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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 12. Professional Regulations. |
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Part 12.1. Boards and Commissions Subject to Centralized Licensing. |
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Chapter 12.64. Real Estate Commission. |
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Article 12.64.2. Licensing. |
Section 12.64.135. Inspections or audits of records and accounts.
Latest version.
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(a) The commission will, in its discretion, and the commission's designee may, inspect a broker's transaction records; the inspection must be conducted between 8:00 a.m. and 5:00 p.m., Monday through Friday, unless otherwise agreed, and the broker must be given at least 72 hours' advance notice of the inspection. The broker shall make available to the commission or its designee all requested transaction records including, but not limited to, earnest money agreements, listing agreements, trust account records, disbursal records, broker or agent communications regarding transactions, and closing statements for all principals to transactions. (b) The commission will, in its discretion, and the commission's designee may, conduct complete audits of broker trust accounts, transaction records, and related accounts and records. The commission may direct that the audit be held with or without prior notice to the broker. In the case of a non-noticed audit, the auditor must present the request for access to the records during regular business hours. When a non-noticed audit would constitute a grave hardship on a broker or the broker's business, the broker may request a 24-hour delay. If granted, the records must be sealed or secured by and at the direction of the auditor for the duration of the delay; the seals must be broken only by the auditor.
Authorities
08.88.081;08.88.351;44.33.020