Special Town Hall Meeting

June 13, 2017 9-11 am

Orange Beach Community Center
Orange Beach, Al. 36561

What do we really know?

Knowing the letter of the law is not anyone’s favorite part of selling real estate, but it is arguably one of the most important parts of our job. Though we all work and act in ways that we believe to be appropriate and within the legal guidelines, too often agents are unknowingly breaking laws.

Creatures of habit

We are creatures of habit. We do things a certain way because that’s the way we have always done it. We may not even know why we do things a certain way but we certainly don’t want to change. To change would get us out of our comfort zone.

A Town Hall style meeting

Alabama Real Estate Institute is always trying to provide the best quality information available. We strive to stay abreast of the most current laws affecting the real estate industry and then we pass that knowledge on to our students. This is the reason we decided to have this “town hall” style meeting. Politicians use this type venue to get their message out and to gain support. So I decided to try it.

Attorney General speaks out

The main speaker for our meeting is Mr. Chris Booth. He is an Attorney General, appointed by the Governor of Alabama. He is also the senior counsel for the Alabama Real Estate Commission. I view him as the person that will prosecute us if we violate the state licensing law, and he is the one that will defend us when we’re in the right. Therefore, when he speaks, we should listen. During this meeting we will learn things that are not printed in articles.

Some of the topics discussed

Topics that will be covered in this town hall meeting are listed below; plus questions that you may want answers to.

  • Complaints received by the legal department of the real estate commission
  • What cost should be included in an estimated closing statement
  • Recovery fund verses E & O Insurance
  • Disclosure of caveat emptor and agency at initial contact
  • Power of Code of Ethics compared to the law
  • Property management issues and agent rentals
  • Disclosure of earnest money not collected
  • Real estate signs on non-listed property
  • RECAD and estimated closing statements as they relate to commercial property
  • Receipt of commissions bypassing the broker
  • Concessions and compensation as an inducement to purchase

It cost nothing for you to attend with the exception of your time. Breakfast type food will be provided at not cost to you. We do, however, ask that you RSVP me so I can save you a seat and make sure we have something for you to eat.

Please make sure you thank these sponsors for helping make this meeting possible.

Anchor Title and Excrow

Gold Star Realty

ACOPIA Home Loans

 

 

 

 

                       

 

 

A Special Thanks to All AREI Students

ChristmasThe number of students we service on an annual basis are increasing at an astronomical rate. I give all the credit to you. It is because of your patronage and loyal support that Alabama Real Estate Institute has become one of the largest and most highly decorated real estate schools in the state, recognized for it’s outstanding performance.

Students completing Sales or Broker Prelicense, Post License, Continuing Education, Reciprocal License from another states or [Read more…]

A Day In Court Rated AAA+ by Realtors

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New CE Requirements

All licensees must complete Risk Management Avoiding Violations and either Risk Management for Salespersons or Risk Management for Brokers. All brokers must complete Risk Management Avoiding Violations and Risk Management for Brokers.

Since most people want to complete all their CE requirements at the same time, we have made that possible by offering all required courses on the same day.

We are very excited about the one-of-kind elective course “A Day In Court.” It promises to be fun, exciting, educational and one that will form memories for a lifetime.

Day One A Day In Court 9am-4pm 6 Hrs. CE Credits $60  
Day Two Risk Management…. Avoiding Violations 8am11pm 3 Hrs. CE Credits $30  
Day Two Risk Management for Salesperson 11am-3pm 3 Hrs. CE Credits $30  
Day Two Risk Management for Brokers 3pm-6pm 3 Hrs. CE Credits $30  

10 Minute Break Each Hour and One Hour Lunch Break Both Days

Special Note: Salespeople taking Risk Management for Brokers will help a salesperson realize the legal liabilities that are placed on the qualifying broker. Additionally, by taking three different Risk Management classes, the salesperson should be well prepared to limit their liabilities while protecting their clients best financial interests.

Class Dates

July 9-10 July 23-24 Aug. 6-7 Aug. 20-21 Sept. 3-4  Sept. 17-18

To register for these classes send an email to Jame@AlabamaRealEstateInstitute.com and give the name, date your cell phone number. You can pay and register the day of class.

NOTE: Make sure you bring your real estate license number to class because I can’t issue your CE credits without it.

 

Location: Class will be held at the Orange Beach Community Center, 27235 Canal Rd. 36561

For additional information call James Anderson (251) 979-2530. I look forward to seeing you in class.

Alabama Real Estate Institute–PO Box 2115, 416 E. Laruel Ave., Foley, Al. 36535

 

 

Understanding Caveat Emptor

 Alabama is Different than most other States…. I can’t say for sure but based on my research, the only states that are still caveat emptor states are Virginia, Arkansas, and Alabama. When a person buys real estate in these three states, they need to fully understand it is their responsibility to make sure they know what they’re getting, that it’s in good condition and works properly. When the buyer does his due diligence to have the property inspected, their legal rights remain in place after closing should some latent structural defect appear. If a buyer elects not to have the proper inspection done, closes on the transaction and then a latent structural defect appears and the buyer sues for damages; numerous Supreme Court cases have ruled in favor of the seller and stated caveat emptor; the buyer is responsibility to inspect the property prior to purchase.

BUYER BEWARE

This is a topic I try to talk about in every class I teach because it is the most important and the least understood law. I intentionally try to scare real estate agents to get them to understand the importance of the law and the effects it has on people buying real estate in Alabama. Today I will tell you how to see the law as it is written, disclose the other states that have the same law, and explain the dangers and remedies associated with caveat emptor.

Caveat Emptor is the law in Alabama…..

The Alabama Supreme Court has held caveat emptor to be the law in a consistent line of cases. Everyone should be on notice that there is no warranty which comes with the sale of a used home.

Real estate agents were taught when completing their educational requirements to get their license that caveat emptor is a Latin [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…]

Meaningful Conversation for Alabama Realtors

Alabama Realtors--Warn Your Buyers

2012 is license renewal year for Realtors® in Alabama and each agent must complete 15 hours of Continuing Education which is required by the Alabama Real Estate Commission. I have been holding CE classes all across the state and have noticed so many agents experiencing difficulties with the delicate balance between our RECAD requirements and having a meaningful conversation when contacting a prospective buyer for the first time. Since I encourage classroom participation, I have heard some of the most experienced, most successful real estate role play their RECAD process. I am shocked at their omission of the most important information we can share. Omitting this type information could affect the financial wellbeing for someone buying real estate in Alabama. Sharing this type information would definitely qualify as having a meaningful conversation. I’m sure you have already figured out that I am referring to the fact that Alabama is a Caveat Emptor state. For those outside the boundaries of Alabama, I will explain the importance of this statutory law.

[Read more…]