Industry News

Alaska takes swipe at dual agency

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Alaska might be the next state to put the controversial concept of dual agency on the chopping block. Lawmakers are close to passing a bill that would replace dual agency with the highly debated concepts of designated agency and neutral licensees. The bill's sponsors say it clarifies relationships between consumers and real estate licensees. But critics charge it does nothing more than trim agent and broker liability. Take an Inman Pulse survey on dual agency. The bill, HB29, would prevent agents from practicing dual agency, which occurs when one real estate broker represents both the buyer and seller in a real estate transaction. Instead, state law would allow one agent to act as a "neutral licensee" who could perform specific services for both the buyer and seller, but not represent either of them. The bill recently passed a state House vote and now awaits action in the Senate. If it becomes law, it is expected to become effective Jan. 1, 2005. Linda Garrison, broker/owner of ...