Section 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.

Authorities

08.88.600

Notes

History

(Sec. 6 ch 105 SLA 2004)