Section 12.64.240. Broker's commission.

	(a)  Each withdrawal of a broker's commission from a trust account must be separate and identified as to the specific transaction.  
	(b)  A broker shall withdraw his or her commission from a trust account within 15 days after the date that the transaction has been closed or otherwise settled.  
	(c)  A broker shall disburse from a trust account the fee earned for providing property management services. The disbursal must be made on a regular monthly basis after the collection of monthly receipts and disbursement of expenses for that management contract are completed.  
	(d)  A broker licensed under AS 08.88  may pay a commission to a person who does not hold a license under AS 08.88,  but is licensed to perform real estate activities in another licensing jurisdiction, for assistance to the broker licensed under AS 08.88  in the performance of an act for which a license is required under AS 08.88. The broker licensed under AS 08.88  must obtain, and retain for a period of three years,  
		(1) a request from the person licensed to perform real estate activities in another licensing jurisdiction for payment of the commission; and  
		(2) a copy of an active, current real estate license for the person requesting the commission from the jurisdiction where the person is licensed to perform real estate transactions.  
	(e)  Subject to AS 08.88.401(b), a real estate broker licensed under this chapter may pay a fee or commission directly to an associate broker or real estate salesperson licensed in this state or associate broker or real estate salesperson doing business as a legal entity, organized and validly existing under the laws of this state, provided the ownership of the legal entity is an associate broker or salesperson employed by the broker.  

Authorities

08.88.071;08.88.081;08.88.331;08.88.351;08.88.401

Notes

Authority

AS 08.88.071 AS 08.88.081 AS 08.88.331 AS 08.88.351 AS 08.88.401

History

Eff. 1/19/78, Register 65; am 7/16/94, Register 131; am 8/31/2006, Register 179; am 12/16/2015, Register 216