Alaska Real Estate Salesperson Exam — All Questions
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Real estate salespersons in Alaska are licensed and regulated by:
- a.The Alaska Association of Realtors
- b.The Alaska Real Estate Commission under AS 08.88✓
- c.The Alaska Housing Finance Corporation
- d.The Alaska Superior Court
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.Directly from the buyer at closing
- b.From any licensee involved in the transaction
- c.Only through the broker with whom the salesperson's license is placed✓
- d.From the Real Estate Surety Fund
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.
The Alaska Real Estate Surety Fund exists primarily to:
- a.Reimburse a consumer for an actual loss from certain fraudulent acts of a licensee when a court judgment cannot be collected✓
- b.Insure the market value of homes sold through licensed brokers
- c.Provide down-payment loans to first-time buyers
- d.Fund the salaries of Commission staff
The Surety Fund may reimburse a member of the public who obtains a final judgment against a licensee for an actual loss from fraud, misrepresentation, deceit, or conversion of trust funds and cannot otherwise collect, subject to statutory limits. When the fund pays, the licensee's license is suspended until the fund is repaid. It is not an insurance or lending program.