Knedlik v. State, Department of Commerce & Economic Development, Real Estate Commission

OPINION

This case is an appeal from the Alaska Real Estate Commission’s (“Commission’s”) denial of Stanley Knedlik’s claim for reimbursement from the Real Estate Surety Fund. The Commission denied Knedlik’s claim on the ground that Knedlik had received all of the money he was entitled to receive. The superior court affirmed, and Knedlik appealed. We reverse.

I

On February 18, 1983, Banner Realty (“Banner”) acting through its employee, John Burns, offered to purchase certain real property from Knedlik. Banner offered to deposit $5000 earnest money in its trust account within 24 hours of Knedlik’s…