12 AAC 64.110 - Requirements for establishing and maintaining an office

(a) A real estate broker holding an active license shall establish and maintain a principal office in this state. The office in which the broker works and maintains the broker's license is the principal office of the broker.

(b) A broker who maintains offices or branch offices other than the principal office or branch shall have an associate broker in charge of each branch office. If a broker has an associate broker in charge of an office, the broker is responsible for supervision of the associate broker. The operation of a branch office without licensed personnel or without an associate broker in charge is grounds for suspension or revocation of the broker's license.

(c) Repealed 12/6/81.

(d) When a broker establishes a real estate office in a location not normally considered a business location, the commission may require the broker to submit evidence that the office is where the broker and the broker's employees transact business and receive business calls.

(e) A broker shall, before operating any office or branch office, register the office or branch office with the commission on a form provided by and approved by the commission. The information provided by the broker must include the

(1) broker's name and license number;

(2) business name under which the broker will operate and advertise as required by 12 AAC 64.112;

(3) mailing address of the business and all branch offices;

(4) physical location of the office and all branch offices;

(5) bank account numbers of all real estate trust accounts maintained by the broker;

(6) name and license number of all licensees employed by the broker at that office;

(7) name of the associate broker in charge of each branch office;

(8) telephone and facsimile number and, if available, an e-mail address of the office;

(9) type of business organization, such as a sole proprietorship, corporation, partnership, limited partnership, or limited liability company;

(10) all types of business activity practiced, such as sales, property management, community association management, and commercial sales.

(f) More than one licensed broker may operate an office at the same address; each broker shall maintain a clearly separate office identity.

(g) A real estate broker holding an active license shall

(1) maintain within this state one or more trust accounts and records of all real estate transactions conducted in this state as required by AS 08.88.351 and 12 AAC 64.220; and

(2) provide for acceptance of legal service at the business address registered with the commission.

Notes

12 AAC 64.110

Eff. 8/6/67, Register 24; am 8/22/79, Register 71; am 12/6/81, Register 80; am 7/16/94, Register 131; am 2/12/99, Register 149; am 4/24/2009, Register 190; am 3/1/2010, Register 193

Authority:AS 08.88.081

AS 08.88.291

AS 08.88.311

AS 08.88.321

AS 08.88.351