This course introduces the topics of Agency and Sales Contracts in practicing effective risk management. We will also discuss the Real Estate Consumer's Agency and Disclosure Act (RECAD), the RECAD-required disclosure form, and the Consumer Information Booklet. We will also learn about the various types of agency and brokerage relationships in Alabama, as well as the duties and responsibilities that apply to each.
Contracts, including the elements of a contract and the types of real estate contracts and agreements, are also discussed in this course. Students review primary elements and key clauses of sales contracts and learn how to handle transactions in which the licensee or their immediate family is the principal.
At the conclusion of this course, you will be able to:
- List and describe the roles a licensee may perform in Alabama
- Describe the obligations a licensee has to all parties in a transaction
- Outline the fiduciary duties an agent owes his client
- Discuss the provisions of the Real Estate Consumer's Agency and Disclosure Act (RECAD)
- Identify the essential elements to a valid real estate contract
- Describe the various types of real estate agreements, including listing agreements, purchase contracts, and agency agreements
- Explain the requirements for the Agency Disclosure clause in offers to purchase real estate in Alabama
- Identify the requirements for providing the RECAD-required Real Estate Brokerage Services Disclosure form to consumers
- Describe some common misunderstandings related to RECAD
- Explain the clauses in a real estate sales contract
- Identify the elements of Alabama license law that address real estate sales contracts
Alabama Risk Management for Salespersons - Alabama Real Estate Commission
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