Alaska Out of State Broker Cooperation
- An out-of-state licensee may not enter into Alaska to work on a transaction, but may receive a brokerage commission from Alaska licensee for assisting an Alaska licensee in actions for which an Alaska license is required.
- There is no barrier to an out-of-state licensee bringing a commission lawsuit in Alaska.
POSSIBLE BIZ BROKER STATE
Alaska Real Estate Reciprocity
* Termed a license "By Endorsement" in Alaska, Alaska offers a license to an out-of-state licensee if the applicant passes the State portion of the Alaska Real Estate Exam.
Specific to Alaska Real Estate
- This state requires Mandatory E&O Insurance (see RISC)
- Endorsement Application has many requirements, including:
License History, 15 hours of Education (if your out-of-state education is older than 2 years), Proof of Experience, Written Statement...
- All new licensees are required to take 30 hours of CE within 1 year.
- DUAL AGENCY BANNED, DESIGNATED OR TRANSACTION ALLOWED
Alaska Reverse Reciprocity
These states specifically mention Alaska in their Reciprocity:
These States recognize any other State licenses but may have additional requirements:
Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennesee, Vermont, Washington
Alaska Real Estate Customs
Title companies, lenders, private escrow companies all handle escrows. Conveyance is by warranty deed. Deeds of trust with private power of sale are the customary security instruments.
Alaska uses ALTA owner’s and lender’s policies with standard endorsements.
There are no documentary or transfer taxes. Buyer and seller usually split the closing costs.
Property tax payment dates vary throughout the state.
Alaska is a NON-DISCLOSURE state. Transaction details and the Buyer, Seller, Sales Price, or even if a property sold is NOT PUBLIC RECORD.
Alaska has no state income tax.
Alaska Real Estate Links
POSSIBLE BIZ BROKER STATE
Although websites abound that say Alaska is a state where a Business Broker is required to hold a real estate license, no mention of business opportunities was found in the code or the definition of real property.
AS 29.71.800. Definitions.
(19) "real property" means land and improvements, all possessory rights and privileges appurtenant to the property, and includes personal property affixed to the land or improvements;
License required. Unless licensed as a real estate broker, associate real estate broker, or real estate salesperson in this state, a person may not, except as otherwise provided in this chapter,
(1) sell, exchange, rent, lease, auction, or purchase real estate;
(2) list real estate for sale, exchange, rent, lease, auction, or ...
www.commerce.alaska.gov/web/Portals/5/pub/RECregulations.pdf Starting on Page 4.