In Alaska real estate practice, a buyer offers a non-cash substitute as earnest money. What should the licensee remember?
Correct Answer
C) The non-cash substitute must be communicated to the owner before accepting the offer and identified as non-cash on the earnest money receipt
12 AAC 64.130(12) addresses acceptance of non-cash earnest money substitutes and disclosure on the receipt. Source basis: Alaska DCCED Real Estate Commission RECregulations.pdf: cited rules include 12 AAC 64.117, 64.118, 64.119, 64.130, 64.140, and 64.550; checked 2026-04-30.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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