Title 08, Business and Professions

(a) The commission may conduct and assist in conducting real estate clinics, meetings, courses, or institutes. The commission may (1) assist libraries and educational institutions in sponsoring studies and programs; and (2) publish informational materials for the purpose of raisi…

(a) In addition to the continuing educational requirements of AS 08.88.091(d), within one year after the date that the commission issues an initial license under this chapter, the licensee shall complete 30 hours of education approved by the commission under AS 08.88.091. (b) On …

(a) In addition to the continuing educational requirements of AS 08.88.091(d) and the educational requirements of AS 08.88.095(a), if the commission suspends a license under AS 08.01.075, the licensee shall complete the education required by the commission before the commission m…

AS 44.62 (Administrative Procedure Act) applies to regulations and proceedings under this chapter.

A commission member is entitled to transportation expenses and per diem allowances specified in AS 39.20.180.

Unless licensed as a real estate broker, associate real estate broker, or real estate salesperson in this state, a person may not, except as otherwise provided in this chapter, (1) sell, exchange, rent, lease, auction, or purchase real estate; (2) list real estate for sale, excha…

Notwithstanding AS 08.88.161, a person who is not licensed under this chapter may conduct an auction of real estate if (1) the person has completed an auctioneering program at a school certified by an agency of this or another state, and the program included a course on real esta…

(a) In addition to penalties prescribed by any other provision of law, if a person engages or offers to engage in an activity for which a license is required under AS 08.88.161 without being licensed or authorized to engage in the activity in accordance with the provisions of thi…

(a) A natural person qualifies for a real estate broker license if the person passes the brokers examination, applies for a license within six months after passing the examination, furnishes satisfactory proof of successful completion of the education requirements of AS 08.88.091…

(a) A person licensed as a real estate broker, associate real estate broker, or real estate salesperson shall, as a condition of licensing, carry and maintain errors and omissions insurance to cover activities for which licensing is required under AS 08.88.161. (b) The department…

(a) If the board of directors of a community association allows a broker to exercise control over community association fees or other community association funds, the broker must provide evidence to the commission that the broker is covered by a blanket fidelity insurance bond. T…

A licensee may not, within the practice of community association management, exercise control over the (1) reserves or investment accounts of a community association; (2) operating account of a community association unless (A) allowed under a contract that has been approved by th…

(a) The real estate examinations may include questions on real estate business ethics and standards; arithmetic and accounting; elementary principles of land economics and appraisal; the general principles in state statutes relating to deeds, mortgages, real estate contracts, sub…

(a) The commission shall offer written examinations at periodic intervals but at least once a year. (b) If the commission authorizes the department to contract with a national testing service to prepare, administer, and grade examinations, (1) the commission or its designee shall…

A person who fails an examination may apply for a subsequent examination, but shall pay the application fee with each application.

The Department of Commerce, Community, and Economic Development shall set fees under AS 08.01.065 for a real estate broker, associate broker, or salesperson licensee or applicant for the following: (1) examination; (2) initial license; (3) renewal of an active license; (4) renewa…

(a) A person whose real estate license has lapsed less than 24 months is eligible for reinstatement of the license if the person provides the required application, license fees, proof of continuing education as required by AS 08.88.091 for licensing periods during which the licen…

(a) A real estate licensee who intends to become inactive shall return to the commission the person's license certificate and a completed inactivation form provided by the commission along with any applicable fees. The commission shall issue the person an inactive license certifi…

A person who holds a valid active real estate license issued by another state shall be granted an equivalent Alaska real estate license if that person (1) passes the portion of the real estate examination which examines on state law; (2) meets the requirements of AS 08.88.171; an…

Before issuing a license to an applicant under this chapter, the commission shall ensure that the applicant has complied with the provisions of AS 08.88.455 and is covered by the real estate recovery fund established in AS 08.88.450.

(a) A person licensed as a real estate broker shall, by registering with the commission, inform the commission of the person's principal office and of any branch offices of the person's real estate business and include in the information the names of the real estate licensees who…

Before a real estate broker changes the location of the broker's principal office or of a branch office, the broker shall notify the commission of the new address and any other office changes on a form provided by the commission and pay the applicable fees.

A person licensed as a real estate broker may own, operate, or be employed by multiple corporations, partnerships, or other business organizations engaging in activities for which a license is required under this chapter, provided that each business organization is registered wit…

(a) A branch office shall be under the direct supervision of a real estate associate broker whose principal place of business is that office and who is licensed under this chapter. An associate broker may serve in the capacity of direct supervisor at only one office. (b) A branch…

(a) The license certificate of a real estate broker shall be displayed in the broker's principal office. (b) The license certificate of each licensee working in the broker's principal office shall be displayed in that office. (c) The license certificate of the designated associat…

An active real estate salesperson or associate real estate broker may perform activities for which a real estate license is required only through the real estate broker who employs or contracts with the licensee. All money or other proceeds collected in trust and related to a rea…

All real estate listings or management contracts must be in writing and must be signed by the broker or associated licensee of the broker and by the client or an authorized representative of the client for whose benefit the real estate licensee will act. All real estate exclusive…

(a) A real estate broker shall (1) keep a complete record, for three years, of all real estate transactions in which the broker or employed licensees of the broker engaged; (2) provide upon request to any principal in a transaction an accounting for all money or other property co…

A commission is earned when the real estate broker fulfills the terms of a written personal services contract.

A real estate broker shall maintain a sign at each of the broker's registered real estate offices prominently showing the name of the real estate business as registered with the commission. The required size, content, and location of signs under this section may be determined by …

(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…

(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…

(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…

(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…

(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.