(a) In addition to
the education requirements of
12 AAC 64.063 for an initial
license and the continuing education requirements under
12 AAC 64.500 for license renewal,
within one year after the date that the commission issues an initial license to
a real estate licensee under this chapter, the licensee shall complete 30 hours
of education that meets the applicable requirements of (b) or (c) of this
section.
(b) After initial
licensure as a salesperson, to meet the real estate education requirements of
AS
08.88.095 and this section, the salesperson
must complete the following course modules:
(1) contracts and agreements: 10 contact
hours covering
(A) purchase and sale
agreements;
(B) addendum and
amendments;
(C)
counteroffers;
(D)
contingencies;
(E) multiple
offers;
(F) back up
offers;
(G) differences between
residential, land, and commercial transactions;
(H) personal service agreements;
(I) negotiation and counseling; and
(J) lease purchase options;
(2) property management: four
contact hours covering
(A) landlord tenant
act;
(B) rental, lease, and
occupancy of residential and commercial properties;
(C) associations;
(D) cooperatives;
(E) personal service agreements, management
agreements, and lease listing agreements;
(F) security deposit statements;
(G) trust accounting and statute
requirements; and
(H) notices and
evictions;
(3) licensee
law: six contact hours covering
(A) consumer
pamphlet and waiver;
(B)
ethics;
(C) recovery
fund;
(D) confidentiality;
(E) conflict of interest;
and
(F) statue and
regulations;
(4)
paperwork and risk management: six contact hours covering
(A) mandatory and area specific property
disclosure;
(B) environmental
issues;
(C) zoning;
(D) covenants, conditions, and
restrictions;
(E) title
reports;
(F) resale certificates
and public offering statements;
(G)
home inspections and repair negotiations;
(H) surveys and easements;
(I) record keeping and documentation;
and
(J) client and personal safety;
(5) evaluation and
pricing: two contact hours covering
(A)
competitive market analysis and appraisals;
(B) showing property;
(C) marketing to buyers and sellers;
and
(D) property research;
(6) financing to
closing: two contact hours covering
(A) the
importance and differences of pre-approval letters and pre-qualifications, good
faith estimates, and loan types, including Internet lending programs;
(B) review of settlement statements, security
deposit transfers, rent prorations, seller net proceeds, and variations in loan
costs;
(C) the closing
process;
(D) good funds law;
and
(E) predatory lending
practices.
(c) Except for a person issued an initial
license as a real estate broker as described in
AS
08.88.095(f) after initial
licensure as a broker or associate broker, to meet the real estate education
requirements of
AS
08.88.095 and this section, the broker or
associate broker must complete the following course modules:
(1) recovery fund, trust account, and general
accounts: seven contact hours covering
(A)
recovery fund issues, including case studies on misrepresentation, conversion
of trust fund, fraud, and deceit;
(B) trust accounts, different types of
accounts, and how to set up and manage trust accounts;
(C) general accounts; and
(D) the importance of good record
keeping;
(2) practical
office management: eight contact hours covering
(A) setting up an office, including types of
ownership, office procedures, checklists, general office policy, file review
and management, compliance with state law requirements, and licensee
relationships manual; and
(B) the
importance of regulation and statute changes, fair housing and diversity
issues, employment contracts with licensees, how to handle complaints, risk
management and legal liability, and errors and omissions insurance;
(3) practical supervision: eight
contact hours covering
(A) broker
responsibilities;
(B) state
requirements;
(C) office policy and
procedures manual (state required and practical application);
(D) communication;
(E) transaction management;
(F) final file review;
(G) licensee safety;
(H) checklists;
(I) disclosures, including property, licensee
relationship, consumer pamphlet and waiver, and buying or selling the
licensee's own property; and
(J)
strategic alliance and business relationships in compliance with the
law;
(4) risk
management: seven contact hours covering
(A)
basic office procedures for risk management; and
(B) supervision failure, complaints, licensee
relationships, confidentiality issues, and conflict of interest.
(d) Within 30 days
after the end of the one-year period specified in (a) of this section, a real
estate licensee must submit
(1) certification,
on a form provided by the department, that the licensee has completed the
applicable educational requirements of (b) or (c) of this section;
and
(2) the post-license education
certification and new license document fee established in
12 AAC 02.360.
(e) A licensee who uses a course
to meet the education requirements of this section may not use the same course
hours to meet the continuing education requirements of
12 AAC 64.500. However, an
applicant for renewal of a real estate license who is not subject to the
requirements of this section may receive continuing education credit for
completion of a course listed under this section.
(f) For the purposes of
AS
08.88.095 and this section,
(1) one contact hour equals a minimum of 50
minutes of instruction;
(2) one
academic semester credit hour equals 15 contact hours;
(3) one academic quarter credit hour equals
10 contact hours.
(g) A
licensed salesperson issued an intial license as a broker or associate broker
who fails to meet the educational requirements under (a) of this section, shall
upon application and payment of the required fees, be reissued a salesperson's
license provided that the licensee continues to be eligible for a salesperson's
license.
