Alaska Real Estate Final Exam Questions and
Answers with Verified Solutions
This examination tests knowledge of Alaska Real Estate Licensing Law (AS 08.88), Real Estate
Commission regulations (12 AAC 64), general real estate principles, agency relationships,
contracts, disclosures, financing, property management, and fair housing laws.
Section 1: Alaska Real Estate License Law & Regulations
1. Under Alaska Statute AS 08.88, how many members serve on the Alaska Real Estate
Commission?
A) 5 members
B) 7 members
C) 9 members
D) 11 members
Correct Answer: B) 7 members
Explanation: The Alaska Real Estate Commission consists of seven members
appointed by the Governor: five licensed real estate brokers or associate brokers with
at least 5 years of active experience, and two public members with no real estate
industry affiliation.
2. How often must real estate licenses be renewed in Alaska?
A) Annually on December 31
B) Biennially (every two years) on January 31 of even-numbered years
C) Biennially on January 31 of odd-numbered years
D) Every three years on the licensee's birthday
Correct Answer: B) Biennially (every two years) on January 31 of even-numbered
years
Explanation: Alaska real estate licenses expire on January 31 of every even-numbered
year, requiring renewal every two years along with proof of continuing education
completion.
3. How many hours of continuing education (CE) are required for active Alaska real
estate licensees during each biennial renewal cycle?
A) 12 hours
B) 20 hours
, C) 24 hours
D) 30 hours
Correct Answer: C) 24 hours
Explanation: Alaska licensees must complete 24 contact hours of continuing
education approved by the Commission during each two-year license period,
including mandatory core topics designated by the Commission.
4. Within how many days must a newly licensed salesperson in Alaska complete the
post-licensing education (PLE) requirement?
A) 90 days
B) 180 days
C) 1 year
D) 2 years
Correct Answer: C) 1 year
Explanation: Under Alaska regulations (12 AAC 64.063), initial salesperson licensees
must complete 30 hours of post-licensing education within one year of initial
licensure.
5. What is the maximum recovery amount paid from the Real Estate Surety Fund for
claims against a single licensee in Alaska?
A) $10,000 per transaction, up to $25,000 total
B) $15,000 per transaction, up to $50,000 total
C) $25,000 per claim, up to $50,000 total
D) $50,000 per claim, up to $100,000 total
Correct Answer: C) $25,000 per claim, up to $50,000 total
Explanation: Under AS 08.88.465, the maximum recovery from the Real Estate Surety
Fund is $25,000 per claimant per transaction, with a maximum aggregate ceiling of
$50,000 against any single licensee.
6. An earnest money deposit received by an Alaska real estate licensee must be
deposited into the broker's trust account within what timeframe?
A) Immediately upon receipt
B) Within 3 banking days following acceptance of the offer
C) Within 5 business days of initial receipt
D) Prior to closing the transaction
Correct Answer: B) Within 3 banking days following acceptance of the offer
Explanation: Under Alaska Real Estate Commission regulations (12 AAC 64.200), trust
, funds such as earnest money must be deposited into the designated broker trust
account within 3 banking days following the mutual acceptance of the contract.
7. Who is responsible for holding client earnest money deposits in an Alaska real estate
firm?
A) The listing salesperson
B) The selling salesperson
C) The designated broker
D) The title insurance escrow officer only
Correct Answer: C) The designated broker
Explanation: The designated broker is legally responsible for maintaining trust
accounts and ensuring all earnest money and trust funds are properly deposited and
accounted for under AS 08.88.351.
8. How long must an Alaska real estate broker maintain transaction records and trust
account logs?
A) 2 years
B) 3 years
C) 5 years
D) 7 years
Correct Answer: B) 3 years
Explanation: According to 12 AAC 64.240, real estate brokers in Alaska are required to
keep complete trust account records and real estate transaction files for at least three
years.
9. Which of the following activities requires an active real estate license in Alaska?
A) A property owner selling their own primary residence
B) An attorney performing legal duties for a client in a transaction
C) An individual managing rental property for multiple third-party owners for a fee
D) A resident manager living on-site managing a single apartment complex for salary
Correct Answer: C) An individual managing rental property for multiple third-party
owners for a fee
Explanation: Property management performed for another person for compensation or
valuable consideration requires an active real estate broker or associate broker
license in Alaska under AS 08.88.161.
10. An unlicensed assistant in an Alaska real estate office MAY legally perform which of
Answers with Verified Solutions
This examination tests knowledge of Alaska Real Estate Licensing Law (AS 08.88), Real Estate
Commission regulations (12 AAC 64), general real estate principles, agency relationships,
contracts, disclosures, financing, property management, and fair housing laws.
Section 1: Alaska Real Estate License Law & Regulations
1. Under Alaska Statute AS 08.88, how many members serve on the Alaska Real Estate
Commission?
A) 5 members
B) 7 members
C) 9 members
D) 11 members
Correct Answer: B) 7 members
Explanation: The Alaska Real Estate Commission consists of seven members
appointed by the Governor: five licensed real estate brokers or associate brokers with
at least 5 years of active experience, and two public members with no real estate
industry affiliation.
2. How often must real estate licenses be renewed in Alaska?
A) Annually on December 31
B) Biennially (every two years) on January 31 of even-numbered years
C) Biennially on January 31 of odd-numbered years
D) Every three years on the licensee's birthday
Correct Answer: B) Biennially (every two years) on January 31 of even-numbered
years
Explanation: Alaska real estate licenses expire on January 31 of every even-numbered
year, requiring renewal every two years along with proof of continuing education
completion.
3. How many hours of continuing education (CE) are required for active Alaska real
estate licensees during each biennial renewal cycle?
A) 12 hours
B) 20 hours
, C) 24 hours
D) 30 hours
Correct Answer: C) 24 hours
Explanation: Alaska licensees must complete 24 contact hours of continuing
education approved by the Commission during each two-year license period,
including mandatory core topics designated by the Commission.
4. Within how many days must a newly licensed salesperson in Alaska complete the
post-licensing education (PLE) requirement?
A) 90 days
B) 180 days
C) 1 year
D) 2 years
Correct Answer: C) 1 year
Explanation: Under Alaska regulations (12 AAC 64.063), initial salesperson licensees
must complete 30 hours of post-licensing education within one year of initial
licensure.
5. What is the maximum recovery amount paid from the Real Estate Surety Fund for
claims against a single licensee in Alaska?
A) $10,000 per transaction, up to $25,000 total
B) $15,000 per transaction, up to $50,000 total
C) $25,000 per claim, up to $50,000 total
D) $50,000 per claim, up to $100,000 total
Correct Answer: C) $25,000 per claim, up to $50,000 total
Explanation: Under AS 08.88.465, the maximum recovery from the Real Estate Surety
Fund is $25,000 per claimant per transaction, with a maximum aggregate ceiling of
$50,000 against any single licensee.
6. An earnest money deposit received by an Alaska real estate licensee must be
deposited into the broker's trust account within what timeframe?
A) Immediately upon receipt
B) Within 3 banking days following acceptance of the offer
C) Within 5 business days of initial receipt
D) Prior to closing the transaction
Correct Answer: B) Within 3 banking days following acceptance of the offer
Explanation: Under Alaska Real Estate Commission regulations (12 AAC 64.200), trust
, funds such as earnest money must be deposited into the designated broker trust
account within 3 banking days following the mutual acceptance of the contract.
7. Who is responsible for holding client earnest money deposits in an Alaska real estate
firm?
A) The listing salesperson
B) The selling salesperson
C) The designated broker
D) The title insurance escrow officer only
Correct Answer: C) The designated broker
Explanation: The designated broker is legally responsible for maintaining trust
accounts and ensuring all earnest money and trust funds are properly deposited and
accounted for under AS 08.88.351.
8. How long must an Alaska real estate broker maintain transaction records and trust
account logs?
A) 2 years
B) 3 years
C) 5 years
D) 7 years
Correct Answer: B) 3 years
Explanation: According to 12 AAC 64.240, real estate brokers in Alaska are required to
keep complete trust account records and real estate transaction files for at least three
years.
9. Which of the following activities requires an active real estate license in Alaska?
A) A property owner selling their own primary residence
B) An attorney performing legal duties for a client in a transaction
C) An individual managing rental property for multiple third-party owners for a fee
D) A resident manager living on-site managing a single apartment complex for salary
Correct Answer: C) An individual managing rental property for multiple third-party
owners for a fee
Explanation: Property management performed for another person for compensation or
valuable consideration requires an active real estate broker or associate broker
license in Alaska under AS 08.88.161.
10. An unlicensed assistant in an Alaska real estate office MAY legally perform which of
