AREC March Meeting – Rule Amendment on Agent-Owned Properties Approved
March 28, 2022
The Alabama Real Estate Commission (AREC) held its monthly meeting last Thursday, March 24. Commissioners dealt with several proposed rule amendments, heard from the National Association of Real Estate Brokers (NAREB), delayed consideration of requests from the Huntsville and Montgomery Associations of REALTORS® and conducted numerous hearings. Continue reading for some of the highlights of the meeting.
The real estate profession in Alabama continues to grow at a rapid pace. Commissioners were told that 624 new licenses were issued in February, bringing the total number of licenses to 38,454, which include company licenses and inactive licenses. AREC continues to provide assistance audits to new companies, with nine assistance visits since the February meeting. Commissioners were also informed that the work of a Pre-license/Post-license Task Force continues but is drawing to a close with recommendations to follow upon its completion.
Proposed Rule Amendments
Commissioners held a hearing on one proposed rule amendment and approved another to be filed. The public hearing on an amendment to rule 790-x-1-.11 went quickly with no public comments. The proposed amendment (see here) will require qualifying and associate brokers to take a three-hour Broker course as part of the 15 hours of continuing education all licensees must take every two years. Comments can still be submitted in writing to AREC at 1201 Carmichael Way, Montgomery Alabama 36106.
Also, another proposed rule amendment received approval to be filed with the Legislative Services Agency, an initial step in the amendment process. The proposed amendment to rule 790-x-1-.03 has not been provided in writing to the public but was explained as creating a bright line rule for licensees when buying, selling or managing their own property. Part of the rule will also include a provision allowing brokers to set office policies on when agents can or cannot use the brokerage for their own property. Stay tuned for more information when the rule amendment is filed.
A number of requests and complaints were heard by commissioners. These included four formal complaints, three of which arose from licensees submitting bad checks or wrong accounts online, three applications for the determination of licensing eligibility, one request for an extension, and four applications for a salesperson’s temporary license.
AREC’s next meeting is a strategic planning meeting on April 20, at which commissioners and staff will discuss a new five-year strategic plan. Commissioners will meet for their next two monthly meetings on April 21 and May 19 at 9 am in Montgomery.