The Real Estate
Consumers Agency and Disclosure Act
(RECAD) requires, by Alabama
law, that the consumer be informed
about the types of services which
real estate licensees may perform.
The purpose of this disclosure is to
give you a summary of these
services.
A SINGLE AGENT is a licensee
who represents only one party in a
sale. That is, a single agent
represents his or her client. The
client may be either the seller or
the buyer. A single agent must be
completely loyal and faithful to the
client.
A SUB-AGENT
is another agent/licensee who also
represents only one party in a sale.
A sub-agent helps the agent
represent the same client. The
client may be either the seller or
the buyer. A sub-agent must be
completely faithful to the client.
A LIMITED
CONSENSUAL DUAL AGENT is a
licensee for both the buyer and the
seller. This may only be done with
the written, informed consent of all
parties. This type of agent must
also be loyal and faithful to the
client, except where the duties owed
to the clients conflict with one
another.
A TRANSACTION
BROKER assists one or more
parties, who are customers, in a
sale. A transaction broker is not an
agent and does not perform the same
services as an agent.
Alabama law
imposes the following obligations on
all real estate licensees to all
parties, no matter what their
relationship.
