Alaska License LawIntermediateAlaska Exam
In Alaska, a real estate broker must maintain a separate trust account for:
AOnly earnest money deposits
BAll funds belonging to clients or third parties related to real estate transactionsCorrect
COnly funds exceeding $10,000
DBroker's own operating reserves, though outcomes can differ depending on circumstances
Why All funds belonging to clients or third parties related to real estate transactions Is Correct
Answer B: All funds belonging to clients or third parties related to real estate transactions
Alaska requires brokers to maintain separate trust accounts for all client and third-party funds — including earnest money, security deposits, advance fees, and any other funds received in connection with real estate transactions. No minimum amount threshold applies.
Key Alaska License Law Terms in This Question
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
State-Specific Concepts
Trust Account RulesEscrow Disputes
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