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(a) Repealed 2/11/95.
(b) A broker acting on behalf of a business, corporation, or organization shall be authorized to act by a resolution of the policy making body of that business, corporation, or organization. The resolution must be a permanent part of the records of that business, corporation, or organization and must show that the broker has exclusive authority over and responsibility for
(1) employing and terminating the employment of licensees;
(2) maintaining and examining all trust accounts for real estate transactions;
(3) authorizing payment of all commissions, salaries, finder's fees, or other compensation for activities for which a license is required and indicating on the payment record the specific reason for the payment;
(4) maintaining the records of all real estate transactions and assuring their accessibility to the department; and
(5) directing and supervising all real estate business activities for which a license is required and all activities necessary for full compliance with AS 08.88 and this chapter.
(c) When a broker who is authorized to act on behalf of a business, corporation, or organization loses an active broker license for any reason, the business, corporation, or organization shall stop engaging in real estate transactions until the broker's license is renewed or reinstated, or until a new broker is employed.
History: Eff. 8/22/79, Register 71; am 7/1/89, Register 110; am 7/16/94, Register 131; am 2/11/95, Register 133
Authority: AS 08.88.071
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Last modified 7/05/2006