Property Management
Area VI is worth 9 of the 60 state items — an unusually large area for a state portion. Its two printed subtopics are property management and the Alaska Landlord Tenant Act.
Property management under the license law
AS 08.88.990(10) defines property management as marketing, leasing, contracting for maintenance, overall management of real property and the supervision of those actions, undertaken for another for a fee. 12 AAC 64.550(a) requires the activity to be conducted in the registered name of the affiliated real estate company; 12 AAC 64.550(c) allows transfers between accounts held for the same owner only with the owner's written authorization, fully identified in each ledger; and 12 AAC 64.550(e) requires a licensee who owns rental property to tell all tenants and prospective tenants in writing that the licensee is licensed and with which company. 12 AAC 64.240(c) requires the management fee to be disbursed from the trust account monthly, after that contract's receipts are collected and its expenses paid. 12 AAC 64.220(b) requires a transaction code and ledger for each management contract, with each tenant's funds tracked under a related but separate code and ledger.
The bridge to the Landlord Tenant Act
12 AAC 64.560 makes a licensee's failure to deposit prepaid rents or security deposits in a trust account, as AS 34.03 requires, "fraudulent or dishonest conduct" within the meaning of AS 08.88.071(a)(3)(A)(iv) — the same disciplinary ground that reaches fraud in a sale. AS 34.03.070(c) is the underlying duty: prepaid rent and security deposits go promptly, wherever practicable, into a trust account at a bank, savings and loan association, or licensed escrow agent, and money held for one tenant may not be used for another. AS 34.03.330(b) lists what the Act does not cover, including transient lodging, occupancy by a condominium owner or cooperative proprietary lessee, agricultural premises, and certain transitional or supportive housing.
Deposits, notices and access
AS 34.03.070(a) caps prepaid rent plus security deposit at two months' periodic rent, and does not apply at all where rent exceeds $2,000 a month. AS 34.03.070(h) allows one additional deposit of up to a month's rent for a pet that is not a service animal, accounted for separately and applied only to pet damage. AS 34.03.070(g) gives the landlord 14 days after the tenancy ends to mail the written notice and refund where proper notice was given and nothing is deducted, and 30 days where damages are deducted or the tenant gave no complying notice; a willful failure exposes the landlord to twice the amount withheld. AS 34.03.290 sets termination notice at 14 days for a week-to-week tenancy and 30 days for month-to-month. AS 34.03.220(b) requires a seven-day written notice before terminating for unpaid rent, and AS 34.03.220(a)(2) a ten-day notice for material noncompliance affecting health and safety. AS 34.03.140(c) requires at least 24 hours' notice of intent to enter, at reasonable times, except in an emergency or where notice is impracticable. AS 34.03.080 requires written disclosure of the manager's and owner's names and addresses at or before the start of the tenancy.
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State-specific details
State exam facts
- State regulator
- Alaska Real Estate Commission (Division of Corporations, Business and Professional Licensing)
- Exam vendor
- Pearson VUE
- Prelicensing education
- 30 hours of Alaska broker training education
- Passing score
- Scaled score of 75
- Scored questions
- 140
- Time limit
- 240 minutes
Who regulates real estate brokers in Alaska?
The Alaska Real Estate Commission, within the Division of Corporations, Business and Professional Licensing, licenses real estate brokers, associate brokers, and salespersons. The Commission contracts with Pearson VUE to develop, administer, and score both the national and the Alaska state law portions of the licensing exam.
What experience do I need before the Alaska broker exam?
Alaska broker applicants must be at least 22 years old (12 AAC 64.059) and must have had at least 36 months of active and continuous experience as a real estate licensee within the 60 months immediately preceding application (AS 08.88.171(a)). "Active and continuous" is defined in 12 AAC 64.990(a) as holding a current active license with no single break of more than 30 days caused by failing to affiliate with an employing broker and file the application — so it is not quite the same as 36 unbroken months. Applicants must also complete 30 hours of commission-approved broker training education within the 18 months immediately preceding application, and file the license application within six months of passing the exam.
How is the Alaska broker exam structured?
The Alaska broker exam is one four-hour session covering two portions: a national/general portion of 80 scored items plus 5 pretest items, and an Alaska state law portion of 60 scored items plus 5 to 10 pretest items. Results are reported as a scaled score from 0 to 100 and a scaled score of 75 is required to pass, so the number reported is neither the count nor the percentage of questions answered correctly.
Sources: https://www.commerce.alaska.gov/web/cbpl/professionallicensing/realestatecommission.aspx, https://www.pearsonvue.com/content/dam/VUE/vue/en/documents/publications/092200.pdf
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