Are You Represented?
3 Ways A Real Estate Licensee Can Help You In Alaska
Did You Know?
States across the country have different requirements for Real Estate Licensees and how they assist consumers.
In Alaska, once you begin working with a Real Estate Agent, you will be asked to sign the Alaska Real Estate Commission Consumer Disclosure. It’s important to be prepared for the form, know what it means, and realize it is not a contract.
What is Representation?
In the world of Real Estate, representation refers to the degree of service that the licensee can provide for you. Here in Alaska, YOU choose if and how much you wish to be represented.
When you are fully represented, you are owed 10 specific duties from your licensee. These duties are explained in detail on the Alaska Real Estate Commission Disclosure.
What if you don’t want (or need) to be represented?
1.Specific Assistance- YOU ARE NOT REPRESENTED
The beginning of each real estate encounter begins with Specific Assistance until you choose representation. This is typically the licensee responding to your request for information. Just like representation, there are important facts about Specific Assistance which are also outlined on the AREC Disclosure. A critical fact to remember is that information you provide the licensee is not confidential.
2.Neutral License- YOU ARE NOT REPRESENTED
A neutral licensee is working for consumers on both sides of the transaction, but not representing either consumer. However, if the consumers authorize, the licensee may offer professional advice and assist both parties in reaching agreements.
In this situation, there are 10 specific duties the licensee owes the consumer. These duties are explained in detail on the AREC Disclosure, but be sure to note that #10 is the only duty that differs from the duties as a Representative.
I do want Representation, what can you offer me?
3.Designated License- YOU ARE REPRESENTED
In this situation, the licensee represents you and you alone in the transaction. You receive all duties owed through representation, as shown on the AREC Disclosure. Remember: There may be a licensee from the same office as your designated licensee assisting the other side of the transaction, but this may differ from office to office.
Now that you know about representation, speak with your Alaska Real Estate Licensee and decide what is best for you!