Article 1 General Provisions 34-27-1 – 34-27-11
Article 2 Licenses 34-27-30 – 34-27-38
Article 3 Vacation Time-sharing Plans 34-27-50 – 34-27-69
Article 4 Real Estate Consumer’s Agency and Disclosure Act 34-27-80 – 34-27-88
Article 5 Interference with a Real Estate Relationship 34-27-100 – 34-27-101

Terms Used In Alabama Code > Title 34 > Chapter 27

  • Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
  • AGENCY AGREEMENT: A written agreement between a broker and a client which creates a fiduciary relationship between the broker and a principal, who is commonly referred to as a client. See Alabama Code 34-27-81
  • Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
  • Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
  • broker: Any person licensed as a real estate broker pursuant to Articles 1 and 2 of this chapter. See Alabama Code 34-27-81
  • BROKERAGE AGREEMENT: A specific written agreement between a brokerage firm and a consumer which establishes a brokerage relationship. See Alabama Code 34-27-81
  • BROKERAGE SERVICE: Any service, except for rental or property management services, provided by a broker or licensee to another person and includes all activities for which a real estate license is required under Articles 1 and 2 of this chapter. See Alabama Code 34-27-81
  • Charge to the jury: The judge's instructions to the jury concerning the law that applies to the facts of the case on trial.
  • CHEMICAL SUBSTANCE: A substance intended to be used as a precursor in the manufacture of a controlled substance, or any other chemical intended to be used in the manufacture of a controlled substance. See Alabama Code 26-15-2
  • client: A person who has an agency agreement with a broker for brokerage service, whether he or she be buyer or seller. See Alabama Code 34-27-81
  • consumer: A person who obtains information, advice, or services concerning real estate from a real estate licensee. See Alabama Code 34-27-81
  • CONTROLLED SUBSTANCE: Controlled substance as defined in subdivision (4) of Section 20-2-2. See Alabama Code 26-15-2
  • customer: A person who is provided brokerage services by a broker or licensee but who is not a client of the broker. See Alabama Code 34-27-81
  • DRUG PARAPHERNALIA: Drug paraphernalia as defined in Section 13A-12-260. See Alabama Code 26-15-2
  • DUAL AGENCY: An agency relationship in which the same brokerage firm represents both the seller and the buyer in the same real estate transaction. See Alabama Code 34-27-81
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • INFORMED CONSENT: A consumer's agreement to allow something to happen which is based upon full disclosure of facts needed to choose appropriate brokerage services. See Alabama Code 34-27-81
  • licensee: Any broker, salesperson, or company. See Alabama Code 34-27-81
  • LIMITED CONSENSUAL DUAL AGENT: A licensee who, with the written informed consent of all parties to a contemplated real estate transaction, is engaged as an agent for both the buyer and seller. See Alabama Code 34-27-81
  • MATERIAL FACT: A fact that is of significance to a reasonable party which affects the party's decision to enter into a real estate contract. See Alabama Code 34-27-81
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • QUALIFYING BROKER: A broker under whom a corporation, partnership, branch office, or lawfully constituted business organization, as the Legislature may from time to time provide, is licensed, or a broker licensed to do business as a sole proprietorship who is responsible for supervising the acts of the company, or proprietorship and all real estate licensees licensed therewith. See Alabama Code 34-27-81
  • REAL ESTATE TRANSACTION: The purchase, sale, lease and rental, option, or exchange of an interest in real estate. See Alabama Code 34-27-81
  • RESPONSIBLE PERSON: A child's natural parent, stepparent, adoptive parent, legal guardian, custodian, or any other person who has the permanent or temporary care or custody or responsibility for the supervision of a child. See Alabama Code 26-15-2
  • SERIOUS PHYSICAL INJURY: Serious physical injury as defined in Section 13A-1-2. See Alabama Code 26-15-2
  • SINGLE AGENT: A licensee who is engaged by and represents only one party in a real estate transaction. See Alabama Code 34-27-81
  • SUB-AGENT: A licensee who is empowered to act for another broker in performing real estate brokerage tasks for a principal, and who owes the same duties to the principal as the agent of the principal. See Alabama Code 34-27-81
  • TRANSACTION BROKER: A licensee who assists one or more parties in a contemplated real estate transaction without being an agent or fiduciary or advocate for the interest of that party to a transaction. See Alabama Code 34-27-81
  • Verdict: The decision of a petit jury or a judge.