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.
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
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 written 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.