Alaska Real Estate Salesperson Exam

Alaska Real Estate Salesperson Exam: General Exam Portion

The general portion of the Alaska Real Estate Salesperson Exam includes the following topics: Terminologies and concepts used in real estate business, ownership, deeds, and transfer of title, property assessment, and valuation, contracts and agencies, disclosures of concerns in property and environment, fair housing and antitrust laws, real estate math, requirements for loans, settling and closing transactions, and duties of a licensee.

The subareas of the general content of the Alaska Real Estate Salesperson Exam are given below:

• Real Property Characteristics, Legal Descriptions, and Property Use

The Alaska real estate salesperson examinees must be proficient at legal terminologies and procedures to report real property, physical and economic characteristics of real property, fixtures, and emblements. There will be 9 questions centered around this topic.

• Forms Of Ownership, Transfer, And Recording of Title

The topics enquired are estate in severalty, types of real estate ownership, freehold estates and leaseholds, deeds and title transfers, quiet title action, recording title documents, and title insurance. About 8 questions are based on the mentioned topics.

• Property Value and Appraisal

The Alaska Real Estate examinees must demonstrate knowledge of the concept, features, and fundamentals of value, the appraisal process and its federal oversight, property value estimations by various methods, and broker price opinions (BPOs). 11 items in the exam will be from this section.

• Real Estate Contracts and Agency

There are 16 questions from this section that may inquire about contracts and agencies. The topics involved relate to the structure, processes, and constitution of legal contracts. Candidates should also be prepared to answer questions relating to equitable title and the statute of fraud. The examinees must also be well versed in the kinds of agencies, the creation and termination of agency contracts, and the responsibilities of a licensee towards the client and other stakeholders.

• Real Estate Practice

Alaska real estate salesperson examinees must demonstrate knowledge of the obligations of brokers, illegal practices, brokerage accords between brokers and their clients, equal opportunities in housing, and advertising in real estate. There are 14 questions in this section.

• Property Disclosures and Environmental Issues

8 questions are based on the topics in this section. The topics involved include disclosures of conditions of the property, especially in relation to potential hazards such as dangerous substances like lead or groundwater contamination. The candidate must also be proficient with the Clean Air and Water Acts, Environmental Protection Agency (EPA), and responding and documenting the effects of environmental happenings on property.

• Financing and Settlement

The Alaska Real estate examinee must be familiar with the protocols and requirements for credit, loans, and mortgage clauses. Loan programs, lien and title theory, lender requirements like FHA, VA, and hazard and mortgage insurance are some of the included topics. The examiner must be familiar with various rules and regulations, loans and fraud, and transaction settlement and closure. Candidates should expect 7 questions from this section.

• Real Estate Math Calculations

There will be 7 questions from this section on the exam. Candidates should be prepared to show their competency on topics including property appraisal, area estimates, capitalization rate, and commission/compensation. Candidates should be able to apply mathematical skills to calculate closing costs and appreciation and depreciation.

Alaska Real Estate Salesperson Exam: Alaska State Law Portion

The state law portion of the Alaska Real Estate Salesperson Exam covers inspections, trials and appeals, recovery funds, fines, investigation of records, licensing, requirements governing the activities of licensees, and additional topics like common interest ownership.

The sections of the state law portion of the exam are as follows:

• Powers of the Real Estate Commission

The first section is about the authorities of the Real Estate Commission and makes up 5% of the questions in the state portion. The questions examine case inspections, trials and appeals, funds to protect from monetary damages while transacting in real estate, review of records, and penalties.

• Licensing

The section on licensing makes up 5% of the state portion of the Alaska Real Estate Salesperson Exam and covers topics pertaining to the requirements of a license and licensed salespersons.

• Requirements governing the activities of a licensee

A majority of the questions (76%) of the state portion of the Alaska Real Estate Salesperson Exam are from this section. The questions focus on the conduct and duties of a licensed salesperson. Topics candidates should be familiar with include rules for advertising, handling of client funds and documents, and the duties and relationships between salespersons and brokers as well as other stakeholders.

• Additional topics

The topics involved include related but additional topics such as multiple-owner properties like condominiums, transfer disclosure, and the landlord and tenant act. This topic makes up 14% of questions on the state portion.