Alaska Real Estate Salesperson Exam — All Questions

Unless the parties agree otherwise, an Alaska licensee owes no duty to:

• a.Independently verify a statement made by a party the licensee reasonably believes reliable✓
• b.Present written offers in a timely manner
• c.Account for money received on the person's behalf
• d.Disclose known material defects that substantially adversely affect the property

Unless agreed otherwise, a licensee need not conduct an independent inspection of the real estate, investigate a person's financial condition, or independently verify the accuracy or completeness of a statement made by a party or by someone the licensee reasonably believes reliable. The other three duties are imposed by AS 08.88.615. Cite: AS 08.88.630.

An Alaska buyer terminates the licensee relationship by notice. After termination the licensee still owes the buyer:

• a.Every duty listed in AS 08.88.615, indefinitely
• b.No duty of any kind
• c.The duty to continue looking for suitable property
• d.The duty to account for money and property, and the duty of confidentiality✓

Except as otherwise agreed in writing, no further duty is owed after the relationship ends, other than accounting for all money and other property received during the relationship and not disclosing confidential information. Cite: AS 08.88.660(c).

A builder sells a newly finished Alaska house that no one has ever lived in. The residential real property transfer disclosure statement is:

• a.Required, because the buyer is a consumer purchasing a home
• b.Not required, because the property has never been occupied✓
• c.Required only if the buyer asks for it in writing
• d.Required, but may be delivered after closing

The first transfer of an interest in residential real property that has never been occupied is exempt from the seller's duty to complete the disclosure statement, and the commission publishes a separate Exemption for First Sale form for it. Cite: AS 34.70.120; 12 AAC 64.930(a).

An Alaska buyer and seller of a 20-year-old house both want to skip the disclosure statement. They:

• a.May not; the statute makes the disclosure mandatory in every sale
• b.May do so if the buyer initials the purchase agreement
• c.May waive it if the seller and buyer agree in writing✓
• d.May waive it only with the commission's consent

Completion of the disclosure statement may be waived when the parties transferring an interest in residential real property agree in writing, and the commission publishes a Waiver by Agreement form. Signing the waiver does not affect the licensee's or the seller's other disclosure obligations. Cite: AS 34.70.110; 12 AAC 64.930(a).

An Alaska seller deliberately conceals a known foundation problem on the transfer disclosure statement. The buyer's remedy against the seller is:

• a.Rescission of the sale only
• b.A civil penalty of $1,000 payable to the state
• c.Actual damages, capped at the purchase price
• d.Up to three times the actual damages, plus costs and attorney fees allowed by court rule✓

A person who negligently violates or fails to perform a duty under AS 34.70.010 - 34.70.200 is liable for the buyer's actual damages. A willful violation makes the seller liable for up to three times the actual damages, and a court may also award costs and attorney fees to the extent the court rules allow. Cite: AS 34.70.090.