Article 1. Real Estate Commission

Question 1

Investigation & Injunction
When someone has engaged in, or is about to engage in
a questionable practice,

Answer 1

The Department may issue a temporary order before a hearing. Temporary order remains in effect until final order or until 15 days have passed. If a hearing is requested it needs to happen within 30 days, final order issued within 10 days of hearing.

Question 2

Qualifications of Commission members

Answer 2

Five licensed agents/brokers w/3 years exp
from all judicial districts of AK
Two public members

Question 3

Commission Meetings and Officers

Answer 3

Comm must meet at least 1x year
2 judicial districts
Quorom

Question 4

Requirements for licensee

Answer 4

19 years old
take class
pass test
6 months with a broker

Question 5

Things that can lead to suspension, or revoke, or license

Answer 5

Telling lies, false promises, conflict of interest, circulate material that is misrepresentation of licensees business, violates .171 (Eligibility for License)

Question 6

How long to get back license

Answer 6

7 years and all of the sentence of the conviction must be completed (jail, restitution, etc.)

Question 7

Suspension/Real estate recovery fund

Answer 7

If an award is paid from the RERF license may also be suspended. May be lifted if agreement with the commission is made.

Question 8

Education of applicants and licensees

Requirements

Answer 8

40 hours of pre-licensure education
30 hours additional within 12 months
20 hours CE every 2 years

Question 9

Licensing

Who is required to have a license?

Answer 9

Assist in the Sale, exchange, rent, lease, auction, purchase real estate
“for someone else for money”

Question 10

Licensing

Civil Penalty for unlicensed or unauthorized practice

Answer 10

If you engage in a practice that you’re not licsened for a civil penalty of no more than $5k, or the amount of gami realized plus $5k, which ever is greater for each offense.

Question 11

Licensing

Eligibility for broker license

Answer 11

Natural person
passes test
applies for license within 6 months, 36 months of license exp with the 60 months of application

Question 12

Licensing

Eligibility of license

Answer 12

19 years of age

applies for license within 6 months, errors and omissions insurance, not under indictment

Question 13

Fidelity bond for community association managers

Answer 13

HOA-association listed as an additional insured. Must cover the max funds controlled

Question 14

Reinstatement of lapsed license

Answer 14

less than 24 months must meet CI and fee. More thn 24 months -start all over