12 AAC 64.550 - Property management transactions

(a) A licensee engaged in property management shall conduct property management activity in the registered name of the real estate company with which the licensee is affiliated.

(b) A licensee may not conduct property management activity for another person without a prior written property management contract. At a minimum, a property management contract must include the

(1) specific responsibilities of the property manager;

(2) authority and powers given by the property owner to the property manager;

(3) period of the agreement; and

(4) management fee.

(c) A licensee acting as a property manager may transfer funds between two or more accounts maintained for the same property owner if the licensee has written authorization from the property owner. The licensee shall make entries fully identifying the transaction in each of the ledger accounts affected.

(d) The sale or exchange of a property that is subject to an existing property management contract must be authorized by specific language in the property management contract or by a separate listing agreement.

(e) A licensee that owns rental real property shall disclose in writing to all tenants and prospective tenants of that property that the licensee holds a real estate license and the name of the company with which the licensee is affiliated.

Notes

12 AAC 64.550

Eff. 7/16/94, Register 131

Authority:AS 08.88.081

AS 08.88.331

AS 08.88.351