The bill HB382 amends various sections of the Code of Alabama 1975 to enhance the regulatory framework governing real estate transactions. Key insertions include definitions for "Buyer's Agreement," "Listing Agreement," and "Team," which clarify the relationships between real estate companies and clients. The bill introduces a new section, 34-27-39, to outline the operation of teams within real estate companies, requiring that any advertising by a team includes the name of at least one team member and the licensed company. Additionally, it mandates that a written brokerage agreement must be established before a licensee can show a property or list it for sale, removing the previous provision that allowed for a transaction brokerage relationship without a signed agreement.

The bill also modifies existing provisions regarding co-brokerage agreements, allowing licensed out-of-state brokers to engage in transactions with Alabama brokers under specific conditions. It updates penalties for licensees found in violation of conduct regulations, replacing automatic revocation with a more flexible approach that allows for educational requirements or restitution. Furthermore, the bill removes outdated provisions, such as the prohibition on "net listing" agreements, and clarifies the responsibilities of brokers and licensees, including the requirement for written agreements and the filing of such agreements with the Alabama Real Estate Commission. Overall, HB382 aims to modernize real estate practices in Alabama, ensuring better compliance and consumer protection.

Statutes affected:
Introduced: 34-27-39
Engrossed: 34-27-39
Enrolled: 34-27-39