Alaska Real Estate License Law
Alaska real estate practice is governed by AS 08.88 and administered by the Alaska Real Estate Commission within the Department of Commerce, Community, and Economic Development. This chapter covers the Commission's authority, the salesperson-broker relationship, and the Real Estate Surety Fund that protects consumers.
The Alaska Real Estate Commission
The Alaska Real Estate Commission licenses and regulates real estate brokers, associate brokers, and salespersons under AS 08.88, working through the Division of Corporations, Business and Professional Licensing. A license is required for anyone who, for compensation, lists, sells, buys, leases, or negotiates real estate for others, unless a statutory exemption applies. The Commission adopts regulations, investigates complaints, and may deny, suspend, or revoke a license and impose penalties for violations.
Salesperson and Broker Relationship
An Alaska salesperson is licensed to work under and is supervised by a single licensed broker, and all licensed activity is conducted on behalf of that broker. Compensation for brokerage services must be paid through the employing broker; a salesperson may not accept a fee or commission directly from a buyer, seller, or another licensee. The broker is responsible for supervising affiliated licensees and for the proper handling of trust funds and transaction records.
The Real Estate Surety Fund
Alaska maintains a Real Estate Surety Fund that may reimburse a member of the public who obtains a final court judgment against a licensee for an actual loss caused by fraud, misrepresentation, deceit, or conversion of trust funds in a licensed transaction and who cannot otherwise collect, subject to statutory limits. When the fund pays a claim on a licensee's behalf, that licensee's license is suspended until the fund is repaid with interest. The fund protects consumers but is not an insurance or investment program.