AREC Holds August Meeting
August 23, 2021
Commissioners with the Alabama Real Estate Commission (AREC) met last week for their monthly meeting. Four commissioners were present while two participated virtually. The meeting followed the typical agenda for commission meetings except that Teresa Hoffman provided the director’s report while Vaughn Poe attended a meeting of the Legislature’s Sunset Committee.
Director’s Report and Commissioner Discussion
The director’s report revealed that AREC’s operating budgets remain within the margins and no recovery funds payouts have occurred within the past four months. Education renewals continue with around 35% of education licenses renewed so far. Licenses for education providers and courses are due to be renewed by September 30. AREC completed 18 general audits in July and 17 assistance visits so far this year. If you are a new broker or want a better understanding of the financial requirements for a company set by license law, AREC now offers an assistance visit to help brokers.
Commissioners also approved a new policy memo. While the memo was not shared with the public, the memo was verbally summarized as authorizing the creation of a new publication of policies and interpretations.
The Commission heard two complaints, both for payments to the commission returned for insufficient funds, six applications for determinations of licensing eligibility, three applications for a salesperson’s temporary license, and one application for a salesperson’s reciprocal license.
The next Commission meeting is scheduled for September 23 at 9 am in Montgomery.