Real Estate Brokerage Services Disclosure
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.
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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.
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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.
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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 agent must also be loyal and
faithful to the client, except where the duties owed to the
clients conflict with one another.
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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:
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To provide services honestly
and in good faith;
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To exercise reasonable care
and skill;
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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;
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Present all offers promptly
to the seller;
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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:
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Provide information about
properties;
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Show properties;
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Assist in making a written
offer;
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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.
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