Free Alaska State Law Practice Test — LicenseIQ

Question 1

Which statement about FHA-insured loans is correct?

Accepted Answer

FHA loans are made by approved lenders and insured by FHA, with down payments as low as 3.5% and mortgage insurance premium (MIP) required on all FHA loans, for 1-4 family homes.

Question 2

A salesperson's first license was issued 75 days before the licensing period's January 31 lapse date. For that renewal, the CE requirement is:

Accepted Answer

12 AAC 64.500(j) excuses CE for a licensee who has held the license 90 days or less when it is due to lapse. Seventy-five days falls inside that window.

Question 3

On the $20,000 commission above, the listing broker keeps 50% and pays 50% to the buyer's broker. How much does the buyer's broker receive?

Accepted Answer

$20,000 x 0.50 = $10,000 to the buyer's broker.

Question 4

An Alaska broker must deposit trust money into the trust account:

Accepted Answer

12 AAC 64.200 sets five days with an exception for location, weather, or transportation. Fifteen days is the deadline for withdrawing the broker's commission after closing.

Question 5

A licensee-owner rents out her condo. Under 12 AAC 64.570, the tenant's security deposit must be held:

Accepted Answer

12 AAC 64.570(b) requires deposits and prepaid rent to be held in the broker's trust account or an accessible private trust account. Only rents and incidental income may go directly to the licensee under (c).

Question 6

An Alaska broker's trust account must be maintained at:

Accepted Answer

12 AAC 64.180(a) requires a federally insured bank authorized to do business in Alaska, and 12 AAC 64.110 requires trust accounts within Alaska.

Question 7

A listing salesperson without prior neutral consent learns her buyer client wants to see her listing. She must obtain written neutral consent:

Accepted Answer

AS 08.88.610(b) requires written consent before showing the property when it was not preauthorized.

Question 8

Under 12 AAC 64.130, a licensee must submit all written bona fide offers to the seller:

Accepted Answer

12 AAC 64.130 makes it a ground for discipline to fail to submit all written bona fide offers before the seller has accepted an offer in writing, when the broker knows of the acceptance. AS 08.88.615 separately requires timely presentation even while under contract.

Question 9

A licensee who owns rental property must disclose to current and prospective tenants:

Accepted Answer

12 AAC 64.550(e) requires written disclosure of licensed status and company name.

Question 10

Which activity requires an Alaska real estate license when done for another person for a fee?

Accepted Answer

AS 08.88.161 lists community association management as licensed activity. Resident managers, tradespeople, and employees who only deliver contracts are exempt under AS 08.88.900.

Question 11

When must a licensee give a consumer the Commission's Consumer Disclosure pamphlet?

Accepted Answer

AS 08.88.615(a)(6) and 12 AAC 64.118 require the pamphlet before specific assistance or entering a contract for it. The offer is the point for the Licensee Relationships statement.

Question 12

A sale closes on March 20. What is the last day the broker may withdraw the commission from trust under the 15-day rule?

Accepted Answer

March 20 plus 15 days is April 4 (11 remaining days in March plus 4 in April). April 19 would be 30 days.

Question 13

A licensee representing the seller who learns the buyer will pay more than the offer must:

Accepted Answer

Loyalty and disclosure require the seller's agent to share material information that benefits the client. The agent owes the buyer-customer no confidentiality.

Question 14

A seller wants to net $250,000 after paying a 6% commission and $6,000 in other closing costs. To the nearest dollar, what must the sale price be?

Accepted Answer

Net + other costs = $256,000, which equals 94% of the price (100% - 6%). Price = $256,000 / 0.94 = $272,340.43, about $272,340. Adding 6% to $256,000 ($271,360) understates the price.

Question 15

A seller says, 'I will pay any broker a 5% commission if they bring me a buyer.' This promise creates a(n):

Accepted Answer

In a unilateral contract only one party is bound (to pay if the act is performed); the other party has no obligation to act. Most real estate contracts are bilateral.

Question 16

Which activity may an unlicensed assistant generally perform?

Accepted Answer

Unlicensed staff may perform clerical tasks like typing licensee-prepared ads, but may not compose ads, negotiate or show property.

Question 17

A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

Accepted Answer

In an exclusive agency listing, the seller pays no commission on a self-sale, but the listing broker is protected if any broker sells it. (Reclassified to section 6 / CORE.)

Question 18

The deed clause that defines the extent of the estate granted, often beginning 'to have and to hold,' is the:

Accepted Answer

The habendum clause defines the estate conveyed; the granting clause contains the words of conveyance.

Question 19

A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:

Accepted Answer

Implied agency arises from conduct; the agent then owes full fiduciary duties. Express agency is created by stated agreement, ideally in writing.

Question 20

Which statement about dual agency is correct?

Accepted Answer

Dual agency creates an inherent conflict; with informed written consent, the agent provides limited representation and must keep each party's confidences.

Question 21

Under the statute of frauds, a real estate sales contract must be:

Accepted Answer

The statute of frauds requires real estate sales contracts to be in writing and signed to be enforceable.

Question 22

Two brokers agree not to cooperate with a discount brokerage in order to drive it out of business. This is:

Accepted Answer

Agreeing with competitors to refuse to deal with another business is an illegal group boycott.

Question 23

When an owner dies with no will and no heirs, the property passes to the state through:

Accepted Answer

Escheat transfers ownerless property to the state when there is no will and no heirs.

Question 24

A licensee may manage property for an owner for a fee only if there is:

Accepted Answer

Property management agreements must be written and signed; they make the manager a general agent and define duties, authority and fees.

Question 25

Under the Truth in Lending Act (Regulation Z), which phrase in an ad is a 'trigger term' requiring full credit disclosures?

Accepted Answer

Specific terms like the down payment amount, number or amount of payments, finance charge or repayment period trigger full disclosure (including APR). General statements do not.

Alaska real estate state law practice test

1. Which statement about FHA-insured loans is correct?

2. A salesperson's first license was issued 75 days before the licensing period's January 31 lapse date. For that renewal, the CE requirement is:

3. On the $20,000 commission above, the listing broker keeps 50% and pays 50% to the buyer's broker. How much does the buyer's broker receive?

4. An Alaska broker must deposit trust money into the trust account:

5. A licensee-owner rents out her condo. Under 12 AAC 64.570, the tenant's security deposit must be held:

6. An Alaska broker's trust account must be maintained at:

7. A listing salesperson without prior neutral consent learns her buyer client wants to see her listing. She must obtain written neutral consent:

8. Under 12 AAC 64.130, a licensee must submit all written bona fide offers to the seller:

9. A licensee who owns rental property must disclose to current and prospective tenants:

10. Which activity requires an Alaska real estate license when done for another person for a fee?

11. When must a licensee give a consumer the Commission's Consumer Disclosure pamphlet?

12. A sale closes on March 20. What is the last day the broker may withdraw the commission from trust under the 15-day rule?

13. A licensee representing the seller who learns the buyer will pay more than the offer must:

14. A seller wants to net $250,000 after paying a 6% commission and $6,000 in other closing costs. To the nearest dollar, what must the sale price be?

15. A seller says, 'I will pay any broker a 5% commission if they bring me a buyer.' This promise creates a(n):

16. Which activity may an unlicensed assistant generally perform?

17. A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

18. The deed clause that defines the extent of the estate granted, often beginning 'to have and to hold,' is the:

19. A licensee never signs a buyer agreement but repeatedly gives a buyer negotiating advice and acts on his behalf. An agency relationship may have been created by:

20. Which statement about dual agency is correct?

21. Under the statute of frauds, a real estate sales contract must be:

22. Two brokers agree not to cooperate with a discount brokerage in order to drive it out of business. This is:

23. When an owner dies with no will and no heirs, the property passes to the state through:

24. A licensee may manage property for an owner for a fee only if there is:

25. Under the Truth in Lending Act (Regulation Z), which phrase in an ad is a 'trigger term' requiring full credit disclosures?

Sources