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ALASKA REAL ESTATE COMMISSION CONSUMER PAMPHLET
In Alaska, a Real Estate licensee is required by law to provide
this pamphlet outlining the duties of a real estate licensee. After you
have read the information contained in this pamphlet, please acknowledge
receipt by signing page 2 and return it to the real estate licensee who
provided it to you. Your cooperation is appreciated.
There are four different types of relationships established by Alaska
Real Estate Law:
Specific Assistance – licensee owes
"Duties owed by a licensee in all Relationships" as described in
Representation – licensee owes
"Duties Owed by a licensee when Representing a Party" as described
in this pamphlet.
“Designated Licensee” – This occurs
when a licensee “represents” or provides “specific assistance” to a
party to a transaction and another licensee within the same company
“represents” or provides “specific assistance” to the other party in
the same transaction.
“Neutral Licensee” – This occurs when
a licensee does not represent either party but provides “specific
assistance” to both parties in the same transaction. The parties
must authorize the “Neutral” relationship by signing the "Waiver of
Right to be Represented" form.
owed by a Licensee in all Relationships:
Exercise reasonable skill and care;
Deal honestly and fairly;
Present all written communications in
a timely manner;
Disclose all material information
regarding the physical condition of a property;
Account for all money and property
agreed otherwise –The Licensee has no duty to:
Duties owed by a Licensee when
Representing a Party:
Duties owed by licensee in all relationships listed above;
Not knowingly do anything that is
adverse or detrimental to your interests;
Disclose all conflicts of interests
to you in a timely manner;
If a matter is outside their area of
expertise, advise you to seek expert advice;
confidential information, even after the relationship ends, from or
about you without written permission, except under a subpoena or
Make a good faith and continuous
effort to accomplish your real estate goals. However, once you have
entered into a specific real estate transaction agreement, their
efforts refocus on its successful completion.
Your Real Estate licensee may also work with a variety of other clients
(they represent) and customers (they provide “specific assistance” to)
in different working relationships. In those situations, “representing”
or providing “specific assistance” to other sellers, buyers, lessors,
and lessees does not create a conflict of interest while working with
you, or within the duties mentioned above.
Occasionally, as a seller or lessor, a situation may arise that your
Real Estate licensee also is “representing” another client (buyer or
lessee) who then becomes interested in your property – or vise versa.
Prior to showing the property, the Real Estate licensee must obtain a
written approval to be a “Neutral Licensee” for both parties. A licensee
may not show property as a neutral licensee without obtaining your
written consent entitled "Waiver of Right to Be Represented" and it will
restate the duties outlined above and additional ones owed by your Real
Estate licensee. Alaska real estate law allows, but does not require,
you to Preauthorize a licensee to be a "Neutral Licensee.” Having
a different “Designated Licensee” working for a seller or lessor and for
the buyer or lessee in the same real estate transaction does not create
dual agency or a conflict of interest for the real estate broker or for
a licensee employed by the same real estate broker.
NOT owed by a Real Estate Licensee
Unless agreed in writing otherwise, the following are the duties your
Real Estate Licensee does not owe to you:
To Conduct an independent
investigation of a property
To conduct an independent
investigation of anyone’s finances
To independently verify the
reliability of the accuracy or completeness made by a party to a
real estate transaction
To show or search for properties
DISCLOSURE PAMPHLET IS NOT A CONTRACT.