Free Alaska Real Estate Salesperson Exam Practice Test

Sample Alaska Real Estate practice questions

Try a few representative questions below. Each includes the correct answer and a short explanation — the same style you'll see in the full practice test.

1. Question 1

   A real estate broker in Alaska is acting as a dual agent in a transaction. The seller is asking for $350,000, and the buyer has offered $340,000. The broker knows the seller would accept $335,000 and that the buyer would pay $345,000. What is the broker's ethical and legal obligation regarding disclosure of this information in Alaska?

   • A.The broker must disclose both the seller's minimum acceptable price and the buyer's maximum offer to facilitate the transaction.
   • B.The broker must disclose the seller's minimum acceptable price but not the buyer's maximum offer to avoid jeopardizing the seller's position.
   • C.The broker must not disclose either the seller's minimum acceptable price or the buyer's maximum offer, as this constitutes revealing confidential information obtained during their agency relationship.(Correct)
   • D.The broker must disclose the buyer's maximum offer but not the seller's minimum acceptable price to avoid jeopardizing the buyer's position.

   Explanation

   In Alaska, a dual agent owes a duty of loyalty to all parties. Disclosing the seller's minimum acceptable price or the buyer's maximum offer would violate this duty, as it reveals confidential information that could disadvantage one party to the benefit of the other. The broker's role is to facilitate the transaction without compromising the interests of either client.

2. Question 2

   An Alaskan property owner sells their primary residence for $500,000. They purchased it for $200,000 ten years ago and made $50,000 in capital improvements. What is the capital gains tax implication, assuming no other real estate transactions and the owner meets all eligibility requirements for the primary residence exclusion?

   • A.The first $250,000 of the gain is excluded, and the remaining $50,000 is taxable.
   • B.The entire $300,000 gain is taxable as a capital gain.
   • C.The entire $300,000 gain is excluded from taxation.(Correct)
   • D.The gain is calculated as $300,000, but only the portion exceeding the cost basis and improvements is taxable.

   Explanation

   Under IRS rules, individuals can exclude up to $250,000 of capital gains from the sale of a primary residence, provided they meet ownership and residency tests. For married couples filing jointly, this exclusion is $500,000. Assuming this is a single owner, the gain is $500,000 (sale price) - $200,000 (purchase price) - $50,000 (improvements) = $250,000. This entire amount is excluded.

3. Question 3

   A buyer in Anchorage is considering purchasing a property with a well water system. The seller has provided a well water test report from 18 months ago that shows acceptable levels of common contaminants. What is the most prudent course of action for the buyer's agent?

   • A.Inform the buyer that well water quality can fluctuate, but the seller's report is legally binding and protects the buyer.
   • B.Accept the seller's report as sufficient documentation for the well's condition.
   • C.Recommend a current, independent well water test and an inspection of the well system to ensure its functionality and water quality.(Correct)
   • D.Advise the buyer that the 18-month-old report is likely still valid and no further testing is needed.

   Explanation

   Water quality can change over time due to various factors. An 18-month-old report may not reflect the current condition. It is prudent for the buyer's agent to recommend a current, independent water quality test and a professional inspection of the well system to ensure it is functioning properly and providing safe drinking water.

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