Alaska License LawIntermediateAlaska Exam
A real estate licensee in Alaska who is also a licensed mortgage loan originator (MLO) must:
AChoose one license and surrender the other
BDisclose both roles to clients and ensure compliance with laws governing both licensesCorrect
CObtain special approval from AREC to hold dual licenses
DLimit mortgage activities to properties they have listed, under the applicable standard
Why Disclose both roles to clients and ensure compliance with laws governing both licenses Is Correct
Answer B: Disclose both roles to clients and ensure compliance with laws governing both licenses
A person holding both a real estate license and a mortgage loan originator license in Alaska must disclose both roles to clients and comply with the laws governing each license. Conflicts of interest and disclosure requirements are particularly important when the same person serves as both agent and loan originator.
Key Alaska License Law Terms in This Question
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Short SaleA sale of real property where the sale proceeds are less than the outstanding mortgage balance, requiring lender approval.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
State-Specific Concepts
Disclosure RequirementsAREC Regulation
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