12 AAC 64.940. Disclosure of compensation

(a) In a real estate sales transaction, a broker shall disclose in writing to the broker's principal the dollar amount of any rebate, compensation, or fee paid to another broker in connection with that transaction.

(b) Subsection (a) does not require a broker to disclose the payment of a franchise fee, an internal office operating cost, or compensation to a license within the broker's office.

(c) As used in this section, "real estate sales transaction" means the sale or purchase of real property, but does not include a rental, lease, or other transaction involving real property.

(d) A disclosure required of a broker to the broker's principal under (a) of this section shall be made when

(1) the listing contract is signed;

(2) the purchase agreement is signed;

(3) the settlement statement is signed; and

(4) the terms of the real estate transaction change.

(e) The disclosure requirement in (a) of this section is a continuing obligation that is not extinguished by the transfer of title in a real estate transaction.

History: Eff. 5/28/98, Register 146; am 2/12/99, Register 149

Authority: AS 08.88.071

AS 08.88.081

AS 08.88.351

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