790-X-1-.05. Out-Of-State Co-Brokerage Agreement.
(1) An Alabama licensed broker may enter into a co-brokerage agreement
with a broker of another state, subject to the provisions of Code of Ala. 1975,
§ 34-27-3. The Alabama broker shall require a listing or joint listing of the
property involved. The written co-brokerage agreements required by Code of
Ala. 1975, § 34-27-3, shall specify all material terms of each agreement,
including but not limited to its financial terms.
(2) The showing of property located in Alabama and negotiations pertaining
thereto shall be supervised by the Alabama broker. In all advertising of real
estate located in Alabama, the name of the Alabama broker shall appear.
(3) The Alabama broker shall be liable for all acts of the out-of-state broker,
as well as for his own acts, arising from the execution of any co-brokerage
(4) The Alabama broker shall determine that the out-of-state broker is
licensed as a broker in another state.
(5) All earnest money pertaining to a co-brokerage agreement must be held
in escrow by the Alabama broker unless both the buyer and seller agree in
writing to relieve the Alabama broker of this responsibility.
Code of Ala. 1975, §§ 34-27-3, 34-27-8.
Filed September 30, 1982. Amended: Filed
August 15, 1985.