ALABAMA REAL ESTATE COMMISSION ADMINISTRATIVE CODE

CHAPTER 790-X-5 ENFORCEMENT OF AND COMPLIANCE WITH TIMESHARING SALES ACT

TABLE OF CONTENTS

790-X-5-.01 Qualifying Broker And Developer Responsible For Accounting Of All Funds

790-X-5-.02 Executive Director May Issue Cease And Desist Order

790-X-5-.01 Qualifying Broker And Developer Responsible For_Accounting Of All Funds. The qualifying broker and the developer of a registered timesharing plan shall be mutually responsible for the carrying out of the following functions:

(a) The deposit and accounting of all monies coming into their possession or that of any agent of either of them, where such monies are received regarding the lease, sale, transfer, occupancy or development of the timesharing plan or facility;

(b) The deposit into an appropriate escrow account of all monies required under Alabama law to be so deposited; and

(c) The refund of purchase money or other money to any and all persons entitled to such refund within the time period designated by Alabama law. If no time period is designated by law, then any such refund will be made within ten (10) days after the date on which the qualifying broker or developer receives notice that such refund is entitled.

(d) Further, the qualifying broker for any branch office of the timesharing plan shall also be responsible for the above listed functions regarding the activities of his respective branch office.

Author: Edward M. George

Statutory Authority: Code of Ala. 1975, 34-27-53, 34-27-54, 34-27-55, 34-27-58, 34-27-62.

History: Filed July 24, 1984.

790-X-5-.02 Executive Director May Issue Cease And Desist_Order. The Executive Director of the Alabama Real Estate Commission shall have the authority to issue, in the name of the Commission, a temporary cease and desist order in any matter subject to a cease and desist order under the provisions of Code of Ala. 1975, 34-27-68(6).

Form 1 al1932

Form 2 al1933

Form 3 al1934

Application for Real Estate Salesperson's Temporary License

Form 4 al1939

Form 5 al1940

Course Information Form for Approved Real Estate Courses

Form 6 al1941

Form 7 al1942

Roster for Reporting Course Enrollment

Form 8 al1943

Form 9 al1944

Application for Real Estate Instructor

Form 10 al1945

Form 11 al1946

Application for Continuing Education Instructor Approval

Form 12 al1947

Form 13 al1948

45-hour Prelicense Course Certificate of Completion

Form 14 al1949

Form 15 al1950

15-hour Broker Prelicense Course

Form 16 al1951

Form 17 al1952

30-Hour Post License Course Certificate of Completion

Form 18 al1953

Continuing Education Course Certificate of Completion

Form 19 al1954

Author: Edward M. George

Statutory Authority: Code of Ala. 1975, 34-27-62, 34-27-68.

History: Filed July 24, 1984.