Alaska License LawIntermediateAlaska Exam
An Alaska broker who holds funds belonging to clients in a trust account is acting as:
AA mortgagee
BA fiduciaryCorrect
CA trustee in bankruptcy
DA judgment creditor
Why A fiduciary Is Correct
Answer B: A fiduciary
When a broker holds client funds in a trust account, they are acting as a fiduciary — a person entrusted with the responsibility of managing another's money or property in the client's best interest.
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.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
State-Specific Concepts
Trust Account Rules
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