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- Alaska Statutes.
- Title 8. Business and Professions
- Chapter 88. Real Estate Brokers and Other Licensees
- Section 391. Conflict of Interest.
previous: Section 390
. [Repealed, Sec. 3 Ch 95 SLA 1964].
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. Licensee Relationships, Disclosures, and Activity Before January 1, 2005.
AS 08.88.391. Conflict of Interest.
- (a) A real estate licensee who has a conflict of interest relating to a real estate transaction shall disclose that
conflict of interest to the persons adversely affected by the conflict or their real estate licensees and confirm the
conflict of interest in writing to the persons adversely affected by the conflict or their real estate licensees
involved in the transaction as soon as possible after the conflict is identified. The licensee must also verbally
advise the person of the conflict, and begin any written statement of the conflict of interest with these words,
underlined and written in bold: "Disclosure of Conflict of Interest."
- (b) The failure of a licensee to disclose a conflict of interest as required under this section does not give rise to a
cause of action by a private person. However, the commission may, under AS 08.88.071
, impose a disciplinary sanction for violation of this section, and a claim may be filed by a private person under AS
if the violation constituted fraud, misrepresentation, or deceit and the person suffered a loss as a result of the
- (c) In this section, "conflict of interest" is when a licensee
- (1) has a present ownership or leasehold interest in the property that is the subject of a transaction;
- (2) is whole or part owner of a business interest in the property being marketed or considered for purchase or lease;
- (3) represents a relative, as defined in AS 08.88.900
(a)(19), or a person with whom the licensee has a financial relationship if the relative or person has a present
financial interest in the property being marketed or considered for purchase or lease;
- (4) receives compensation from someone other than a party to the contract or another party having a financial interest in
the transaction; or
- (5) receives compensation for community association management while simultaneously engaged as a property manager for a
unit within the community association.
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