A real estate licensee is exempt from the signature requirements of AS 08.88.600 - 08.88.695 when the licensee provides specific assistance to
(1) a corporation that issues publicly traded securities;
(2) a business that has a net worth in the previous calendar year of $2,000,000 or more, if the business requests the exemption from the licensee; or
(3) a governmental agency; in this paragraph, "governmental agency" means a department, division, public agency, political subdivision, or other public instrumentality of the state or federal government, including the University of Alaska, the Alaska Railroad Corporation, the Alaska Housing Finance Corporation, the Alaska Industrial Development and Export Authority, and other public corporations.
Sec. 08.88.695. Definitions for AS 08.88.600 - 08.88.695.
In AS 08.88.600 - 08.88.695,
(1) "compensation" includes a commission;
(2) "confidential information" means information from or concerning a person that
(A) the licensee acquired during the course of the licensee's relationship as a licensee with the person;
(B) the person reasonably expects to be kept confidential;
(C) the person has not disclosed or authorized to be disclosed to a third party;
(D) would, if disclosed, operate to the detriment of the person; and
(E) the person is not obligated to disclose to the other party in a real estate transaction;
(3) "designated licensee" means
(A) a real estate licensee who works for a real estate broker and represents or provides specific assistance to a person in a real estate transaction when another licensee who is working for the same broker represents or provides specific assistance to an unrepresented person in the same transaction; or
(B) a real estate broker who represents or provides specific assistance to a person in a real estate transaction when another licensee who is working for the broker represents or provides specific assistance to another person in the same transaction;
(4) "neutral licensee" means a real estate licensee who
(A) provides specific assistance to both the buyer and the seller, or both the lessor and the lessee, in a real estate transaction; and
(B) does not represent either party;
(5) "personal services contract" includes a listing, a fee agreement between brokers and sellers, buyers, lessors, or lessees, a management contract with property owners, or any other agreement by which a broker agrees to perform a duty with respect to real estate for an agreed upon fee or commission;
(6) "real estate services" means services related to a real estate transaction;
(7) "represent" means to provide real estate services to a person if the services are not limited to specific assistance;
(8) "specific assistance"
(A) means
(i) asking questions regarding confidential information for a real estate transaction;
(ii) showing pieces of real estate selected for a buyer's or lessee's specific needs or desires;
(iii) preparing a written offer for a real estate transaction; or
(iv) entering into a personal services contract;
(B) does not include
(i) hosting an open house;
(ii) casual conversation regarding real estate;
(iii) receiving calls or electronic inquiries from the licensee's signs, advertisements, or Internet site;
(iv) providing information regarding a piece of real estate;
(v) setting an initial appointment to show a piece of real estate;
(vi) receiving unsolicited information from a buyer or lessee before or after disclosure of a real estate relationship.
Section: Previous 08.88.625 08.88.630 08.88.635 08.88.640 08.88.645 08.88.650 08.88.655 08.88.660 08.88.665 08.88.670 08.88.675 08.88.680 08.88.685 08.88.690Last modified: November 15, 2016