Real Estate Commission Consumer Information Recovery Fund Information On March 1, 2010, the Real Estate Commission statutes were changed. The Surety Fund has been renamed as the Real Estate Recovery Fund per HB 357 – June 2008. If you have received a final judgement or award for a loss suffered in a real estate transaction as a result of fraud, an intentional tort, deceit, or the conversion of trust funds or the conversion of community associations accounts under the control of a community association manager on the part of a person licensed under Sec. 08.88 but have not been able to collect, you may be eligible to collect the funds, plus interest, from the Alaska Real Estate Commission Recovery Fund. The judgement must be from a court, a competent jurisdiction, a final arbitration award, or a settlement agreement with a licensee licensed by the Alaska Real Estate Commission. The licensee must have been found to have committed fraud, an intentional tort, deceit, or converted trust funds or a community association account. You must have used due diligence to collect the final amount due and state the judgement, arbitration award, or settlement agreement is uncollectible and the subject conduct that was an activity for which a person must obtain a license under AS 08.88.161. You must make a claim to the Commission for an award from the Recovery Fund on a prescribed form to be eligible for an award. The form and requested information must be provided and the claim made within two years after the date of the claim or award. You must pay a filing fee of $250 to the Commission at the time the claim is filed. The fee will be refunded if the Commission makes the award or you withdraw the claim. The specifics of the governing law are in Alaska Statutes 08.88, Article 4. If you feel you have met these requirements, complete the “Recovery Fund Claim for Payment” and “Affidavit of Due Diligence for Filing a Recovery Fund Claim” forms found on the Applications and Forms page. and submit to the Real Estate Commission with all attachments. If you have any questions or concerns, please give the Real Estate Commission office a call: Vacant Executive Administrator 550 W 7th Avenue, Suite 1500 Anchorage, AK 99501 (907) 269-8168 realestatecommission@alaska.gov Nancy Harris Project Assistant Alaska Real Estate Commission Tel: (907) 269-8168 Fax: (907) 269-8156 realestatecommission@alaska.gov