AL - Alabama Real Estate License Law Violations Graded A

AL - Alabama Real Estate License Law Violations Graded A Common license law violations Acting without a license, demonstrating untrustworthiness, having a lack of competency, being dishonest, falsifying paperwork Due diligence Practicing reasonable skill and care MAAP Any information that is Material, Adverse, Actually known, and about the Physical condition of the property must be disclosed to potential buyers Alabama advertising requirements No misleading or false advertising, must conspicuously note brokerage name and mention licensed status Contractual interference When a buyer or seller has a written agreement with a licensee, and another licensee tries to induce the client to break that contract and sign a new contract with her for her own personal gain Net listing The seller specifies a desired price for the property and agrees that the licensee's commission will be any amount above that price; illegal in Alabama Alabama listing agreement violations Failing to include a firm expiration date and neglecting to give the seller a copy of the agreement Trust funds Funds belonging to other people, such as earnest money Mortgage fraud schemes Property flipping, inflated appraisals, a silent second, straw buyers, equity skimming, and identity theft Length of time transaction records must be retained Three years Penalties for license law violations Fines, license suspension, or license revocation