"An Act extending the termination date of the Real Estate Commission; and providing for an effective date."

AS 08.88.011 established the Real Estate Commission (REC) and provided for the appointment of members by the governor. The commission consists of five real estate brokers or associate brokers, one from each of the four judicial districts and two public members. CSHB 418(L&C), if enacted would extend the commission operation for another 4 years to June 30, 2008.

The commission serves the public interest by adopting regulations to carry out the laws governing the practice of real estate in Alaska. It approves education courses and instructors, makes final licensing decisions and takes disciplinary action against people who violate the licensing laws.

In the opinion of Legislative Audit, the REC should be extended. The regulation and licensing of real estate professionals provides necessary public protection in the buying and selling of residential and commercial properties. I recommend that the REC be extended to June 30, 2008, and urge you to vote for its passage.

The amendments made by the House Labor & Commerce Committee address two issues: home inspectors and requests from the Division of Occupational Licensing cleaning up statutory language.

The new Section 2 addresses the question of dual insurance. Current law requires each licensee to have insurance. This amendment indicates that if a licensee is covered under an employer's policy, there is no need for an individual policy.

New Sections 3 & 4, requested by the Division, clears up language regarding inactive real estate licenses and address notification.

New Section 5 addresses continuing education for a person who has a transitional home inspector license.

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