How do For Sale By Owners (FSBO) show relationship and are they required to sign the Consumer Pamphlet?
The Commission stated that the prudent thing for a licensee to do is to give the individual the pamphlet when they open the door and have the pamphlet signed every time they deal with a FSBO.
AS 08.88.615 Duties Owed by Licensee
AS 08.88.695 Definitions
12 AAC 64.118 Consumer Pamphlet
The Commission’s best practice for team members signing the Consumer Pamphlet and Waiver of Right to Be Represented is for team members to sign and date on lines provided. (Dec. 2009)
Per 12 AAC 64.130 (8), when a licensee advertises to buy, sell, rent lease or exchange any real estate they must include in the advertisement the broker’s business name registered with the department; to include real estate advertised that is owned by the licensee.
Yellow Pages and Craig’s List has advertised for real estate licensees with no mention of the broker’s business name in their advertisements. Be sure to state to the client that any advertising for the property must be coordinated with the licensee or brokerage. The client may not be doing the licensee a favor when advertising on their own if they do not include the licensee’s Broker information.
All real estate advertising must contain the broker’s business name.
Please take action to ensure that you are not in violation of this regulation.
12 AAC 64.130 Grounds for Revocation
Waiver by Agreement Exemption Form
Exemption form for first sale can be a stand alone; but the waiver agreement form, the licensee needs to go over what they are giving up. Licensee must disclose what they know even if the transferor doesn’t tell.
The broker is required to obtain and have on file the request and copy of an active, current license for the person requesting a commission from another licensing jurisdiction where that person is licensed to perform real estate transactions.
12 AAC 64.240(d) Brokers Commission
Accounts/ Records of Transactions
The Commission stated that records can be stored using electronic means; however, they recommend when using electronic storage to use DVD’s as opposed to CD’s. DVD’s have a longer shelf life. (March 2011)
AS 08.88.351 Accounts; Records of Transactions
Temporary Absence of Broker of Record
The broker or the associate broker in charge of a branch office is required to send in the Notice of Temporary Absence of Broker of Record form to the Commission when expecting to be temporarily out of the office and out of contact. The broker does have the ability to supervise their branch office in the absence of the associate broker. (September 2012)
12 AAC 64.078 Temporary Absence of Broker of Record
Education PLE and CE
Licensees that are required to complete both Post Licensing Education (PLE) and Continuing Education (CE), the same course numbers cannot be used for CE and PLE credit in the same licensing period. (December 2012)
12 AAC 64.64.064(e) Education Requirements after Initial License