Agency
In Alabama, a real estate agent must disclose to a prospective buyer that they have a personal financial interest in a property they are selling. This disclosure must be:
AMade only verbally at closing
BMade in writing before the buyer makes an offer✓ Correct
CFiled with AREC within 10 days of the sale
DNot required if the agent is also a licensed broker
Explanation
Alabama license law requires licensees to disclose in writing any personal financial interest in a transaction — including when they are the seller or have a beneficial interest — before the other party enters into the transaction.
Related Alabama Agency Questions
- In Alabama, the duty of confidentiality requires a listing agent to:
- A buyer's agent in Alabama owes which duty to the seller?
- In Alabama, a seller's agent may disclose which of the following about the seller to a buyer?
- When a listing agent learns that their seller is under severe financial distress and must sell quickly, the duty of confidentiality requires:
- A licensee working with a buyer who has not signed a buyer representation agreement is considered to be:
- An agent who has an undisclosed interest in a property they are selling on behalf of a client is violating which fiduciary duty?
- An agency relationship may be terminated by all of the following EXCEPT:
- The term 'subagency' in real estate agency law means:
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