Alaska License Law
Under Alaska's license law, a licensee who uses misleading before-and-after photos to advertise a property they are listing has violated which duty?
AThe duty to maintain trust accounts
BThe duty of honest dealing and prohibition against misrepresentation✓ Correct
CThe duty to maintain E&O insurance
DThe duty to present offers promptly
Explanation
Using misleading photos or other deceptive advertising practices violates a licensee's duty of honest dealing and the prohibition against misrepresentation. This can result in disciplinary action by the Commission and civil liability to harmed parties.
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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.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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 RulesLicense Law
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