00                             HOUSE BILL NO. 29                                                                          
01 "An Act relating to representatives of buyers and sellers in real property transactions."                               
02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
03    * Section 1.  AS 08.88.391(a) is amended to read:                                                                  
04            (a)  A real estate licensee who has a conflict of interest relating to a real estate                         
05       transaction shall disclose that conflict of interest at the time of initial substantive                           
06       contact with the principals or representatives [AGENTS] of the principals and                                 
07       confirm the conflict of interest in writing to the principals or representatives                              
08       [AGENTS] of the principals involved in the transaction as soon as possible after the                              
09       initial substantive contact.                                                                                      
10    * Sec. 2.  AS 08.88.396(a) is amended to read:                                                                     
11            (a)  A person licensed under this chapter shall, when representing [ACTING                               
12       AS AN AGENT FOR] a prospective seller of real estate,                                                             
13                 (1)  disclose in writing the licensee's representative [AGENCY]                                     
14       relationship with the seller to each prospective buyer at the time that the licensee                              
15       begins to provide specific assistance to locate or acquire real estate for the buyer, and                         

01       obtain from each prospective buyer a signed acknowledgment                                                    
02       [ACKNOWLEDGEMENT] that the buyer is aware of the representative [AGENCY]                                      
03       relationship between the licensee and the seller; and                                                             
04                 (2)  include in the purchase agreement a statement of the                                               
05       representative [AGENCY] relationship between the licensee and the seller.                                     
06    * Sec. 3.  AS 08.88.396(b) is amended to read:                                                                     
07            (b)  A person licensed under this chapter shall, when representing [ACTING                               
08       AS AN AGENT FOR] a prospective buyer of real estate,                                                              
09                 (1)  disclose the licensee's representative relationship with the buyer to                          
10       a prospective seller of real estate, or to a person who is licensed under this chapter                        
11       and representing the seller [SELLER'S AGENT], at the time of the initial contact                          
12       between the licensee and the prospective seller or the seller's representative                                
13       [AGENT], and confirm the relationship in writing as soon as possible after the initial                            
14       contact;                                                                                                          
15                 (2)  include in the purchase agreement a statement of the                                               
16       representative [AGENCY] relationship between the licensee and the buyer;                                      
17                 (3)  if the prospective seller has an unexpired exclusive listing contract                              
18       for a property, present all offers to purchase that property through the seller's                                 
19       representative [AGENT]; and                                                                                   
20                 (4)  disclose in writing to all parties to a transaction when the licensee's                            
21       compensation as representative of [AGENT FOR] the buyer is to be paid by anyone                               
22       other than the buyer being represented by the licensee.                                                           
23    * Sec. 4.  AS 08.88.396(c) is amended to read:                                                                     
24            (c)  A person licensed under this chapter may represent [ACT AS AN                                       
25       AGENT FOR] both a prospective seller and a prospective buyer of real estate only                                  
26       after the licensee informs both the seller and the buyer of the dual representation                           
27       [AGENCY] and obtains written consent to the dual representation [AGENCY] from                                 
28       both principals.