(9) TERM OF LICENSE. That period shall begin on 1 October of a year designated by the Commission as the first year of a licensing period and shall end on 30 September at midnight of the year designated by the Commission as the last year of that licensing period. 2. Upon receipt of the application for registration in the prescribed form, the Commission shall send a notice of notification to the applicant. If, within 45 days of the date of the declaration of notification, the Commission confirms, on request and verification, whether the requirements of this Article are met, it shall issue an order for the registration of the timeshare leave plan or refusal of registration. If no rejection order is issued within 45 days of the filing date, the vacation timeshare plan is deemed to be registered, unless the applicant has agreed to a delay in writing. An appropriate request by the Commission for an extension of time shall not be rejected; If, on application and examination, the Commission finds that one of the conditions of this Article is not fulfilled, it shall inform the applicant that the application for registration is corrected within 15 days in the particulars indicated. If the requirements are not fulfilled within the prescribed period, the Commission shall indicate a decision rejecting the registration containing the findings of fact on which the contract is based. The refusal to register order takes effect only after 20 days during which the applicant can request a reconsideration and is entitled to a hearing.
(2) If the Buyer has received contractual benefits, it will not reimburse within 30 days of receipt of the notice of cancellation in accordance with § 34-27-53 or § 34-27-54 all payments made by the Buyer to the Seller that exceed a proportional part of the total price, taking into account the cost of using the timeshare facilities at an average unit rental price for all timeshare units, is the proportion of the contractual services that the buyer actually received in the period prior to termination. (c) As soon as reasonably practicable and before confidential information is disclosed from a licensee to another person, the licensee shall provide the consumer with a written disclosure form to sign describing the other types of brokerage services referred to in paragraph (a) available to clients and clients of real estate brokerage firms. The licensee shall also inform a consumer about the specific types of brokerage services provided by his company. A broker has no obligation to offer or participate in all or part of the alternative brokerage arrangements referred to in paragraph (a). The licensee will provide the consumer with a written signature form describing the other types of brokerage contracts. All rental or property management services are exempt from the requirements of this paragraph. (16) SUB-AGENT. Licensee who is authorized to act on behalf of another broker in the performance of real estate agent duties for a client and who owes the client the same obligations as the client`s representative. (b) The Commission may fix a licence term of one year or multiannual. (9) Misrepresentation of the conditions under which a client may exchange his rights to accommodation in one place for rights to accommodation in another place.
(8) VACATION TIMESHARE PROPERTY PLAN. any agreement, plan or similar arrangement, whether by colocation, sale, deed or otherwise, which is the subject of an additional agreement or contract for the use of the timeshare unit, whereby the buyer receives undivided fees, including simple ownership and the right to use the accommodation or facilities or both for a certain period of time in a given year, but not necessarily for consecutive years that span a period of more than one year. (8)(a) Failure to properly account for or transfer within a reasonable period of time money that comes into one`s possession and belongs to others, or to mix money belonging to others with one`s own resources. (23) TIMESHARE PROJECT. All properties are included as part of a vacation timeshare plan. (11) TIMESHARE UNIT. Actual dwellings and associated facilities that are the subject of the property plan or vacation timeshare rental plan. (b) Where, at any time, a final judgment is rendered against a licensee under this article and the final judgment results from or concerns an activity covered by this article, the licensee`s licence shall be automatically suspended. A judgment is considered final if no further appeals against that judgment are available before the Alabama Courts of Appeals. In the event of such a suspension of the licence, the Commission shall inform the licensee that his licence will be suspended and that licensee shall make that licence available to the Commission.
At the request of the suspended licence holder, the Commission shall fix a date and place of consultation on whether the suspended licence should be revoked, whether the suspension should be maintained for a certain period of time or whether the suspension should be maintained until the Commission terminates it after the appropriate conditions imposed by the Commission are met. The hearing will be conducted in accordance with section 34-27-37 and applicable rules and regulations that may be adopted from time to time by the Alabama Real Estate Commission. No licensee under this Article whose licence has been revoked in accordance with this Article may apply for another licence before at least two years after the date of withdrawal; and in the case of such an application for reinstatement, it shall meet all the requirements imposed on the original applicant for a licence under this Article; and may not be reauthorized without the approval of such a license by a majority of the members of the Alabama Real Estate Commission. (1) In violation of constitutional or legislative provisions; e. Copies of any liens, hypothecs or other charges on the dwelling or facilities that could affect the rights of the buyer or its assignee, as well as the place, date and books of filing and the number of pages in which such documents are recorded. (8) the acquisition or assistance in the placement of interested parties for the purposes of the sale, exchange, lease or lease of immovable property; (12) Payment or receipt of a discount from a person in connection with a real estate transaction. (1) Proof that he or she had a real estate seller`s license active in a state for at least 24 months of the 36-month period immediately preceding the date of application. Any broker engaged in a real estate transaction must adopt a written policy of the agency`s disclosure office that specifically lists the types of brokerage service contracts that a licensee may offer or accept. (14) If the licensee is a seller or associate broker who accepts a commission or other consideration valid for the performance of an act for which a licence is required from a person other than the licensed dealer. (b) The conditions of authorisation laid down in Articles 1 and 2 of this Chapter shall not apply to any of the following persons and operations: (e)1. Where an injured party brings an action for a judgment which may give rise to recovery from the recovery fund, the injured party shall inform the Commission thereof in writing by registered letter: acknowledgement of receipt to that effect at the time of entry into force of the measure. .