Agency Relationships in Alaska
Alaska requires licensees to disclose to consumers whom they represent so consumers understand their relationship before sharing confidential information. This chapter explains agency disclosure, fiduciary duties, and dual agency.
Agency Disclosure
Alaska licensees must provide consumers with a written disclosure of the real estate relationship, identifying whether the licensee represents the seller, the buyer, both, or neither, so the consumer can make informed decisions. This disclosure should be made early in the relationship, before the consumer reveals confidential information. Clear disclosure reduces misunderstanding about loyalty and confidentiality in the transaction.
Fiduciary Duties to a Client
When a licensee represents a client as an agent, the licensee owes duties of loyalty, obedience to lawful instructions, confidentiality, reasonable care, accounting for funds, and full disclosure of material facts. To customers who are not clients, the licensee still owes honesty, fair dealing, and disclosure of known material facts about the property. Understanding the difference between a client and a customer is central to Alaska practice.
Dual Agency and Informed Consent
A licensee may represent both the buyer and the seller in the same transaction only with the informed written consent of both parties. A dual agent must remain neutral on price and terms and may not disclose one party's confidential negotiating information to the other. Because dual agency limits the advocacy a client would otherwise receive, full disclosure and consent are essential.