Since 2006 there have been no real estate agents in Alaska. The Alaska State Legislature passed statutes that the Alaska Real Estate Commission put into regulation that effectively eliminates real estate agents.
That doesn’t mean we can’t earn a living, we still represent buyers and sellers and we are still paid for our services. But we are no longer agents. The term agent carries legal baggage that was often unintended in relationships between buyers, sellers, and real estate agents.
We are now only real estate licensees that have specific duties in our relationships with buyers and sellers. As the real estate commission’s consumer pamphlet spells out, there are four possible relationships a licensee can have with a consumer.
All four of these situations require different duties on the part of the real estate licensee but all of them require at least the minimum of duties. This minimum is the same as that owed under specific assistance. These duties are:
The other duties are outlined in the consumer pamphlet which all consumers should read.
I will deal with the other three levels of representation in future articles.
Feel free to comment with questions or clarifications.