Section 08.88.615. Duties owed by licensee in all licensee relationships.

   (a) Unless additional duties are agreed to in a written document signed by the person, and regardless of the type of licensee relationship in which the real estate licensee is acting, a real estate licensee owes the following duties to each person to whom the licensee provides specific assistance:
        (1) the exercise of reasonable skill and care;
        (2) honest and good faith dealing;
        (3) the presentation of all written offers, written notices, and other written communications to and from the person in a timely manner regardless of whether the real estate is subject to an existing contract for sale or lease or the person is already a party to an existing contract to buy or lease real estate;
        (4) except as provided in (b) of this section, the disclosure of all material information known by the licensee regarding the physical condition of real estate if the information substantially adversely affects the real estate or a person's ability to perform the person's obligations in the real estate transaction or if the information would materially impair or defeat the purpose of the real estate transaction;
        (5) accounting in a timely manner for all money and other property received from or on behalf of the person;
        (6) before the licensee provides specific assistance to the person, or when entering into a contract with the person to provide specific assistance, providing a copy of the pamphlet established under AS 08.88.685(b)(2) and produced under AS 08.88.685(c) that outlines the duties of the types of licensee relationships identified under AS 08.88.600;
        (7) before the licensee provides specific assistance to the person, obtaining from the person a document signed by the person that discloses the licensee's relationship with the person;
        (8) in addition to the document provided under (7) of this subsection, providing to the person when the person signs an offer in a real estate transaction handled by the licensee a written statement that states whether the licensee represents the buyer, represents the seller, represents the lessee, represents the lessor, or provides specific assistance to both the buyer and the seller or both the lessee and the lessor as a neutral licensee; the statement must be contained in a separate paragraph entitled "Licensee Relationships" in the contract between the buyer and seller or the lessee and lessor, or in a separate document entitled "Licensee Relationships."
   (b) The disclosure requirements of (a)(4) of this section may not be construed to imply a duty to
        (1) investigate a matter that
             (A) the licensee has not agreed to investigate; or
             (B) is not known by the seller, prospective buyer, lessor, prospective lessee, or licensee; or
        (2) disclose, unless otherwise provided by law, events that have occurred on the real estate that might affect whether a person wants to buy or lease the real estate.
   (c) Notwithstanding (b)(2) of this section, before a buyer makes or accepts an offer in a real estate transaction, a real estate licensee shall disclose to the buyer that a murder or suicide occurred on the real property that is the subject of the real estate transaction if
        (1) the murder or suicide occurred within one year before the date that the licensee first showed the real estate to the buyer; and
        (2) the licensee is aware that the murder or suicide occurred on the real estate.

Authorities

8.88.620; 8.88.625; 8.88.645; 8.88.685

Notes

Implemented As

12 AAC 64.570
12 AAC 64.580
12 AAC 64.930

References

12 AAC 64.570
12 AAC 64.580
AS 8.88.620 .620">Sec. 08.88.620. Duties owed by licensee representing a person.
AS 8.88.625 .625">Sec. 08.88.625. Waiver of duties.
AS 8.88.645 .645">Sec. 08.88.645. Duties of neutral licensee.
AS 8.88.685 .685">Sec. 08.88.685. Policies, guidelines, and requirements.

History

(Sec. 6 ch 105 SLA 2004)