"An Act relating to the disclosure requirements for real estate licensees, to disciplinary action against real estate licensees, to private actions against real estate licensees, and to real estate licensee agency relationships, fiduciary duties, and other duties; and providing for an effective date."

Legislative findings and intent.

Adds the disclosure statute (AS 08.88.396) to the list of actions that the Real Estate Commission can discipline a real estate licensee for violating. Also makes several grammatical corrections.

Changes "agent" to "real estate licensee." Adds references to lessor and lessee. Corrects misspelling of "acknowledgment."

Changes "agent" to "real estate licensee." Adds references to lessor and lessee.

Changes "agent" to "real estate licensee." Adds references to lessor and lessee.

AS 08.88.396(e): Exempts certain commercial real estate transactions from the disclosure statute.

AS 08.88.396(f): For those transactions exempt under (e), common law principles of agency do not apply and licensee must act with honesty, fairness and good faith when representing both parties.

AS 08.88.396(g): Failure to make a disclosure or obtain written consent required by this statute does not give a person a cause of action against the licensee for the failure. An action can be brought against the Real Estate Surety Fund in cases of fraud, misrepresentation or deceit, if there are damages.

(a) The provisions of this Act apply to a real estate transaction that occurs before, on or after the effective date of this Act.

(b) As 08.88.396(g) applies to an action pending in a court in the state in which a final judgment has not been rendered before the effective date of this Act.

This Act takes effect immediately.