Alaska Administrative Code

In addition to the required license or renewal fee, an applicant for licensure or for renewal of a license issued under AS 08.88 shall submit with the application a fee for the recovery fund established under AS 08.88.455 in the amount of $50. Notes 12 AAC 64.073 Eff. 1/25/85, Re…

(a) An individual may not be involved in activities requiring licensure under AS 08.88 until the individual's employing broker signs and delivers to the commission, either by electronic mail or regular United States mail, a notice of employment of the individual and the individua…

(a) Except as provided in (c) of this section, only the registered broker of an office may employ or terminate a licensed associate broker or salesperson. (b) An applicant applying to work in a branch office shall submit to the commission the Employing Broker Information form of …

(a) When a broker of record is temporarily absent from an office, the broker of record may supervise transactions, trust accounts, or licensees by computer, modem, facsimile, or telephone communications. (b) When a broker of record is temporarily absent from an office and is unab…

(a) An active license is a license which has been issued by the commission for the purposes expressed in AS 08.88.161 and which has not lapsed nor been placed on inactive status, revoked, or suspended. (b) Upon the suspension or revocation of a real estate broker's license, the l…

If an Alaskan licensee also holds an out-of-state broker's, associate broker's, or salesperson's license or certificate and it is revoked, suspended, or in any way restricted, the licensee shall inform the commission within five calendar days of receiving notification of this act…

(a) A suspended or revoked license and the pocket part of the license must be immediately surrendered by the employing broker to the commission. If the license and pocket part are not in the possession of a broker, they must be immediately surrendered to the commission by the lic…

(a) A real estate licensee may not employ an unlicensed person to perform activities for which a real estate license is required under AS 08.88 and this chapter. A real estate licensee may not employ an unlicensed person to perform any of the activities in AS 08.88.161, including…

(a) An applicant whose real estate license has been revoked or suspended in any state, province, or territory shall inform the commission of the circumstances of the revocation or suspension when applying for licensure. Failure to inform the commission of any prior revocation or …

A license which has been suspended and surrendered, together with its pocket part, will be reissued, without charge, for the unexpired balance of the license period when the conditions imposed in the suspension order have been met and the suspended licensee otherwise qualifies fo…

(a) A real estate broker holding an active license shall establish and maintain a principal office in this state. The office in which the broker works and maintains the broker's license is the principal office of the broker. (b) A broker who maintains offices or branch offices ot…

(a) Before closing an office or branch office, a broker shall submit to the commission (1) a completed form for closing an office as prescribed by the commission; (2) a bank statement showing a zero balance in the trust accounts or appropriate trust funds documentation; (3) the n…

(a) A broker shall register with the commission the name under which the broker will advertise and conduct business. A broker's business name registered with the commission is the name that will be entered into the commission's data base and appear on the roster of licensees publ…

Notes 12 AAC 64.115 Eff. 7/16/94, Register 131; am 2/12/99, Register 149; am 6/22/2008, Register 186; repealed 4/24/2009, Register 190 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the …

A broker shall adopt a written policy manual that addresses guidelines and procedures (1) to determine the designated licensee; (2) that establish a policy for when the broker becomes a designated licensee; (3) for neutral licensees; (4) for a single real estate licensee represen…

Before a real estate licensee provides specific assistance to a person, or when entering into a contract with the person to provide specific assistance, the real estate licensee shall provide the person with a copy of the commission's Alaska Real Estate Commission Consumer Disclo…

A written consent that a neutral licensee obtains under AS 08.88.610 must be provided on the commission's form entitled Alaska Real Estate Commission Waiver of Right to Be Represented, dated April 2024, and adopted by reference. Click here to view Alaska Real Estate Commission Wa…

(a) Before establishing a branch office in addition to the principal office, a broker must register the branch office with the commission and provide the information required in 12 AAC 64.110(e) for the branch office. (b) An associate real estate broker shall supervise only one o…

(a) Failure of a broker and associate broker in charge to adequately provide for the supervision of the activities of licensees for whom they are responsible is grounds for disciplinary action against the (1) employing broker; (2) associate broker designated by the broker to mana…

Notes 12 AAC 64.126 Eff. 7/16/94, Register 131; repealed 3/27/2008, Register 185 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will…

(a) The physical address of the office of a licensed real estate broker must be clearly identifiable to the public from outside the office. (b) A real estate broker shall prominently display a sign showing the name of the real estate business at the entrance to the real estate of…

(a) A broker in charge of a principal office who permits an associate broker or a salesperson under the supervision of the broker to work out of a home office that is not a principal office or a branch office, must comply with supervision requirements of 12 AAC 64.125. (b) An ass…

The following acts, in addition to those specified elsewhere in this chapter, are grounds for revocation or suspension of a license: (1) acting or failing to act as specified in AS 08.88.071(a)(3); (2) representing more than one party in a real estate transaction; (3) failing to …

(a) The commission or the commission's designee may inspect a broker's transaction records; the inspection must be conducted between 8:00 a.m. and 5:00 p.m., Monday through Friday, unless otherwise agreed, and the broker must be given at least 72 hours' advance notice of the insp…

(a) Grounds for revocation or suspension of licenses for employment of unlicensed personnel are as follows: (1) retaining the services of any person as a real estate salesperson or an associate real estate broker who is not licensed under AS 08.88; (2) accepting a commission or v…

Notes 12 AAC 64.150 Repealed 8/22/79. State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compa…

(a) Making any false or fraudulent representation or material misstatement on an application for a license, renewal, examination, or any additional material requested by the commission under 12 AAC 64.060(b) is grounds for revocation, suspension, or denial of a license. (b) Makin…

Notes 12 AAC 64.170 Eff. 8/6/67, Register 24; repealed 7/16/94, Register 131 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

(a) Licensees shall cooperate with the department and the commission during the investigation of complaints or alleged violations of licensing statutes or regulations. When a licensee is requested to respond to a complaint, the licensee shall do so within the time period specifie…

(a) Every real estate broker shall establish one or more trust accounts in a federally insured bank authorized to do business in this state, and the name of the account so established must include the words "trust account" or "trustee account." (b) A real estate broker shall file…

No provision may be made for a bank to withhold issue of funds from a trust account except upon a court order. Notes 12 AAC 64.190 Eff. 1/19/78, Register 65 Authority:AS 08.88.081 AS 08.88.351 State regulations are updated quarterly; we currently have two versions available. Belo…

All money deposited with the broker or person employed by or affiliated with the broker as trustee in real estate transactions must be deposited in or mailed to the appropriate trust account within five days following receipt unless factors such as geographical location, weather …

If a trust account bears interest, that fact and the rate of interest must be disclosed to the trustor. To avoid commingling funds, interest earned does not belong to the broker. Notes 12 AAC 64.210 Eff. 1/19/78, Register 65; am 7/16/94, Register 131 Authority:AS 08.88.081 AS 08.…

(a) A broker shall assign a transaction code and establish a transaction ledger for each written offer to purchase real estate. This ledger must include (1) a transaction code; (2) a legal description of the property; (3) the name of the property owner; (4) for all deposits, the …

(a) For trust funds other than earnest money, rents, or security deposits, including mortgage payments or funds for repairs, records must be kept consistent with the requirements of 12 AAC 64.220. (b) Repealed 7/16/94. Notes 12 AAC 64.230 Eff. 1/19/78, Register 65; am 7/16/94, Re…

(a) Each withdrawal of a broker's commission from a trust account must be separate and identified as to the specific transaction. (b) A broker shall withdraw his or her commission from a trust account within 15 days after the date that the transaction has been closed or otherwise…

A broker may not (1) pay a salesperson's commission directly from the trust account; (2) pay bills for the broker's business or personal obligations from the trust funds; (3) use trust funds to pay the maintenance expenses of a trust account; (4) commingle funds by depositing the…

Failure to comply with 12 AAC 64.180 - 12 AAC 64.271 or failure to turn over to the commission, upon the request of the commission, records that are required by this chapter is considered fraudulent and dishonest conduct within the meaning of AS 08.88.071(a)(3)(A)(iv). Notes 12 A…

Notes 12 AAC 64.270 Eff. 8/22/79, Register 71; am 10/19/80, Register 76; repealed 7/16/94, Register 131 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More c…

When a non-cash deposit is approved by the seller to bind an offer, control over the item deposited must be surrendered to the broker, and the broker shall inform the principal parties of the measures taken to safeguard it. Notes 12 AAC 64.271 Eff. 7/16/94, Register 131 Authority…

The provisions of 12 AAC 64.280 - 12 AAC 64.325 govern the procedures relating to claims for reimbursement from the real estate recovery fund under AS 08.88.450-08.88.495. Notes 12 AAC 64.280 Eff. 4/10/83, Register 86; am 7/3/94, Register 130; am 5/31/2012, Register 202 Authority…

Claims for payment from the real estate recovery fund must (1) be submitted on a form provided by the commission; (2) be for a loss suffered in a real estate transaction by the claimant as a result of fraud, intentional tort, deceit, the conversion of trust funds, or the conversi…

(a) Upon receipt of a claim for reimbursement filed under AS 08.88.460, the commission will mail a copy of the claim, and any documentary material filed with the claim to all involved parties. (b) Repealed 5/31/2012. (c) The commission will mail all documents in (a) of this secti…

Notes 12 AAC 64.295 Eff. 4/10/83, Register 86; repealed 7/3/94, Register 130 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be …

A claimant shall keep a current mailing address and telephone number on file with the commission until the claim is resolved. Failure to maintain a current mailing address and telephone number on file with the commission while a claim is pending may result in dismissal of the cla…

Notes 12 AAC 64.305 Eff. 4/10/83, Register 86; am 7/3/94, Register 130; repealed 5/31/2012, Register 202 State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More …

(a) The commission will send a notice of a claim to an involved licensee under 12 AAC 64.290. (b) The real estate broker supervising an involved licensee at the time the claim is filed will be notified by the commission that an involved licensee is a named party in a claim filed …