HB3 Alabama 2024 Session

Summary

Primary Sponsor

Rolanda Hollis Representative

Democrat

Session

Regular Session 2024

Title

Real estate commission; real estate brokers, companies, salespersons; training, qualifications licensure; penalties for certain licensee conduct; required disclosures, prohibited conduct

Description

Under existing law pertaining to licensing real estate companies, brokers, and salespersons, there is no provision limiting the number of co-brokerage agreements a nonresident broker may enter into with state licensed brokers.

Under existing law, there is no limit on the duration of a residential listing agreement.

Under existing law, there are no specific disclosures required of licensees dealing in equitable interests in a contract for purchase and sale of residential property.

This bill would provide certain requirements pertaining to training, qualifications, licensure and license renewal for licensed real estate companies, brokers, salespersons, teams, schools that offer real estate training courses, and applicants for licensure.

This bill would provide certain restrictions on transactions between nonresident co-brokers and licensees of this state.

This bill would provide that the Alabama Real Estate Commission may impose penalties for a licensee's failure to disclose certain aspects of transactions involving the sale or assignment of an equitable HB3 INTRODUCED interest in a contract for the purchase and sale of residential real estate.

This bill would further provide that the Alabama Real Estate Commission may impose penalties for certain conduct by licensees including, but not limited to, the failure to specify the expiration date of a residential listing agreement or for creating an encumbrance on the property that is the subject of a residential listing agreement by recording the listing agreement with a probate officer.

This bill would also make nonsubstantive, technical revisions to update the existing code language to current style.

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Subjects

Businesses & Financial Institutions