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A broker may not
(1) pay a salesperson's commission directly from the trust account;
(2) pay bills for the broker's business or personal obligations from the trust funds;
(3) use trust funds to pay the maintenance expenses of a trust account;
(4) commingle funds by depositing the broker's own funds in a trust account, except those described in 12 AAC 64.180(d) ;
(5) withdraw funds from a trust account without fully complying with the recordkeeping requirements of 12 AAC 64.220;
(6) refuse to provide an accounting to the principals of a transaction for funds being held in trust; or
(7) refuse to return a deposit to a prospective buyer whose offer was not accepted; the broker may delay the return of the deposit until one business day after the prospective buyer's check has cleared.
History: Eff. 1/19/78, Register 65; am 7/16/94, Register 131
Authority: AS 08.88.071
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Last modified 7/05/2006