The Alaska Real Estate Commission, mentioned in yesterday's post, is busy. They're auditing approximately 57 offices around the statement, looking particularly at trust account records and compliance with regulations regarding display of licenses, policy and procedures manuals, and use of the AREC consumer pamphlet.
Regulations requiring brokers to carry Errors and Omission Insurance are out for public comment. Proponents argue that this insurance provides another layer of protection for the public; critics say it encourages frivolous lawsuits. If enacted, the E & O regulation will take effect on March 1, 2010.
In disciplinary action, the commission accepted the voluntary license surrender of Christopher Haydon, a Fairbanks licensee, and imposed sanctions against Wasilla broker Mae Sprague for allowing a former licensee to practice real estate.
Of five surety fund cases considered, four were dismissed. A claim of fraud and misrepresentation against David Dowd resulted in a surety fund payout of $15,000 to the claimant.
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