Title 08, Business and Professions

(a) A real estate licensee who has a conflict of interest relating to a real estate transaction shall disclose that conflict of interest to the persons adversely affected by the conflict or their real estate licensees and confirm the conflict of interest in writing to the persons…

(a) A person licensed under this chapter shall, when acting as a real estate licensee for a prospective seller or lessor of real estate, (1) disclose in writing the licensee's agency relationship with the seller or lessor to each prospective buyer or lessee at the time that the l…

A licensed real estate salesperson or licensed associate real estate broker may act as a licensed assistant to another licensed salesperson or associate real estate broker only if (1) the licensed assistant and the salesperson or associate broker are both employed by the same bro…

[Repealed or reserved.]

(a) A person licensed under this chapter may not falsely represent to (1) have been awarded a degree or other designation; (2) be a member or an affiliate of a professional organization; or (3) be a member of a franchise or other business association. (b) A person (1) who is not …

A real estate broker may contract with and pay an attorney or associate broker to assist the broker to review a real estate transaction before the transaction closes.

Notwithstanding AS 08.08, a person licensed as a real estate broker, associate real estate broker, or real estate salesperson under this chapter may prepare real property contracts, earnest money agreements, leases, and other documents related to real property if the documents ar…

[Repealed or reserved.]

[Repealed or reserved.]

[Repealed or reserved.]

[Repealed or reserved.]

Article 4. Real Estate Recovery Fund.

(a) The real estate recovery fund is established in the general fund to carry out the purposes of AS 08.88.450 — 08.88.495. The fund is composed of payments made by real estate licensees under AS 08.88.455, filing fees retained under AS 08.88.460, income earned on investment of t…

(a) A real estate licensee, when applying for or renewing a real estate license, in lieu of obtaining a corporate surety bond, shall pay to the commission, in addition to the license fee, a recovery fund fee not to exceed $125. After each two-year licensing cycle, if the commissi…

(a) Subject to (e) of this section, a person seeking an award from the recovery fund for a loss suffered in a real estate transaction as a result of fraud, an intentional tort, deceit, or the conversion of trust funds or the conversion of community association accounts under the …

(a) If the commission receives a claim for an award from the recovery fund that complies with the requirements of AS 08.88.450 — 08.88.495, the commission shall make an award from the recovery fund in an amount not to exceed $15,000. Not more than $15,000 may be paid for each tra…

[Repealed or reserved.]

(a) The commission may charge the real estate recovery fund for expenses related to fund operations. The commission shall deposit into the real estate recovery fund amounts recovered for these expenses from the licensee under AS 08.88.071(b) or from other parties under AS 08.88.4…

[Repealed or reserved.]

(a) The maximum liability of the real estate recovery fund may not exceed $50,000 for any one real estate licensee. (b) If the $50,000 liability of the fund as provided in (a) of this section is insufficient to pay in full the valid claims of all persons who have obtained a final…

If the money deposited in the real estate recovery fund is insufficient at a given time to satisfy a legally authorized claim against the fund, the commission shall, when sufficient money has been deposited in the fund and appropriated, satisfy unpaid claims in the order that the…

A person who files with the commission a notice, statement, or other document required under this chapter that contains a wilful material misstatement of fact, is guilty of a misdemeanor and is punishable by imprisonment for a period of not more than one year, or a fine of not mo…

When the commission has paid to a claimant from the real estate recovery fund the sum awarded by the commission, the commission shall be subrogated to all of the rights of the claimant to the amount paid, and the claimant shall assign all right, title, and interest in that portio…

Repayment in full of all obligations to the real estate recovery fund does not nullify or modify the effect of disciplinary proceedings brought under the provisions of this chapter.

[Repealed or reserved.]

Article 5. License Relationships and Duties.

(a) A real estate licensee who provides real estate services to one party in a real estate transaction represents only that party unless the parties to the transaction agree otherwise in writing. (b) A real estate licensee may not provide real estate services to more than one par…

(a) A real estate licensee may provide real estate services to a party in separate real estate transactions under different licensee relationships if the licensee complies with AS 08.88.600 — 08.88.695 when establishing the relationship for each transaction. (b) The authorization…

(a) Before a real estate licensee begins acting as a neutral licensee, the real estate licensee may obtain preauthorization from a person to act as a neutral licensee in the person's real estate transaction by obtaining the written consent of the person. (b) If preauthorization i…

(a) Unless additional duties are agreed to in a written document signed by the person, and regardless of the type of licensee relationship in which the real estate licensee is acting, a real estate licensee owes the following duties to each person to whom the licensee provides sp…

Unless additional duties are agreed to in a written document signed by the person represented by the licensee, a real estate licensee who represents the person owes the person the following duties in addition to the other duties imposed by AS 08.88.615: (1) not taking action that…

A real estate licensee or a person to whom a licensee provides specific assistance may not waive the duties identified under AS 08.88.615 and 08.88.620, except as otherwise allowed under AS 08.88.620(5) and (6).

Unless agreed otherwise, a real estate licensee does not owe a duty to a person with whom the licensee has established a licensee relationship to (1) conduct an independent inspection of the real estate that is the subject of the licensee relationship; (2) conduct an independent …

(a) If a licensee shows real estate not owned or leased by the seller or lessor to prospective buyers or lessees or lists competing properties for sale or lease, this activity does not by itself constitute action that is adverse or detrimental to the seller or lessor or create a …

(a) Unless the broker is the designated licensee, the relationship, including the duties, obligations, and responsibilities of the relationship, established between a person and a designated real estate licensee does not extend to the real estate broker for whom the designated li…

(a) Unless additional duties are agreed to in a written document signed by the neutral licensee and the seller, buyer, lessor, or lessee, the duties of a neutral licensee are limited to the duties established for real estate licensees under AS 08.88.615 and the following duties: …

In a neutral licensee relationship, the knowledge or information of the licensee about one client is not imputed to other clients or to other licensees who work for the same real estate broker.

(a) A real estate broker may be compensated by any party to a real estate transaction, by a third party, or by one or more of the parties to the transaction splitting or sharing the compensation. (b) The payment of compensation to a real estate broker may not be construed to esta…

(a) A licensee relationship with a buyer, lessee, seller, or lessor begins when the licensee represents or provides specific assistance to the buyer, lessee, seller, or lessor and continues until the earliest of the following events occurs: (1) the licensee completes the represen…

A seller, buyer, lessor, or lessee is not liable for an act, error, or omission of a real estate licensee that arises out of the licensee relationship, (1) unless the seller, buyer, lessor, or lessee participated in or authorized the act, error, or omission and then only to the e…

(a) Unless otherwise agreed to in writing, a seller, buyer, lessor, or lessee is not considered to have knowledge or notice of a fact known by a real estate licensee of the seller, buyer, lessor, or lessee unless the fact is actually known by the seller, buyer, lessor, or lessee.…

The common law of agency related to real estate licensee relationships in real estate transactions is expressly abrogated to the extent inconsistent with AS 08.88.600 — 08.88.695.

(a) A person may not bring an action against a neutral licensee for making a disclosure that is required or permitted under this chapter. (b) In a civil action for the failure of a licensee to comply with the provisions of AS 08.88.600 — 08.88.695, the plaintiff's remedy is limit…

(a) A broker shall adopt written policies and procedures available to the commission and to members of the public on request that (1) require real estate licensees to comply with all real estate laws; (2) require real estate licensees to act fairly and honestly in all dealings; (…

A real estate licensee is exempt from the signature requirements of AS 08.88.600 — 08.88.695 when the licensee provides specific assistance to (1) a corporation that issues publicly traded securities; (2) a business that has a net worth in the previous calendar year of $2,000,000…