Continuing Education Classes for 2018

CE Classes in Orange Beach

            CE Classes in Orange Beach

CE Classes at the beach in 2018

Alabama License Law requires all licensees to renew their license prior to August 31 of the renewal year. Since licenses are renewed every other year, on even years, 2018 is our license renewal year.

Continuing Education (CE) Deadlines

Additionally, all licensees are required to complete a minimum of 15-hours continuing education between Oct. 1, 2016 and Sept. 30, 2018. If a licensee does not complete the continuing education requirements by Sept. 30, 2018, their license will automatically [Read more…]

Requirements For and How to Get Alabama Real Estate License

IN THE COMFORT OF HOME

IN THE COMFORT OF HOME

I have been asked to simplify the licensing requirements and explain the process so I will give you a bullet point explanation of the basic requirements. For a complete list of all the requirements, contact me or refer to the Alabama License Law.

  • A person must be 19 years of age.
  • A citizen of the United States or have documentation from the federal government establishing a permanent resident status.
  • A resident of the State of Alabama or agree to other provisions; which can be explained upon request.
  • Must not have been convicted of or pleaded guilty or nolo contendere to a felony or a crime involving moral turpitude. Note: Criminal records are checked.
  • Must be a high school graduate or the equivalent.
  • Must complete a 60-Hour Salesperson Prelicense Course (your choice of online or classroom) prior to making application for a temporary license.

Next is the process for completing the requirements that are controlled by state law. I will address the educational requirements from the point of view that benefits our school which is Alabama Real Estate Institute so put www.AlabamaRealEstateInstitute.com into your browser so you can quickly follow my directions. [Read more…]

More Alabama CE Requirements for 2014

Manage Your Risk–Know the Law

It has been less than two weeks since our CE deadline for 2012 and I’m already looking forward to 2014? Yes I am but for different reasons than you think. Real estate agents are the worst procrastinators I’ve seen in all the industries I work with. Alabama law requires only 15-hours of continuing education for each licensee in order to renew a two-year license of which the licensee can complete any time between Oct. 1 of odd year and Sept. 30, of even year; two years later. Agents have a full 24 months to complete their CE requirements but they wait until the last 4-6 months to take their CE and some don’t even meet that deadline. Some have their license placed inactive until they can complete their CE and then pay a fine to re-activate their license. Of the 15-hours required, only 3-hours of Risk Management have been mandatory up until now. All other 12-hours are elective courses; this means the agent selects their courses of choice. Some agents will select courses that are very easy to complete quickly and they may not have any legal or beneficial content at all. For that reason, we now have three separate 3-hour Risk Management classes to fulfill the needs for both sales people and brokers; both of which are required to take a minimum of 6 hours CE in Risk Management.  I will break these down and explain them individually. [Read more…]

What Consumer’s Need To Know

Questions Need Answering

This information is specific to what consumer’s need to know when buying or selling real estate in Alabama. Even more specifically, what consumers need to know when working with a real estate broker? Especially since Alabama is a Caveat Emptor state which places total responsibility on the buyer to do their due diligence in inspecting every aspect involved with a property prior to closing on a sale.

For years the seller has known who represents him when selling real estate but who represents the buyer? Who looks out for the buyers best financial interests? Some agents think the liability is too great when representing a buyer, largely due to the Caveat Emptor law; therefore they want to assist the buyer as a transaction broker to limit their liability. That being the case, many times, the poor buyer is left to fend for themselves without being told what they need to do prior to closing so they can protect their legal recourse options. The State of Alabama understands the precarious situation the buyer  is in when buying in Alabama so they provide

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Creating A Business Plan (Part Three)

How's Your Business Plan Progressing

Today we will continue building our business plan by honestly evaluating our past work habits, personalities, and job performance during the last year so we can realize the things we need to improve upon in the coming year. For those reading this article that reside outside Alabama, please keep in mind that Alabama law differs from surrounding states because Alabama is a “Caveat Emptor” state which places responsibilities on the purchaser to research all aspects of a property before purchasing.  This article is written specific to Alabama even though most parts of the business plan will apply to anyone, regardless where you live and work.

When working with buyers or sellers in Alabama, it is mandated by Alabama License Law, and regulated by the Alabama Real Estate Commission , that upon initial contact with a prospective buyer or seller, the agent must disclose and explain the various possible agency relationships available through their agency. This is referred to as RECAD which is an acronym for Real Estate Consumers Agency and Disclosure Act. The law states this disclosure is to take place upon initial contact, as soon as reasonably possible, and before any confidential information is exchanged. [Read more…]

Classroom vs. Online Comparison

Typical Real Estate Class

IS THIS THE TYPE CLASS YOU LIKE?

Hardly a day goes by that I don’t get a phone call or an email concerning some type of Prelicense class. Alabama License Law requires anyone desiring to get license to sell real estate in Alabama, must take a 60-hour Sales Prelicense course. This course can be taken in a typical classroom setting or it may be taken via the internet; commonly referred to as an online class.

The question commonly asked is which one is the most effective. On the other hand some people will say, “I need to sit in a classroom to learn.” I truly understand their feelings. I like the camaraderie I have with other students. It gives me someone to talk to.  We are such creatures of habit. We don’t like getting out of our comfort zone. We are accustomed to a classroom and learning from the internet is a new concept for us. We don’t understand how it works nor what to expect. Think about this; if we never got out of our comfort zones, we’d never learn new things. [Read more…]

TRUST / ESCROW ACCOUNTS

Does She Really Trust You?

Being entrusted with monetary fund’s belonging to a consumer during the selling process of real estate is a huge responsibility that a broker shouldn’t take lightly. According to the Alabama License Law as found in Statute Section §34-27-36 (a) (8) a. which states, “Failing, within a reasonable time, to properly account for or remit money coming into his or her possession which belongs to others, or commingling money belonging to others with his or her own funds.” This section of the law simply states the responsibility for accounting and remitting monies that belong to others and also indicates that such monies can’t be commingled or deposited with the broker’s own personal money.

In Section §34-27-36 (a) (8) b. the law specifies  more details saying, “Failing to deposit and account for at all times all funds belonging to, or being held for others, in a separate federally insured account or accounts in a financial institution located in Alabama.” This portion of the law clearly discloses that not only shall the money be in a separate account but it must be in a federally insured account. There is one word in the law that is often overlooked and that is “remit.” This means it is the responsibility of the broker to remit any funds held in trust in a timely manner. This doesn’t however; mean that as soon as the consumer who placed the funds in care of the broker, can requests the funds be returned immediately and the broker is compelled to do so. The timely manner in which a broker must remit funds held in trust is governed by the contract; which also determines to whom the funds can be remitted.

Another portion of the same law found in Section §34-27-36 (a) (8) c. states, “Failing to keep for at least three years a complete record of funds belonging to others [Read more…]

Who Am I Representing?

Does This Constitute Representation

This article is equally interesting to the consumer that is buying or selling real estate as well as the real estate agent. Alabama License Law Section §34-27-36 (a) (7) states, “Acting for more than one party in a transaction without the knowledge and consent in writing of all parties for whom he or she acts.” There are several ways this law can be violated but I will only discuss a couple. Keep in mind that it is the real estate commission that determines if a particular instance violates a particular law. In many cases if one law is violated, an additional violation may also be sited. If fines are assessed, they are applicable to each violation. For example; If a person violates the above law, they are also violating Section 34-27-36 (a) (19) which states, “Violating or disregarding any provision of this chapter or any rule, regulation, or order of the commission.” Wow! This includes everything in the Alabama License Law.

With that in mind let’s examine how [Read more…]

Flagrant Course of Misrepresentation

CE Classes Made You Aware

Continuing with violations of Alabama License Law that result in disciplinary action, I would like to focus on section §36-27-36 (a) (5) which states, “Pursuing a continued and flagrant course of misrepresentation or the making of false promises through agents or salespersons or any medium of advertising or otherwise.” This violation deals with continuing to violate a statute after learning that a licensee has been violating a licensing laws. Other words, a person knows better but they keep doing the same thing regardless. You will notice that this violation also refers to misrepresentation and making false promises that we referred to in my last blog; specifically section §34-27-36 (a) (4).

Additionally, point (5) specifies agents (Brokers) and salespersons (licensees). This puts both on the same level according to the law. Brokers are responsible for all actions of their sales force, but the licensee [Read more…]

Making False Promises is Against the Law

ONLY DEAL IN FACTS

Continuing our examination of Alabama License Law violations that result in disciplinary action, real estate agents making false promises to people buying or selling real property is very serious. Alabama License Law Section §34-27-36 (a) (4) states; “Making any false promises of a character likely to influence, persuade, or induce any person to enter into any contract or agreement. One should note that the above section deals entirely with violations that warrant disciplinary action.

It is also important to note that a real estate agent doesn’t necessarily have to make a statement in the form of a promise in order to violate this statute. Matter of fact, in my 42 years in real estate, I have never heard an agent make a “promise” to a prospective buyer, nor a seller. Does this mean that no one is guilty of violating this statute? Absolutely not. While training new sales agents [Read more…]