Title 12 . Professional and Vocational Regulations

Chapter 64 . Real Estate Commission

Section 990. Definitions

12 AAC 64.990. Definitions

(a) In AS 08.88.171 , 12 AAC 64.059(d) , and 12 AAC 64.075(e) , "active and continuous experience" means that, notwithstanding 12 AAC 64.080(c) , the licensee holds a current active license with no single break of current active status of more than 30 days due to the licensee's failure to affiliate with an employing broker and file the appropriate completed application with the division.

(b) In this chapter, unless the context requires otherwise,

(1) "commission" means the real estate commission established by AS 08.88.011 ;

(2) "contact hour" means a minimum of 50 minutes of instruction;

(3) "sponsor" means a person, school, college, or professional association that provides, or wishes to provide, courses in real estate education under this chapter;

(4) "real estate transaction" means a transaction for which a real estate broker must maintain records under AS 08.88.331 - 08.88.351 and 12 AAC 64.220;

(5) "commingle" means a licensee depositing the licensee's own funds in the account where the funds of others are held in trust, except as allowed in 12 AAC 64.180(d) ;

(6) "salesperson" means the same as "salesman" in AS 08.88;

(7) "division" means the division of occupational licensing in the Department of Commerce, Community, and Economic Development;

(c) In 12 AAC 64.280 - 12 AAC 64.325,

(1) "claim" means a claim for reimbursement filed with the commission under AS 08.88.460 and 12 AAC 64.280 - 12 AAC 64.325;

(2) "claimant" means a person who properly files a claim with the commission under AS 08.88.460 and 12 AAC 64.280 - 12 AAC 64.325;

(3) "involved licensee" means an individual described in AS 08.88.460 (b) and, if applicable, a cooperating broker and any affiliated licensees who participated in the transaction upon which the claim is based;

(4) "involved party" means any licensee, whether named or unnamed by the claimant, involved in a transaction that is the subject of a claim, and the employing broker or brokers of all involved licensees at the time of the transaction, and all principals to the transaction.

(d) In AS 08.88, "personal service contracts" include listings, fee agreements between brokers and buyers or sellers, management contracts with property owners, or other agreements by which a broker agrees to perform a duty with respect to real estate for an agreed upon fee or commission.

History: Eff. 12/6/81, Register 80; am 4/10/83, Register 86; am 9/29/83, Register 88; am 10/8/90, Register 116; am 7/3/94, Register 130; am 7/16/94, Register 131; am 9/15/94, Register 131; am 2/12/99, Register 149; am 9/6/2002, Register 163

Authority: AS 08.88.081

AS 08.88.091

Editor's note: Before Register 116, January 1991, the definitions section for 12 AAC 64 was numbered as 12 AAC 64.950. The history note for 12 AAC 64.990 reflects the section's history under its previous number.

As of Register 133, 1995, the regulations attorney added a definition of "division" as a technical reference to 12 AAC 64.990.

As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 44.62.125 (b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.