Alaska License LawIntermediateAlaska Exam
In Alaska, a newly licensed salesperson who specializes in residential property is approached by a client who wants help buying commercial investment property. The salesperson should:
AAccept the assignment since their license covers all real estate types
BDisclose their lack of commercial experience, either obtain the competence needed or refer the client to a qualified commercial specialistCorrect
CTake the commercial listing and figure it out along the way
DCharge a higher fee to compensate for the additional research required, a position that many in the industry would generally find reasonable
Why Disclose their lack of commercial experience, either obtain the competence needed or refer the client to a qualified commercial specialist Is Correct
Answer B: Disclose their lack of commercial experience, either obtain the competence needed or refer the client to a qualified commercial specialist
USPAP-equivalent competency rules and professional ethics require agents to be competent for their assignments. A residential agent lacking commercial experience should disclose this limitation and either gain competence (through education and/or mentorship) or refer the client to a qualified commercial real estate professional.
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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
RedliningAn illegal practice where lenders or insurers deny services or charge higher rates in certain neighborhoods based on the racial or ethnic composition of those areas.
Math Concepts
State-Specific Concepts
License Law
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