Ala. Admin. Code r. 790-X-3-.09

Current through Register Vol. 42, No. 6, March 29, 2024

Section 790-X-3-.09 - Office Inspections

(1) The staff of the Alabama Real Estate Commission is authorized to make an inspection of any licensed real estate company to ensure that such company is in compliance with the Real Estate License Law and the Rules and Regulations of the Commission.

(2) In the event of an office inspection of a real estate company, its qualifying broker shall ensure that the business records required to be kept under state law or by the Rules and Regulations of the Commission are made available to such Commission representatives. These records may include but are not limited to:

(a) real estate licenses issued a company or broker

(b) R.E.C.A.D office policy

(c) files for closed transactions

(d) all pending sales files

(e) all property management contracts, lease agreements and rental records

(f) copies of the past six months bank statements with canceled checks for all escrow or trust accounts

(g) copies of recent bank reconciliation performed on all escrow or trust accounts

(h) checkbook and or electronic records of check registers for all escrow or trust accounts

(i) duplicate deposit tickets with validated bank receipts for all escrow or trust accounts

(j) any lists, ledgers or records documenting the funds held in escrow purposes.

The office will all also be audited for the place of business signage under Administrative Code 790-X-2-.07 and place of business requirements under § 34-27-2(a)(11).

(3) The Commission representative(s), at the Commission's expense, may make photocopies of records which the licensee is required to maintain by the Real Estate License Law or by Rules and Regulations of the Commission.

Ala. Admin. Code r. 790-X-3-.09

Filed November 21, 1983. Amended: Filed September 12, 2008; effective October 17, 2008.

Author: Alabama Real Estate Commission

Statutory Authority:Code of Ala. 1975, §§ 34-27-8, 34-27-36.