Alaska License LawIntermediateAlaska Exam
An Alaska real estate licensee's duty of 'timely disclosure' requires them to:
ADisclose material facts only at closing
BDisclose known material facts as soon as practicable once the licensee becomes aware of themCorrect
CProvide disclosure only if the other party asks within 30 days, under the applicable standard
DDisclose material facts only to the party they represent
Why Disclose known material facts as soon as practicable once the licensee becomes aware of them Is Correct
Answer B: Disclose known material facts as soon as practicable once the licensee becomes aware of them
Timely disclosure means that once a licensee becomes aware of a material fact, they must disclose it as soon as practicable — not waiting until closing or until asked. Delay in disclosing material information can harm parties who might have made different decisions had they known sooner.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
State-Specific Concepts
License Law
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