When a sponsoring broker closes their real estate office or ceases operations in Alaska, what must the associated licensees do?
Correct Answer
B) Transfer their license to a new sponsoring broker or place their license on inactive status
In Alaska, a real estate salesperson or associate broker must be affiliated with a licensed sponsoring broker in order to practice. If the sponsoring broker closes their office or ceases operations, the associated licensees must either transfer their license to a new sponsoring broker or place their license on inactive status with the Alaska Real Estate Commission. They may not practice independently, and no retesting is required simply because a broker closes.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
A non-agency relationship where the broker facilitates a real estate transaction without representing either party, owing limited duties of honesty, fairness, and competence to both.
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
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