12 AAC 64.064. Education requirements after initial license

(a) In addition to the education requirements of 12 AAC 64.063 for an initial license and the continuing education requirements under 12 AAC 64.500 for license renewal, within one year after the date that the commission issues an initial license to a real estate licensee under this chapter, the licensee shall complete 20 hours of education that meets the applicable requirements of (b) or (c) of this section.

(b) After initial licensure as a salesperson, to meet the real estate education requirements of AS 08.88.095 and this section, the salesperson must complete the following course modules:

(1) contracts and agreements: six contact hours covering

(A) purchase and sale agreements;

(B) addendum and amendments;

(D) contingencies;

(E) multiple offers;

(F) back up offers;

(G) differences between residential, land, and commercial transactions; and

(H) personal service agreements;

(2) property management: three contact hours covering

(A) landlord tenant act;

(B) rental, lease, and occupancy of residential and commercial properties;

(D) cooperatives;

(E) personal service agreements, management agreements, and lease listing agreements; and

(F) security deposit statements;

(3) licensee law: two contact hours covering

(A) consumer pamphlet and waiver;

(B) ethics;

(D) confidentiality; and

(E) conflict of interest;

(4) paperwork and risk management: four contact hours covering

(A) mandatory and area specific property disclosure;

(B) environmental issues;

(D) covenants, conditions, and restrictions;

(E) title reports;

(F) resale certificates and public offering statements;

(G) home inspections and repair negotiations;

(H) surveys; and

(I) record keeping;

(5) evaluation and pricing: two contact hours covering

(A) competitive market analysis and appraisals; and

(B) showing property;

(6) financing to closing: three contact hours covering

(A) the importance and differences of pre-approval letters and pre-qualifications, good faith estimates, and loan types, including Internet lending programs;

(B) review of settlement statements, security deposit transfers, rent prorations, seller net proceeds, and variations in loan costs;

(D) good funds law.

(c) Except for a person issued an initial license as a real estate broker as described in AS 08.88.095 (f) after initial licensure as a broker or associate broker, to meet the real estate education requirements of AS 08.88.095 and this section, the broker or associate broker must complete the following course modules:

(1) surety fund, trust account, and general accounts: five contact hours covering

(A) surety fund issues, including case studies on misrepresentation, conversion of trust fund, fraud, and deceit;

(B) trust accounts, different types of accounts, and how to set up and manage trust accounts;

(D) the importance of good record keeping;

(2) practical office management: four contact hours covering

(A) setting up an office, including types of ownership, office procedures, checklists, general office policy, file review and management, compliance with state law requirements, and licensee relationships manual; and

(B) the importance of regulation and statute changes, fair housing and diversity issues, employment contracts with licensees, how to handle complaints, risk management and legal liability, and errors and omissions insurance;

(3) practical supervision: six contact hours covering

(A) broker responsibilities;

(B) state requirements;

(D) communication;

(E) transaction management;

(F) final file review;

(G) licensee safety;

(H) checklists;

(I) disclosures, including property, licensee relationship, consumer pamphlet and waiver, and buying or selling the licensee's own property; and

(J) strategic alliance and business relationships in compliance with the law;

(4) risk management: five contact hours covering

(A) basic office procedures for risk management; and

(B) supervision failure, complaints, licensee relationships, confidentiality issues, and conflict of interest.

(d) Within 30 days after the end of the one-year period specified in (a) of this section, a real estate licensee must submit

(1) certification, on a form provided by the department, that the licensee has completed the applicable educational requirements of (b) or (c) of this section; and

(2) the post-license education certification and new license document fee established in 12 AAC 02.360.

(e) A licensee who uses a course to meet the education requirements of this section may not use the same course hours to meet the continuing education requirements of 12 AAC 64.500. However, an applicant for renewal of a real estate license who is not subject to the requirements of this section may receive continuing education credit for completion of a course listed under this section.

(f) For the purposes of AS 08.88.095 and this section,

(1) one contact hour equals a minimum of 50 minutes of instruction;

(2) one academic semester credit hour equals 15 contact hours;

(3) one academic quarter credit hour equals 10 contact hours.

History: Eff. 1/1/2006, Register 176

Authority: AS 08.88.071

AS 08.88.081

AS 08.88.091

AS 08.88.095

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