Back 3

specific written agreement between a brokerage firm and a consumer that establishes a brokerage relationship

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Brokerage Services

Back 4

Any serve, except for rental or property management services, provided by a broker of licensee to another person and includes all activities for which a real estate license is required.

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Consumer

Back 5

A person who obtains information, advice, or services concerning real estate from a real estate licensee.

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Client

Back 6

A person who has an agency agreement with a broker for brokerage service, whether they are the buyer or seller

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Customer

Back 7

A person who is provided brokerage services by a broker or licensee but who is not a client of the broker

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Dual Agency

Back 8

An Agency Relationship in which the same brokerage firm circumstances which establish a dual agency include, but are not limited to:

a. When 2 or more licensees licensed under the same broker each represent a different party to the transaction

b. when one licensee represents both the buyer and seller in a real estate transaction.

Front 9

Informed Consent

Back 9

A consumer's agreement to allow something to happen which is based upon full disclosure of facts needed to choose appropriate brokerage services.

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Licensee

Back 10

Any broker, salesperson or company

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Limited Consensual Dual Agent

Back 11

A licensee who, with the written informed consent of all parties to contemplated real estate transaction, is engaged as an agent for both the buyer and seller

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Material Fact

Back 12

A fact that is significant to a reasonable party that affects the party's decision to enter into a real estate contract

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Qualifying Broker

Back 13

A Broker under whom a corporation, partnership or branch office is licensed, or a broker licensed to do business as a sole proprietorship that is responsible for supervising the acts of all real estate licensees licensed therewith.

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Real Estate Transaction

Back 14

The purchase, sale, lease and rental option or exchange of an interest in real estate

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Single Agent

Back 15

A licensee who is engaged by and represents only one party

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Sub Agent

Back 16

A licensee who is empowered to act for another broker in performing real estate brokerage tasks for a principal, and who owes the same duties to the principal as the agent of the principal.

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Transaction Broker

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A Licensee who assists one or more parties in a contemplated real estate transaction without being an agent or fiduciary or advocated for the interest of the party to a transaction.

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Criminal Records Search

Back 18

$25

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Change of company name, licensee's name, company address

Back 19

$25

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Change of status from inactive to active (not active to inactive

Back 20

$25

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Recovery Fund Fee (original active license)

Back 21

$30

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Education & Research

Back 22

$30

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Salesperson and company license fee per year

Back 23

$85

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Broker's license fee per year

Back 24

$95

Front 25

Penalty for non-renewal after Aug 31 of licensing period

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$150

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Temporary License fee for one year

Back 26

$150

Front 27

Initial Broker's license fee

Back 27

$150

Front 28

Party appealing decision shall appeal bond

Back 28

200.00

Front 29

Disciplinary action fees:

Back 29

not less than $100 or more than $2500

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Travel for witness in hearing

Back 30

$6 per day, .20 mile