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Daily Real Estate News | August 22, 2003
Alaska: Assoc. Proposes Rewrite of Dual Agency Laws
In response to an expensive undisclosed dual agency case that rocked Alaska’s real estate industry in 2002, the Alaska Association of REALTORS will propose a comprehensive rewrite of the state’s agency laws for the 2004 legislative session. The suit, which required a Prudential office to pay $200,000 to a client who found out that the office hadn’t adequately disclosed that it was representing both sides in a large deal, sent shock waves through the real estate community last year.
“Alaska’s current dual agency law is three paragraphs long. The bill we’ll be proposing is 13 pages long,” says Dave Feeken, chairman of AAR’s industry issues work group. The centerpiece of the legislation, tentatively numbered H.B.29, would replace the term “agency” with “relationship” and change “agents” to “licensees.” The laws governing “dual agency” will become laws governing “neutral licensees.”
In addition to defining the limits and requirements of a neutral licensee, AAR’s proposed bill requires that brokers record and make available their office’s policies regarding how they’ll handle disclosure and client relationships. Alaska’s next legislative session begins Jan. 1 in Juneau. AAR’s membership will review the bill at the state conference in September.
—By Paul Beakley for REALTOR Magazine Online
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