Free Alaska Real Estate Practice Exam

Q1.Which statement about multifactor authentication is most accurate?

• A.It guarantees no fraud can occur.
• B.It materially reduces account-takeover risk but must be combined with other controls.
• C.It replaces wire verification.
• D.It makes backups unnecessary.

Q2.Which statement correctly limits the ten-business-day broker review rule?

• A.It applies to the covered instruments identified by § 32-2151.01, not automatically to every PM record
• B.It is a universal deadline for every bank change
• C.It replaces all retention rules
• D.It applies only after an audit begins

Q3.Marcus lists a property for a seller who is later determined to have been legally incompetent at the time of signing the listing agreement. What is the legal status of that contract?

• A.Void — the contract never had legal effect
• B.Fully enforceable — the other party relied on the contract in good faith
• C.Voidable — the incompetent party or their guardian can rescind it
• D.Suspended — it remains valid until a court rules otherwise

Q4.Under Alaska law, which state agency is directly responsible for licensing and regulating real estate salespersons and brokers in Alaska?

• A.The Alaska Department of Commerce, Community, and Economic Development through the Alaska Real Estate Commission
• B.The Alaska Division of Banking and Securities
• C.The Alaska Attorney General's Office
• D.The Alaska Department of Revenue

Q5.A buyer applies for a mortgage and is denied credit. Under the Equal Credit Opportunity Act (ECOA), within how many days must the lender notify the applicant of adverse action, and what must that notice include?

• A.30 days; the notice must state the specific reasons for denial or advise the applicant of their right to request the reasons within 60 days.
• B.60 days; the notice must include a copy of the applicant's credit report and a list of all creditors contacted.
• C.15 days; the lender must provide a written statement of reasons and offer to reconsider the application.
• D.45 days; the notice must be filed with the Consumer Financial Protection Bureau before being sent to the applicant.

Q6.Under general agency principles, which of the following BEST describes a 'fiduciary' relationship?

• A.A relationship in which both parties share equal negotiating power
• B.A relationship in which an agent is obligated to act in the best interest of the principal
• C.A relationship governed exclusively by federal law
• D.A relationship in which the agent and client split commission equally

Q7.Under Alaska Statutes AS 08.88.396 and 12 AAC 64.060, a licensed broker who supervises affiliated salespersons must maintain written employment agreements with each associate. If a salesperson operates under an expired employment agreement for 45 days before the broker discovers the lapse, what is the broker's PRIMARY statutory exposure?

• A.The broker faces potential disciplinary action for failure to supervise and maintain required written agreements, which is a violation of 12 AAC 64.060 regardless of whether any harm to the public occurred.
• B.The broker has no exposure because the salesperson's individual license remained active throughout the period, which is the only statutory requirement.
• C.The broker is only liable if a consumer filed a written complaint during the 45-day lapse period.
• D.The broker must simply backdate a new agreement to cover the lapse period to cure the deficiency without regulatory consequence.

Q8.Under A.A.C. R4-28-1103, which statement best describes the designated broker's supervisory obligation over licensees associated with the brokerage?

• A.The broker may delegate all supervisory duties to an experienced office manager
• B.The broker must personally review every transaction document before closing
• C.The broker is responsible for the conduct of all licensees employed by or associated with the brokerage
• D.The broker's duty applies only to full-time employees, not independent contractors

Q9.RESPA prohibits kickbacks and unearned fees in connection with federally related mortgage loans. A title company pays a real estate broker $200 for every referral that results in a title insurance purchase. Under RESPA Section 8, this arrangement is:

• A.Illegal, because RESPA Section 8 prohibits giving or accepting anything of value in exchange for referrals of settlement service business.
• B.Legal, as long as the referral fee does not exceed $250 per transaction.
• C.Legal, provided both parties disclose the arrangement to the buyer on the Closing Disclosure.
• D.Legal only if the broker also performs title examination services for the fee received.

Q10.Under Alaska law, a licensed salesperson discovers that her supervising broker has been systematically directing all minority buyers away from listings in certain neighborhoods. The salesperson continues to process transactions without reporting the conduct. Under AS 08.88 and 12 AAC 64, which statement BEST describes the salesperson's legal exposure?

• A.The salesperson bears no liability because the discriminatory conduct was solely the broker's decision.
• B.The salesperson may be subject to disciplinary action by the Alaska Real Estate Commission because licensees are independently prohibited from participating in or facilitating discriminatory practices.
• C.The salesperson is only liable if she personally made discriminatory statements to the buyers.
• D.The salesperson's liability is limited to a civil fine assessed by the Alaska Human Rights Commission, and the real estate license cannot be affected.

Q11.Under the Equal Credit Opportunity Act (ECOA), a lender must notify an applicant of a credit decision within how many days of receiving a completed application?

• A.60 days
• B.45 days
• C.30 days
• D.15 days

Q12.Under AS 08.88.161, the Alaska Real Estate Commission may impose a civil penalty on a licensee found to have violated licensing laws. What is the maximum civil penalty per violation that the Commission may impose as of current Alaska statute?

• A.$2,500 per violation
• B.$500 per violation
• C.$10,000 per violation
• D.$25,000 per violation

Q13.A disaster plan lists phone numbers but does not assign decision authority. What is the most important improvement?

• A.Add more hazards without roles.
• B.Name incident roles, temporary authority, escalation paths, and backups.
• C.Remove vendor contacts.
• D.Require the designated broker to perform every technical task.

Q14.Under Alaska's agency disclosure rules, what must a licensee do when the same brokerage is asked to represent both the buyer and the seller in the same transaction?

• A.Decline to represent both parties, as Alaska law prohibits dual agency under all circumstances
• B.Proceed without additional disclosure because both parties already signed agency agreements with the brokerage
• C.Obtain informed written consent from both the buyer and the seller to act as a dual agent before proceeding
• D.Automatically convert to a transaction broker relationship without notifying either party

Q15.The safety clause in a listing agreement protects the broker's commission for a period after expiration. What must the broker typically have done to invoke it?

• A.Introduced or shown the property to the buyer who ultimately purchases it after the listing expired
• B.Submitted the listing to MLS within the required timeframe
• C.Obtained a written backup offer from another buyer
• D.Reduced the commission rate at the seller's request