Free Alaska Real Estate Practice Exam

Q1.A salesperson in Alaska receives earnest money from a buyer on Monday. According to Alaska law and 12 AAC 64, the salesperson must deliver those funds to the supervising broker:

• A.Within 24 hours of receipt
• B.By the close of business on the day of receipt
• C.As soon as practicably possible
• D.Within five business days of receipt

Q2.Under Alaska Statute AS 08.88.396 and the Alaska Real Estate Commission's regulations, a licensed broker representing a seller discovers during a transaction that the buyer's financing is contingent on a seller concession not disclosed in the purchase and sale agreement. Which broker duty is MOST directly implicated, and what is the required action?

• A.The duty of disclosure to all parties; the broker must disclose this material fact to the seller and document the disclosure in writing.
• B.The duty of confidentiality; the broker must keep this information private because it pertains to the buyer's financing strategy.
• C.The duty of loyalty; the broker must renegotiate the contract terms on behalf of the seller without disclosing the buyer's financing details.
• D.The duty of accounting; the broker must report the undisclosed concession to the Alaska Real Estate Commission within 10 days.

Q3.Under AS 08.88 and 12 AAC 64, which of the following describes a key distinction between an Alaska 'associate broker' license and an Alaska 'broker' license?

• A.An associate broker may independently own and operate a real estate brokerage firm, while a broker must be affiliated with another broker
• B.A broker may independently own and operate a real estate brokerage, while an associate broker must be affiliated with and supervised by a licensed broker
• C.An associate broker must complete more continuing education hours per renewal period than a broker because of heightened supervision responsibilities
• D.There is no functional distinction — both designations confer identical privileges and responsibilities under Alaska law

Q4.A deed contains a covenant restricting the lot to single-family residential use. A buyer wants to operate a daycare from the property. This restriction is best described as:

• A.A financial encumbrance, like a mortgage
• B.An easement granting access rights to neighboring properties
• C.A non-financial encumbrance — a restrictive covenant in the deed that limits the permitted use of the property
• D.A zoning variance that can be modified through a city planning process

Q5.NAR Standard of Practice 10-5 applies to REALTOR® conduct in which contexts?

• A.Only in-person client meetings
• B.Professional contexts including open houses, industry events, MLS forums, and professional social media
• C.Only transactions involving the REALTOR®'s own listings
• D.Only conduct occurring at the REALTOR®'s brokerage office

Q6.A broker is hired to manage a commercial property built in 1975. The tenant requests renovations that will disturb existing floor tiles. Under EPA regulations, which federal requirement must the broker ensure is satisfied before renovation work begins?

• A.The broker must file a Notice of Demolition with the EPA under the National Emission Standards for Hazardous Air Pollutants (NESHAP) only if the building exceeds 10,000 square feet.
• B.The broker must ensure that a certified renovator tests for asbestos-containing materials and follows the EPA's Asbestos Hazard Emergency Response Act (AHERA) school-specific protocols.
• C.The broker must ensure compliance with the EPA's National Emission Standards for Hazardous Air Pollutants (NESHAP) for asbestos, which requires inspection by an accredited inspector and proper notification before renovation work that may disturb asbestos-containing materials.
• D.No federal requirement applies because asbestos regulations only govern residential properties built before 1978.

Q7.A property management company discovers that a rental property was built in 1975 and contains lead-based paint. Under EPA regulations, what disclosure requirement must be met before executing a lease agreement?

• A.Give tenants the EPA pamphlet 'Protect Your Family From Lead In Your Home' and allow a 10-day period to conduct lead inspection
• B.Provide tenants with a lead inspection report conducted within the past 12 months
• C.Immediately remediate all lead hazards before any tenant occupancy
• D.Post visible warnings about lead paint in common areas only

Q8.Under federal Truth-in-Lending Act (TILA) requirements, lenders must provide borrowers with which key disclosure to help them understand the true cost of credit?

• A.Annual Percentage Rate (APR)
• B.Loan-to-value ratio
• C.Private mortgage insurance rate
• D.Property tax assessment

Q9.Under Alaska law, a property manager who is employed by a licensed real estate broker to manage residential rental properties MUST operate under which of the following arrangements?

• A.A written property management agreement between the broker and each property owner, with the salesperson acting under the broker's supervision
• B.A direct written agreement between the salesperson and the property owner, since property management is a separate activity from real estate brokerage
• C.An oral agreement is sufficient as long as the salesperson maintains contemporaneous written notes of the management terms
• D.A property management agreement signed only by the salesperson, provided the broker gives written consent within 10 days

Q10.Under an Exclusive Right to Sell listing, the seller sells directly to a neighbor without the broker's involvement. Is the broker owed a commission?

• A.No — the broker only earns a commission if they procured the buyer
• B.Yes — under an Exclusive Right to Sell listing, the broker earns a commission regardless of who finds the buyer
• C.Only if the broker can prove they were the procuring cause of the neighbor's interest
• D.Only if the seller violated the safety clause provision

Q11.Under the Truth in Lending Act (TILA), what document must lenders provide to borrowers that discloses the true cost of credit, including the Annual Percentage Rate (APR)?

• A.Loan Estimate
• B.Closing Disclosure
• C.Regulation Z disclosure statement
• D.HUD-1 Settlement Statement

Q12.A landlord refuses to rent an apartment to a family because they have two young children, citing a policy that the unit is 'too small for families.' Under the federal Fair Housing Act, this policy most likely constitutes illegal discrimination based on which protected class?

• A.Race
• B.National origin
• C.Familial status
• D.Disability

Q13.Under AS 08.88 and 12 AAC 64, which of the following actions by an Alaska real estate salesperson would constitute a prohibited practice that could result in license revocation or suspension?

• A.Presenting all offers to the seller, including a low offer the salesperson personally believes is not serious.
• B.Advising a buyer client that the salesperson recommends the buyer obtain an independent home inspection before closing.
• C.Accepting a commission or compensation directly from a party to the transaction without the knowledge and consent of the salesperson's supervising broker.
• D.Disclosing to a prospective buyer that the property is located in a flood zone as identified by a publicly available government map.

Q14.Under the Truth-in-Lending Act (TILA) and Regulation Z, which of the following triggers the right of rescission for a borrower refinancing their primary residence?

• A.Any mortgage loan used to purchase a primary residence
• B.A refinance transaction with a new lender using the primary residence as collateral
• C.A purchase-money mortgage on a single-family home
• D.A commercial loan secured by mixed-use property

Q15.Under federal law, which circumstance would allow a landlord to retain a tenant's security deposit without violating consumer protection principles?

• A.Normal wear and tear to carpeting after a 3-year tenancy
• B.Tenant's failure to provide 60 days' notice before move-out when lease requires 30 days
• C.Administrative processing fees for deposit return that exceed actual costs
• D.Documented property damage beyond normal wear and tear with photographic evidence and repair receipts