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Rental Application

ALASKA REAL ESTATE COMMISSION CONSUMER DISCLOSURE

This Consumer Disclosure, as required by law, provides you with an outline of the duties of a real estate licensee (licensee). This document is not a contract. By signing this document you are simply acknowledging that you have read the information herein provided and understand the relationship between you, as a consumer, and a licensee. (AS 08.88.600 – 08.88.695)

There are different types of relationships between a consumer and a licensee. Following is a list of such relationships created by law:

Specific Assistance

The licensee does not represent you. Rather the licensee is simply responding to your request for information. And, the licensee may “represent” another party in the transaction while providing you with specific assistance.

Unless you and the licensee agree otherwise, information you provide the licensee is not confidential.

Duties owed to a consumer by a licensee providing specific assistance include:

  1. Exercise of reasonable skill and care;
  2. Honest and good faith dealing;
  3. Timely presentation of all written communications;
  4. Disclosing all material information known by a licensee regarding the physical condition of a property; and
  5. Timely accounting of all money and property received by a licensee.

Representation

The licensee represents only one consumer unless otherwise agreed to in writing by all consumers in a transaction:

Duties owed by a licensee when representing a consumer include:

  1. Duties owed by a licensee providing specific assistance as described above;
  2. Not intentionally take actions which are adverse or detrimental to a consumer;
  3. Timely disclosure of conflicts of interest to a consumer;
  4. Advising a consumer to seek independent expert advice if a matter is outside the expertise of a licensee;
  5. Not disclosing consumer confidential information during or after representation without written consent of the consumer unless required by law; and
  6. Making a good faith and continuous effort to accomplish a consumer’s real estate objective(s)

Neutral Licensee

A neutral licensee is a licensee that provides specific assistance to both consumers in a real estate transaction but does not “represent” either consumer. A neutral licensee must, prior to providing specific assistance to such consumers, secure a Waiver of Right to be Represented (form 08-4212) signed by both consumers.

Duties owed by a neutral licensee include:

  1. Duties owed by a licensee providing specific assistance as described above;
  2. Not intentionally taking actions which are adverse or detrimental to a consumer;
  3. Timely disclosure of conflicts of interest to both consumers for whom the licensee is providing specific assistance;
  4. If a matter is outside the expertise of a licensee, advise a consumer to seek independent expert advice;
  5. Not disclosing consumer confidential information during or after representation without written consent of the consumer unless required by law; and
  6. Not disclosing the terms or the amount of money a consumer is willing to pay or accept for a property if different than what a consumer has offered or accepted for a property.

If authorized by the consumers, the neutral licensee may analyze and provide information on the merits of a property or transaction, discuss price terms and conditions that might be offered or accepted, and suggest compromise solutions to assist consumers in reaching an agreement.

Designated Licensee

In a real estate company, a broker may designate one licensee to represent or provide specific assistance to a consumer and another licensee in the same office to represent or provide specific assistance to another consumer in the same transaction.

Download AREC Phamplet (Rev.2.2015) [PDF]

You must certify that you have read the above AREC content before you can submit an application.

I certify that I have read the above AREC Consumer Disclosure.