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- Alaska Statutes.
- Title 8. Business and Professions
- Chapter 88. Real Estate Brokers and Other Licensees
- Section 460. Claim For Payment.
previous: Section 455
. Payments By Real Estate Licensees.
next: Section 465
. Consideration of Application.
AS 08.88.460. Claim For Payment.
- (a) Subject to (e) of this section, a person seeking reimbursement for a loss suffered in a real estate transaction as a
result of fraud, misrepresentation, deceit, or the conversion of trust funds or the conversion of community association
accounts under the control of a community association manager on the part of a licensee licensed under this chapter
shall make a claim to the commission for reimbursement on a form furnished by the commission. In order to be eligible
for reimbursement by the commission, the claim form must be filed within two years after the occurrence of the fraud,
misrepresentation, deceit, or conversion of trust funds or the conversion of community association accounts under the
control of a community association manager claimed as the basis for the reimbursement. The form shall be executed under
penalty of unsworn falsification in the second degree and must include the following:
- (1) the name and address of each real estate licensee involved;
- (2) the amount of the alleged loss;
- (3) the date or period of time during which the alleged loss occurred;
- (4) the date upon which the alleged loss was discovered;
- (5) the name and address of the claimant; and
- (6) a general statement of facts relative to the claim.
- (b) A copy of a claim filed with the commission under (a) of this section shall be sent to each real estate licensee
alleged to have committed the misconduct resulting in losses, to the principal real estate broker employing a licensee
alleged to have committed the conduct resulting in losses, and to any other real estate licensee involved in the
transaction at least 20 days before any hearing held on the claim by the office of administrative hearings (AS 44.64.010
- (c) Within seven days after receipt of notice of a claim under (b) of this section, each real estate licensee against whom
the claim is made may elect to defend the claim as a small claims action in district court under District Court Civil
Rules 8 - 22 if the claim does not exceed the small claims jurisdictional limit. An election to defend a claim in
district court under the small claims rules may not be revoked by the real estate licensee without the consent of the
claimant. Upon receipt of a valid written election under this subsection, the commission shall dismiss the claim filed
with the commission and notify the claimant that the claim must be brought as a small claims action in the appropriate
- (d) A claimant under this section shall pay a filing fee of $250 to the commission at the time the claim is filed. The
filing fee shall be refunded if the
- (1) commission makes an award to the claimant from the real estate surety fund;
- (2) claim is dismissed under (c) of this section; or
- (3) claim is withdrawn by the claimant before the office of administrative hearings (AS 44.64.010
) holds a hearing on the claim.
- (e) If the claim is for a loss incurred as a result of acts or omissions occurring in the course of the licensee's
practice of community association management, only the owners' association for which the real estate licensee practices
community association management may file a claim under this section.
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