Alaska Real Estate Salesperson Exam — All Questions

The principle of contribution states that the value of a component or improvement is measured by:

• a.The raw number of square feet of floor area or land area that the improvement happens to occupy
• b.The owner's personal emotional attachment to and sentimental feelings about that improvement
• c.Its original construction or installation cost in every case, dollar for dollar, with no exception
• d.How much it adds to the overall value of the property, not its cost✓

Under contribution, an improvement is worth the amount it adds to the whole property's market value, which may be more or less than its cost. This principle explains why some renovations do not fully return their expense, a key point in over-improvement analysis.

Under Internal Revenue Code Section 121, a qualifying homeowner may generally EXCLUDE from taxable capital gain:

• a.Up to $250,000 of gain if single, or $500,000 if married filing jointly✓
• b.Up to a full one million dollars of gain on any property at all, at any time and any frequency
• c.All gain on any and every investment or rental property the taxpayer happens to own and sell
• d.Absolutely nothing, because gain on the sale of a home is always fully and entirely taxable

Section 121 lets homeowners who owned and used the home as their principal residence for at least two of the prior five years exclude up to $250,000 of gain (single) or $500,000 (married filing jointly). It applies to a primary residence, not to investment property.

Depreciation recapture on the sale of investment real estate means that:

• a.All of the depreciation deductions previously claimed are simply refunded to the investor in cash
• b.The investor is legally required to physically restore and rebuild the depreciated building itself
• c.Gain from prior depreciation may be taxed, often at a special rate✓
• d.No income tax is ever owed at all on the sale of a property that has previously been depreciated

When depreciated property is sold at a gain, the portion of gain due to depreciation deductions is 'recaptured' and taxed under special rules, reflecting the earlier tax benefit. It is a tax concept, not a requirement to rebuild, and it increases, not eliminates, tax on sale.

Which appraisal approach is generally MOST reliable for a special-purpose property, such as a church or public school, that rarely sells and earns no market income?

• a.The sales comparison approach, which depends on recent sales of similar comparable properties
• b.The income approach, which converts a property's market rental income into an indicated value
• c.The gross rent multiplier method, which relies on typical market rents that these lack entirely
• d.The cost approach✓

Special-purpose properties have few or no comparable sales and generate no market rent, so the cost approach (replacement cost new, less depreciation, plus land) is typically most reliable. Sales comparison lacks comparables and the income/GRM methods need market income these properties do not produce.

The four characteristics an item must have to possess value in the market, often remembered as DUST, are:

• a.Debt, Utility, Supply, and Taxes, a mix of unrelated financing and cost terms rather than value
• b.Demand, Utility, Scarcity, and Transferability✓
• c.Depreciation, Use, Sale, and Title, which describe stages of ownership rather than value itself
• d.Demand, Ownership, Scarcity, and Time, which swaps in two terms that are not part of the concept

For something to have market value it must have Demand (buyers who want it), Utility (usefulness), Scarcity (limited supply), and Transferability (the ability to convey it). The DUST acronym captures these four essentials of value.

Real estate salespersons in Alaska are licensed and regulated by:

• a.The Alaska Housing Finance Corporation
• b.The Alaska Real Estate Commission under AS 08.88✓
• c.The Alaska Superior Court
• d.The Alaska Association of Realtors

The Alaska Real Estate Commission licenses and disciplines brokers, associate brokers, and salespersons under AS 08.88, operating within the Division of Corporations, Business and Professional Licensing. A trade association is a private membership group and has no licensing authority.

An Alaska salesperson may lawfully accept a commission for brokerage services:

• a.From any licensee involved in the transaction
• b.Only through the broker with whom the salesperson's license is placed✓
• c.From the Real Estate Surety Fund
• d.Directly from the buyer at closing

An Alaska salesperson works under and is compensated only by the broker who holds the salesperson's license. A salesperson may not take a fee or commission directly from a buyer, seller, or another licensee. The employing broker supervises the salesperson and is responsible for trust funds.

What does the Alaska real estate recovery fund do for a consumer?

• a.It pays the salaries of Real Estate Commission staff
• b.It insures the market value of a home sold by a licensee
• c.It reimburses an actual loss when a judgment cannot be collected✓
• d.It lends down-payment money to qualifying first-time buyers

The fund reimburses a member of the public who has obtained a final judgment against a licensee for an actual loss from fraud, misrepresentation, deceit or conversion of trust funds, and who cannot otherwise collect, subject to the statutory limits. NOTE ON THE NAME: this was the 'real estate surety fund' until HB 357 renamed it the real estate recovery fund; older study guides still use the retired name. Payment does not automatically suspend the licence — reinstatement turns on repayment under the separate licence provisions. Cite: AS 08.88.450–.495.

Before a consumer shares confidential information, an Alaska licensee should:

• a.Order a title commitment
• b.File an offer with the Commission
• c.Provide a written disclosure of the real estate relationship identifying whom the licensee represents✓
• d.Collect an earnest money deposit

Alaska requires licensees to disclose the nature of the real estate relationship in writing, identifying whether the licensee represents the seller, the buyer, both, or neither. Making this disclosure early, before the consumer reveals confidential information, helps the consumer make informed decisions about representation.

In Alaska, a licensee may act as a dual agent representing both the buyer and the seller in the same transaction only when:

• a.The employing broker approves after closing
• b.Both parties give informed written consent✓
• c.The Commission issues a waiver
• d.The transaction price exceeds a set amount

Dual agency is permitted only with the informed written consent of both the buyer and the seller. A dual agent must stay neutral on price and terms and may not reveal one party's confidential negotiating information to the other, because dual agency limits the advocacy each client would otherwise receive.

Earnest money an Alaska salesperson receives from a buyer must be:

• a.Delivered promptly to the employing broker for deposit in the broker's trust account✓
• b.Deposited into the salesperson's personal account
• c.Paid directly to the seller when the offer is made
• d.Kept by the salesperson until the sale closes

Trust funds, including earnest money, must be handled through the broker's trust account and kept separate from personal and operating money. A salesperson who receives such funds must deliver them promptly to the employing broker. Commingling or converting trust money is a serious violation of Alaska license law.

When an Alaska licensee advertises a listing, the advertising must:

• a.Omit the brokerage to avoid confusion
• b.Be truthful and conducted under the name and supervision of the employing broker✓
• c.Appear only under the salesperson's own name
• d.Be pre-approved by the Real Estate Commission

Advertising must be truthful and must be conducted under the name and supervision of the employing broker rather than the salesperson acting independently. Licensees may not use false or misleading statements to induce a transaction, and the broker is responsible for the advertising of affiliated licensees.

A person who has passed the Alaska salesperson examination may begin practicing real estate when:

• a.The exam results are posted
• b.The applicant joins a trade association
• c.The license is placed with and the salesperson is supervised by a licensed Alaska broker✓
• d.The applicant pays the Surety Fund assessment

Passing the exam is only one step. An Alaska salesperson may conduct licensed activity only after the license is placed with a licensed broker who agrees to supervise the salesperson and accept responsibility for the licensed activity and trust funds. Without an affiliating broker, the license is not active.

Before an Alaska real estate salesperson license may be issued, the applicant must complete commission-approved education of:

• a.20 hours
• b.30 hours
• c.40 hours✓
• d.60 hours

The statute sets the salesperson's pre-licensing requirement at 40 hours of commission-approved education. Applicants for a broker or associate broker license under AS 08.88.171(a) or (b) complete 30 hours instead. Cite: AS 08.88.091(b) and (c).

An 18-year-old Alaska resident passes the salesperson examination and applies for a license. The application will be denied because a salesperson applicant must be at least:

• a.18 years of age and a high school graduate
• b.19 years of age✓
• c.21 years of age
• d.18 years of age and an Alaska resident for one year

The salesperson qualifications include being at least 19 years of age, together with passing the salesperson examination, completing the education under AS 08.88.091, and furnishing proof of errors and omissions insurance. Cite: AS 08.88.171(c).

An Alaska candidate passes the salesperson examination in March. If the person has not applied for the license by the following September, the person:

• a.Must pass the examination again before applying✓
• b.May apply at any time on payment of a late fee
• c.Must complete 20 hours of continuing education first
• d.May apply within one year of passing

Every class of Alaska real estate licensee must apply for the license within six months after passing the examination. Missing the six-month window means the examination no longer supports an application. Cite: AS 08.88.171(a), (b) and (c).

In addition to continuing education, an Alaska licensee must complete 30 hours of commission-approved education within one year after the initial license is issued. A licensee who does not:

• a.Is fined $500 by the commission
• b.Keeps the license but may not supervise others
• c.Must repeat the pre-licensing course
• d.Holds a license that automatically lapses 30 days after the one-year period ends✓

The initial license document itself must carry prominent language that the license is subject to completing the education within one year. If the licensee neither completes it nor certifies completion, the license automatically lapses 30 days after the one-year period ends, though the commission may reinstate under AS 08.88.241. Cite: AS 08.88.095(a), (b) and (e).

Having finished the 30 hours of post-licensing education, an Alaska licensee must file the commission's certification form:

• a.Before the education begins, as a notice of intent
• b.Within 30 days after the one-year period✓
• c.At the next license renewal, with the fee
• d.Within 90 days after the last class ends

The licensee submits, on a commission form, a certification that the education is complete within 30 days after the end of the one-year period. After the form is filed and the fee paid, the commission issues a new license document without the conditional language. Cite: AS 08.88.095(c) and (d).

Continuing education required of an Alaska licensee before a license may be renewed is:

• a.12 hours
• b.15 hours
• c.20 hours✓
• d.30 hours

A licensee must complete 20 hours of commission-approved continuing education before the license may be renewed, and the commission may not set limits that prevent a licensee from satisfying the requirement within a two-day period. Cite: AS 08.88.091(d).

The Alaska commission splits the 20 continuing education hours into:

• a.An eight-hour core curriculum and 12 elective contact hours✓
• b.A four-hour law update and 16 elective contact hours
• c.Ten core hours and ten elective hours
• d.Twenty hours of the licensee's choosing from approved courses

The renewal applicant must take an eight-hour core curriculum identified by the commission that stresses current trends and changes in state, federal and case law, plus 12 contact hours of elective continuing education from the approved subject list. Cite: 12 AAC 64.500(b).

The Alaska commission must establish core continuing education curricula in four areas, and a licensee must complete at least one of them each biennial licensing period. Those four areas are:

• a.Law, ethics, contracts and finance
• b.Agency, disclosure, trust accounts and advertising
• c.Residential sales, land, appraisal and financing
• d.Real estate sales, property management, community association management and commercial sales✓

The statute names the four core curricula as real estate sales, property management, community association management, and commercial sales, and requires a licensee to complete at least one during each biennial licensing period. Cite: AS 08.88.091(g).

The Alaska real estate examination has a general part and a state part. An applicant:

• a.May take the two parts in separate sessions within one year
• b.Must sit for both parts during the same examination session✓
• c.Takes the state part only after the general part is graded
• d.May skip the general part with two years of out-of-state experience

The commission's rule requires the applicant to sit for both the general part and the state part during the same examination session. Registration is made with the commission-approved testing service, and registration fees are not refundable. Cite: 12 AAC 64.010(d).

A broker licensed and active in Oregon for six years seeks an Alaska license by endorsement. That person must:

• a.Take the full Alaska examination and the 40-hour course
• b.Wait until the Oregon license has been held for ten years
• c.Pass the state-law portion of the examination and meet the eligibility requirements of AS 08.88.171✓
• d.Obtain a temporary license and convert it after one year

License by endorsement requires passing the portion of the examination covering state law and meeting AS 08.88.171. The post-licensing education of AS 08.88.095(a) is added only when the applicant has held the other state's license for less than one year. Cite: AS 08.88.263.

Alaska real estate licenses lapse:

• a.January 31 of every even-numbered year✓
• b.On the anniversary of issuance every two years
• c.December 31 of every odd-numbered year
• d.The last day of the licensee's birth month

All licenses lapse January 31 of every even-numbered year unless renewed, and the commission sends a renewal reminder at least 60 days before that date. The renewal application must include the fee, the recovery fund fee, and certification of continuing education. Cite: 12 AAC 64.071(a) and (b).

An Alaska license issued for the first time in the middle of a licensing period lapses:

• a.At the end of the biennium, like every other license
• b.After two years, regardless of education
• c.When the licensee changes brokers, unless the commission is notified
• d.395 days after issuance unless the education requirement is met✓

Apart from the ordinary January 31 lapse date, an initially-issued license lapses 395 days after issuance unless the licensee meets the post-licensing education requirement. That is the regulation's counterpart to the statutory one-year education deadline plus the 30-day certification window. Cite: 12 AAC 64.071(g); AS 08.88.095.

An Alaska license lapsed 30 months ago. The former licensee now wants to practice again and must:

• a.Pay the reinstatement fee and file proof of continuing education
• b.Meet the qualifications that apply to initial licensure✓
• c.Request a hearing before the commission
• d.Apply for an inactive license first

A license lapsed less than 24 months may be reinstated with the application, fees, proof of continuing education for the periods it was inactive or lapsed, and proof of the post-licensing education if applicable. Once the lapse exceeds 24 months the person is eligible only by meeting the qualifications for initial licensure. Cite: AS 08.88.241(a) and (b).

An Alaska licensee stops paying the premium on the errors and omissions policy and the carrier notifies the commission that coverage has terminated. The commission:

• a.Issues a warning letter allowing 30 days to obtain new coverage
• b.Refers the matter to the Department of Law for enforcement
• c.Suspends the license as of the termination date✓
• d.Reduces the license to inactive status until coverage resumes

When the insurer or master policy issuer reports that a premium went unpaid and coverage terminated, the commission suspends the license as of the termination date. The licensee must immediately surrender the license and may not practice until proof of a new certificate is filed and the license is activated. Cite: 12 AAC 64.620, 12 AAC 64.630 and 12 AAC 64.640.

An Alaska licensee surrenders a license and leaves the business. The duty to keep current contact information on file with the commission continues for:

• a.Two years✓
• b.Six months
• c.Five years
• d.It ends at surrender

Each licensee is responsible for ensuring that the commission has current contact information for two years after the lapse, expiration, surrender, suspension or revocation of the license. Notices mailed to that address satisfy due process. Cite: AS 08.88.291(b) and (d).

An Alaska consumer holds an uncollectable arbitration award against a licensee for conversion of trust funds. The claim form for the real estate recovery fund must be filed within two years after:

• a.The conversion of the trust funds actually occurred
• b.The consumer first learned of the loss from the licensee
• c.The arbitration hearing in the matter ended
• d.The award is no longer subject to appeal✓

The claim must be filed within two years after the date the judgment, arbitration award, or settlement agreement that is the basis for the award is no longer subject to appeal. The claimant must also submit a due diligence affidavit showing the amount is uncollectable by reasonable efforts. Cite: AS 08.88.460(a)(2) and (a)(3).

What filing fee accompanies an Alaska real estate recovery fund claim, and when is it returned?

• a.$100, refunded only if the claimant later withdraws the claim entirely
• b.$250, returned if an award is made or the claim is withdrawn✓
• c.$500, which the fund never returns to the claimant
• d.No filing fee is charged for a recovery fund claim

A claimant pays a $250 filing fee when the claim is filed. The fee is refunded if the commission makes an award to the claimant from the fund or if the claimant withdraws the claim. Cite: AS 08.88.460(d).

Alaska licensees pay a recovery fund fee with each application and renewal. That payment is made:

• a.On top of a corporate surety bond the licensee must also carry
• b.Only by brokers and associate brokers, never by salespersons
• c.In lieu of a corporate surety bond, and may not exceed $125✓
• d.Only in years when the fund's average balance is below $250,000

Every real estate licensee applying for or renewing a license pays the commission a recovery fund fee, in lieu of obtaining a corporate surety bond, that may not exceed $125. The commission adjusts the fee by regulation to keep the fund's two-year average balance between $250,000 and $500,000. Cite: AS 08.88.455(a).

The Alaska real estate recovery fund lacks the money to pay an authorized claim. When money is available the commission pays:

• a.Claims in the order filed, with eight percent annual interest✓
• b.The smallest claims first, without interest
• c.All pending claims pro rata, without interest
• d.Only claims refiled after the fund has been replenished by fees

If the fund is insufficient at a given time, the commission satisfies unpaid claims, once sufficient money has been deposited and appropriated, in the order the claims were originally filed, plus accumulated interest at eight percent a year. Cite: AS 08.88.480.

The Alaska Real Estate Commission is made up of:

• a.Five members, all licensed brokers
• b.Seven members: five licensed brokers or associate brokers and two public members✓
• c.Nine members appointed by the legislature
• d.Seven members, four of them public members

The commission consists of seven members. Five must be real estate brokers or associate brokers licensed in the state for at least three years before appointment, and two must be public members under AS 08.01.025. Four of the five licensee seats are tied to the First through Fourth Judicial Districts and one is at large. Cite: AS 08.88.011 and AS 08.88.041(a).

For the Alaska Real Estate Commission to conduct business at a meeting:

• a.All seven members must be present
• b.Both public members must be present
• c.Any three members constitute a quorum
• d.At least two judicial districts must be represented and a majority present✓

The commission may conduct business only when at least two judicial districts are represented and at least a majority of the members are present. Officers are elected at the first meeting of each fiscal year. Cite: AS 08.88.051(b) and (c).

An Alaska licensee is asked to respond to a consumer complaint. The response period the department sets:

• a.Is always 30 days from the date of the request
• b.May be as short as 48 hours in an urgent case
• c.Must allow at least 10 days from receipt✓
• d.Runs from the date the complaint was filed

Licensees must cooperate with the department and the commission during an investigation, and when a licensee is asked to respond, the specified response period must allow at least 10 days from the date the request is received. Cite: 12 AAC 64.175(a).

A person files with the Alaska commission a document required by AS 08.88 that contains a wilful material misstatement of fact. That is:

• a.A misdemeanor: up to one year, up to $1,000, or both✓
• b.Grounds for license revocation only
• c.A class B felony
• d.A civil violation carrying a penalty of $5,000 per occurrence

Filing a notice, statement, or other document required under the chapter that contains a wilful material misstatement of fact is a misdemeanor punishable by imprisonment of not more than one year, a fine of not more than $1,000, or both. Cite: AS 08.88.485.

An unlicensed auctioneer wants to auction an Alaska home. That is lawful only if the auctioneer completed an auctioneering program including a real estate sales course and:

• a.The auction proceeds go through a title company
• b.A licensed broker or associate broker supervises and is present during the auction✓
• c.The commission issues a one-day permit
• d.The seller signs a written waiver of licensure

Notwithstanding the licensing requirement, an unlicensed person may conduct a real estate auction only if the person completed an auctioneering program at a school certified by a state agency that included a real estate sales course, and a licensed broker or associate broker supervises and is present during the auction. Cite: AS 08.88.165.

The Alaska residential disclosure statement tells the buyer that determining whether a registered sex offender lives nearby, or whether there is an agricultural operation in the vicinity, is:

• a.The listing licensee's responsibility
• b.The seller's responsibility to investigate
• c.The responsibility of the municipality
• d.The buyer's own responsibility✓

The statute places both of these determinations on the transferee. The commission's form carries the notices and directs the buyer to the Department of Public Safety for sex offender information, and use of the form satisfies the notice duty. Cite: AS 34.70.050; 12 AAC 64.930(a).

An Alaska licensee asks an unlicensed office employee to help with a listing. Which task may the unlicensed person perform?

• a.Hosting an open house at the property
• b.Showing the property to a prospective buyer
• c.Unlocking the property so a licensee can show it, staying during the showing, and relocking✓
• d.Explaining the listing contract to the owner

The rule forbids employing an unlicensed person to host an open house, show a property, or explain or interpret a purchase and sale, listing, or management contract. It expressly permits unlocking a property so it may be viewed or shown by a licensee, remaining during the showing, and relocking it, along with clerical, bookkeeping and maintenance tasks. Cite: 12 AAC 64.095(a) and (b).

An Alaska broker's bank wants to place a hold on funds in the brokerage trust account to cover an overdraft on the firm's operating account. Under the trust account rules:

• a.No bank may withhold trust funds except on a court order✓
• b.The bank may do so if the broker consents to it in writing
• c.The bank may do so up to the amount of the overdraft
• d.The commission must approve the hold in advance

Trust funds are protected from attachment and similar process: no provision may be made for a bank to withhold issue of funds from a trust account except upon a court order. Cite: 12 AAC 64.190.

An Alaska salesperson closes a sale, then lets the license lapse before the commission check is cut. The broker:

• a.May not pay the former salesperson anything
• b.Must send the money to the recovery fund
• c.May pay the commission for services performed while the salesperson was actively licensed✓
• d.May pay only if the salesperson reinstates the license

A broker may pay a former associate broker or salesperson a commission for services performed while that person was actively licensed, whatever the license status is when the commission becomes payable. Cite: 12 AAC 64.960.

An Alaska salesperson is buying a house for herself and wants another brokerage's licensee to represent her. Under the rules she:

• a.May not, because all of her transactions must go through her own broker
• b.May do so; the rule expressly permits it in a personal transaction✓
• c.May do so only if her broker has no agents in that market
• d.May do so only after placing her license on inactive status

AS 08.88.331 requires a salesperson to perform licensed activities only through the employing broker, but the regulation clarifies that the section does not preclude a licensee from using a licensee from another brokerage to represent or give specific assistance in the licensee's own personal real estate transaction. Cite: 12 AAC 64.961.

Alaska requires license certificates to be displayed in the office. The rule adds that the certificates must be displayed:

• a.In the broker's private office
• b.Beside the broker's trust account records in the back office
• c.Only during business hours
• d.Where clients and customers can verify active status✓

The broker's certificate hangs in the principal office, and the certificate of each licensee working there hangs in that office, with branch office licensees' certificates displayed at the branch. All must be displayed where they are available for public clients and customers to verify current active status. Cite: AS 08.88.321.

An Alaska broker owns two corporations and a partnership, each doing licensed real estate business. That is permitted provided each entity is registered with the commission and:

• a.The principal offices all share a single physical address✓
• b.Each keeps its own separate trust account at the same bank
• c.No entity employs more than five licensees
• d.The broker supervises only one of them at a time

A broker may own, operate, or be employed by multiple business organizations engaging in licensed activity provided each is registered with the commission and the principal offices of all of the business organizations share a single physical address. Cite: AS 08.88.305.

In an Alaska purchase contract, a statement identifying which party is paying compensation to the real estate brokers is:

• a.Optional, and usually handled by the title company
• b.Required in the contract by statute✓
• c.Required only when a buyer's broker is involved
• d.Prohibited, as compensation is a private matter

A broker may be compensated by any party or by a third party, and payment does not by itself establish a relationship with the payer. The licensee must disclose which party is anticipated to pay and must include in the contract to sell, buy, or lease a statement indicating which party is paying compensation to the brokers. Cite: AS 08.88.655(b), (c) and (d).

Before showing property to an unrepresented buyer while representing the seller, an Alaska licensee who wants to act as a neutral licensee must obtain a written consent that:

• a.May be included as a clause in the purchase agreement itself
• b.Is recorded with the district recorder
• c.Is a separate form titled Waiver of Right To Be Represented✓
• d.Is signed only by the licensee's broker

The written consent must be provided on a separate form, may not be contained in another writing, and must be entitled Waiver of Right To Be Represented. The commission's own form of that name, dated April 2024, is adopted by reference. Cite: AS 08.88.610(c); 12 AAC 64.119.

Without the consent of the person the information concerns, an Alaska neutral licensee may not disclose:

• a.The square footage stated in the listing
• b.The days the listing has been on the market
• c.The identity of the other party
• d.That the buyer would pay more✓

A neutral licensee may not disclose, without the consent of the person the information relates to, that the buyer or lessee will pay more than the price offered, that the seller or lessor will take less than the asking price, or that a party will agree to financing terms other than those offered. Cite: AS 08.88.645(a)(5).

With the written consent of the parties, an Alaska neutral licensee working to close a deal may:

• a.Suggest compromises in the parties' bargaining positions✓
• b.Disclose each party's lowest acceptable price
• c.Represent whichever party the licensee believes has the weaker position
• d.Withhold a written offer to give one party more time

The statute lists conduct a neutral licensee may engage in with written consent in a good faith effort to reach agreement: analyzing and reporting on the merits of the transaction to each party, discussing what price or terms each party would or should offer or accept, and suggesting compromises in the parties' respective bargaining positions. Cite: AS 08.88.645(b).

One Alaska broker names one affiliated licensee to work with the seller and another to work with the buyer in the same sale. Under the designated licensee statute this arrangement:

• a.Creates dual agency for the broker and the firm
• b.Does not create dual agency✓
• c.Requires the commission's prior written approval
• d.Makes both licensees neutral licensees

A real estate broker may have a different designated licensee working for the seller or lessor and for the buyer or lessee in the same transaction, and doing so does not create dual agency or a conflict of interest for the broker or for another licensee employed by the broker. The broker's supervisory responsibility and vicarious liability remain. Cite: AS 08.88.640(b) and (e).

An Alaska seller wants to sign a document waiving the licensee's statutory duties to save on the fee. The statute allows waiver of:

• a.All of the duties, if the waiver is notarized and signed
• b.Only the duty to present written offers in a timely manner
• c.Only the duty to keep looking for a buyer or lessee✓
• d.No duty at all, under any circumstance the statute allows

Neither a licensee nor a person receiving specific assistance may waive the duties in AS 08.88.615 and AS 08.88.620, except as allowed by AS 08.88.620(5) and (6), the good faith and continuous effort duties owed to a seller or lessor and to a buyer or lessee, which may be varied by written agreement. Cite: AS 08.88.625.