Alaska License LawIntermediateAlaska Exam
The Alaska Real Estate Commission has the authority to:
ASet mortgage interest rates for Alaska real estate transactions
BEstablish and enforce standards for real estate licenseesCorrect
CIssue title insurance policies
DApprove real estate purchase contracts
Why Establish and enforce standards for real estate licensees Is Correct
Answer B: Establish and enforce standards for real estate licensees
The Alaska Real Estate Commission's primary authority is to establish licensing standards, approve education providers, investigate complaints, and take disciplinary action against licensees who violate Alaska real estate statutes and regulations.
Key Alaska License Law Terms in This Question
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
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.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
State-Specific Concepts
License Law
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