Alaska Administrative Code

(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Notes 12 AAC 64.126 Eff. 7/16/94, Register 131; repealed 3/27/2008, Register 185 State regulations are updated quarterly; we currently have two versions available.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Notes 12 AAC 64.150 Repealed 8/22/79.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 …

(a) A claimant may withdraw a claim filed under AS 08.88.460 at any time before the proposed decision is filed with the commission. (b) Withdrawal of a claim by the claimant does not preclude disciplinary proceedings by the commission against an involved licensee under the provis…

Notes 12 AAC 64.320 Eff. 4/10/83, Register 86; readopted 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…

(a) After consideration of a claim, the commission will make written findings and conclusions in accordance with the provisions of AS 08.88.465. (b) The claimant may not receive payment of a claim unless the commission finds that (1) the clamant filed a claim that complies with 1…

Notes 12 AAC 64.330 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 …

The commission certifies real estate education courses and approves course instructors for the purpose of (1) establishing uniform high standards for real estate educational offerings; (2) assuring that only those courses that cover current and relevant information are certified;…

Notes 12 AAC 64.405 In effect 10/8/90 - 2/4/91, by em adop., Register 116 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 add…

(a) Except as provided in (f) and (g) of this section, only real estate education courses certified by the commission, or the commission's designee, meet the requirements of AS 08.88.091 and 08.88.095. To be certified, a course whether delivered in a classroom or as a vitual cour…

(a) To apply for commission certification of a real estate course, a course sponsor shall submit (1) a completed application on a form provided by the department; (2) the fees required in 12 AAC 02.360; (3) the following information: (A) title of course; (B) the number of contact…

(a) To obtain certification of a correspondence course a sponsor must (1) meet the requirements of 12 AAC 64.420; (2) submit a copy of the complete course materials that will be provided to participants, including any published texts or videos; and (3) submit a copy of the instru…

(a) Except as provided in 12 AAC 64.410(f) and (g), only a course taught by an instructor who is approved by the commission, or the commission's designee, to teach a course on that topic meets the education requirements of AS 08.88.091, 08.88.095, and this chapter. A national ins…

(a) A course sponsor may request the temporary approval of a person to teach a course if the sponsor (1) is unable to find an instructor approved by the commission to teach that course topic for credit; or (2) chooses to use a qualified instructor from another state. (b) The comm…

(a) The commission may withdraw instructor approval or deny an application for approval under 12 AAC 64.440 if (1) disciplinary action is taken or pending by the commission or another licensing jurisdiction against that instructor's practitioner license; (2) the instructor is no …

(a) The commission may withdraw course certification or deny an application for course certification under 12 AAC 64.420 if the commission, or the commission's designee, finds that the course no longer meets the standards adopted by the commission in 12 AAC 64.410, as evidenced b…

(a) For the purposes of AS 08.88.091(d), the commission will accept only those continuing education courses that meet the real estate education standards of 12 AAC 64.400 - 12 AAC 64.470, including courses in the following subject areas: (1) licensee relationships; (2) closing tr…

To be approved by the commission to meet the continuing education requirements of 12 AAC 64.400 - 12 AAC 64.470, the primary purpose of an online course must be directly related to the topics listed in 12 AAC 64.500(a). Notes 12 AAC 64.510 Eff. 3/27/2008, Register 185 Authority:A…

(a) A licensee engaged in property management shall conduct property management activity in the registered name of the real estate company with which the licensee is affiliated. (b) A licensee may not conduct property management activity for another person without a prior written…

Failure of a licensee engaged in property management to deposit prepaid rents or security deposits in a trust account as required by AS 34.03 (Uniform Residential Landlord and Tenant Act) is considered fraudulent or dishonest conduct within the meaning of AS 08.88.071(a)(3)(A)(iv…

(a) A licensee who has sole ownership of rental property either may manage the property through the licensee's employing broker or may employ another broker or property manager to perform those management duties. Notwithstanding 12 AAC 64.550, the licensee or the owner's broker i…

In addition to the requirements in AS 08.88.615, a licensee engaged in community association management must (1) comply with the provisions of AS 08.88.341, and must include the (A) services provided; (B) fees charged; (C) timeframe of the relationship between the licensee and th…

Subject to AS 08.88.172, a person licensed as a real estate broker, associate real estate broker, or real estate salesperson, as a condition of licensing, renewal, or reinstatement of a license must submit proof of errors and omission insurance coverage through the master insuran…

(a) A licensee that obtains equivalent coverage under AS 08.88.172(c) must file a certification of insurance showing equivalent coverage with the commission with the application to obtain or renew a license. (b) A licensee substituting coverage under the master insurance policy m…