Current through August 30, 2024
(a) In
AS
08.88.171,
12 AAC 64.059(d),
and 12 AAC 64.075(e),
"active and continuous experience" means that, notwithstanding
12 AAC 64.080(c),
the licensee holds a current active license with no single break of current
active status of more than 30 days due to the licensee's failure to affiliate
with an employing broker and file the appropriate completed application with
the division.
(b) In this chapter,
unless the context requires otherwise,
(1)
"commission" means the real estate commission established by
AS
08.88.011;
(2) "contact hour" means a minimum of 50
minutes of instruction;
(3)
"sponsor" means a person, school, college, or professional association that
provides, or wishes to provide, courses in real estate education under this
chapter;
(4) "real estate
transaction" means a transaction for which a real estate broker must maintain
records under
AS
08.88.331-08.88.351 and
12 AAC 64.220;
(5) "commingle" means a licensee depositing
the licensee's own funds in the account where the funds of others are held in
trust, except as allowed in
12 AAC
64.180(d);
(6) "salesperson" means the same as
"salesman" in AS 08.88;
(7)
"division" means the division of corporations, business and professional
licensing in the Department of Commerce, Community, and Economic
Development;
(8) "listing" means a
personal services contract or agreement, in which the listing licensee agrees
to find, locate, secure, or promote obtaining a buyer or tenant for a specific
property at a certain price and terms;
(9) team means two or more licensees within
the same brokerage who work together as one unit under a collective name and
provide services or perform activities that require a professional license in
real estate;
(10) "virtual course"
means a course that is approved for credit by the commission and is provided in
an interactive online, real-time learning environment where the majority of the
curriculum is delivered using the Internet, and in which students are separated
by location from their instructor of record yet have the ability to participate
through chats and audio.
(c) In
12 AAC 64.280 -
12 AAC 64.325,
(1) "claim" means a claim for reimbursement
filed with the commission under
AS
08.88.460 and
12 AAC 64.280 -
12 AAC 64.325;
(2) "claimant" means a person who properly
files a claim with the commission under
AS
08.88.460 and
12 AAC 64.280 -
12 AAC 64.325;
(3) "involved licensee" means an individual
described in
AS
08.88.460(b) and, if
applicable, a cooperating broker and any affiliated licensees who participated
in the transaction upon which the claim is based;
(4) "involved party" means any licensee,
whether named or unnamed by the claimant, involved in a transaction that is the
subject of a claim, and the employing broker or brokers of all involved
licensees at the time of the transaction, and all principals to the
transaction.
(d) In AS
08.88, "personal service contracts" include listings, fee agreements between
brokers and buyers or sellers, management contracts with property owners, or
other agreements by which a broker agrees to perform a duty with respect to
real estate for an agreed upon fee or commission.
(e) In
AS
08.88.900(a), "public
official"
(1) means
(A) an appointed or elected state or
municipality officer; or
(B) a
state or municipality employee;
(2) does not include a subcontractor of the
state or a municipality.
Before Register 116, January 1991, the definitions
section for 12 AAC 64 was numbered as
12 AAC 64.950. The history note
for 12 AAC 64.990 reflects the section's history under its previous
number.
As of Register 133, 1995, the regulations attorney added
a definition of "division" as a technical reference to 12 AAC 64.990.
As of Register 171 (October 2004), the regulations
attorney made technical revisions under
AS
44.62.125(b)(6) to reflect
the name change of the Department of Community and Economic Development to the
Department of Commerce, Community, and Economic Development made by ch. 47, SLA
2004 and the corresponding title change of the commissioner of community and
economic development.
With Register 180, January 2007 and under the authority
of AS
44.62.125, the regulations attorney changed
obsolete terminology concerning the division of occupational licensing and the
division of banking and securities in conformity with ch. 14, SLA 2005 and to
reflect the transfer of certain corporations functions within the Department of
Commerce, Community, and Economic
Development.
Authority:AS
08.88.081
AS
08.88.091
