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North Dakota Real Estate Exam- State
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How many days after moving an office, must a broker notify the commission of their new address? - ✔️ ✔️ 10 days
A licensee is liable for any action resulting from any disclosure or nondisclosure relating to the registration of sexual offenders under section 12.1- 32 - 15. (T/F) - ✔️ ✔️ False
If a brokerage firm, through a designated broker appoints a licensee within the brokerage to represent a client, the brokerage is still in dual agency with that client if another agent brings them a buyer/listing. (T/F) - ✔️ ✔️ False
How many of the commissions members must be active brokers - ✔️ ✔️ 3
How many years must have passed after another state revoked a RE license, can a a license or license renewal be issued? - ✔️ ✔️ 2 years
How may a broker applicant be able to obtain a broker license without two years salesperson experience? - ✔️ ✔️ Have two years of substantially equal experience to be determined by the real estate commission.
"Dual agency" does not exist unless both the seller and the buyer in a real estate transaction have written agency agreements with the same real estate brokerage firm. (T/F) - ✔️ ✔️ True
43 - 23 - 11.1 - Licenses may be suspended or revoked after investigations stemming from written complaints or actions initiated by the commission for: - ✔️ ✔️ A. Making material false statement B. Misrepresentation C. False promises to induce transactions D. Dual Agency without consent from both parties E. Commingling, Conversion, or failing to deposit earnest money in a state-approved account. F. Convicted, plead guilty, nolo contendere to any offense of theft, embezzlement, forgery, etc. G. Taking secret compensation for deals unknown to the broker. H. Failing to present relevant documents to a commission investigation I. Selling/leasing real estate without knowledge or consent of owner/ owner's agent. J. Discrimination
K. Failing to produce documents to a person who's signature is affixed to. L. Paying compensation to any person for a transaction who is not licenses as a salesperson or broker. M. Failing to disclose licensee's true intention to owner if the licensee intends to buy or lease the property in question. N. Failure to include a fixed expiration date on a contract. O. Failure to deliver complete closing statement to parties. P. Violating any provisions of this chapter Q. Violation of any provision of such realtor's code of ethics as the commission has or may promulgate and adopt. R. Accepting a commission from someone other than your broker. S. Broker allowing an unlicensed salesperson to conduct any transaction that requires a license. T. Failure to deposit earnest money before 24 hours. U. Failure to present written offers to the seller
A broker applicant must successfully complete their required 60 hr course before taking the exam? (T/F) - ✔️ ✔️ True
A broker is required to have and maintain a definite place of business in the state of North Dakota. (T/F) - ✔️ ✔️ True
A broker's home may NOT qualify as a place of business (T/F) - ✔️ ✔️ False
A fee for not more than what amount must accompany initial and annual license renewals? - ✔️ ✔️ $
A letter of reprimand may be issued to a licensee form the commission without a formal hearing (T/F) - ✔️ ✔️ False
All moneys or fees collected or received from the commission must be deposited and disbursed in accordance with which section? - ✔️ ✔️ 54 - 44 - 12
an applicant for a broker's or salesperson's license must be at least how old? - ✔️ ✔️ eighteen years of age
Applications for renewal must be submitted along with proof of CE and application fees before which date? - ✔️ ✔️ December 31
Commission shall maintain a balance how many dollars in the education fund for recovery purposes? - ✔️ ✔️ 60,
Each licensee must be notified of the required terms and conditions of coverage at least how many days before the annual license renewal date? - ✔️ ✔️ 30 days
If the subdivider registers additional subdivided lands to be offered for disposition, the subdivider may not consolidate the subsequent registration with any earlier registration offering subdivided lands for disposition under the same promotional plan. (T/F) - ✔️ ✔️ False
In order for the ND commission to permit an out-of-state broker to do business in ND, the commission also require that the: - ✔️ ✔️ Out-of-state broker's state authorizes them for out-of-state business.
it is unlawful for any person in this state To dispose of any interest in subdivided lands unless a ________________ statement is delivered to the purchaser and the purchaser is afforded a reasonable opportunity to examine the public offering statement prior to the disposition. - ✔️ ✔️ current public offering
it is unlawful for any person in this state To offer or to dispose of any interest in subdivided lands located without this state prior to the time that the subdivided lands are registered in accordance with chapter: - ✔️ ✔️ 43 - 23.1 SUBDIVIDED LANDS DISPOSITION ACT
Licensees who have held a license for fifteen continuous years on January 1, 1984 are exempt from CE. (T/F) - ✔️ ✔️ True
means a buyer, prospective buyer, seller, lessee, or lessor that is not represented by that real estate brokerage firm in a real property transaction. - ✔️ ✔️ Customer
means a licensee appointed by a designated broker of the licensee's real estate brokerage firm to act solely for a client of that brokerage firm to the exclusion of other licensees of that brokerage firm - ✔️ ✔️ Appointed agent
means a licensee designated by a real estate brokerage firm to act on behalf of the brokerage firm. - ✔️ ✔️ Designated Broker
means a person that has entered a written agency agreement with a real estate brokerage firm. - ✔️ ✔️ Client
means a person that is providing real estate brokerage services through that person's licensees and which is licensed by the commission as a real estate brokerage firm - ✔️ ✔️ Real Estate Brokerage Firm
means a real estate broker, an associate real estate broker, or a real estate salesperson who is associated with a real estate brokerage firm. - ✔️ ✔️ Licensee
means a situation in which a real estate brokerage firm or the real estate brokerage firm's licensees owe a duty to more than one party in a real estate transaction. - ✔️ ✔️ Dual Agency
means any interest or estate in land, including leaseholds, whether such interest or estate is corporeal, incorporeal, freehold, or non-freehold, and whether situated in this state or elsewhere. - ✔️ ✔️ "Real estate", "real property", "realty", or words of like import,
means any land situated outside the state of North Dakota which is divided or is proposed to be divided for the purpose of disposition into five or more lots, parcels, units, or interests and also includes any land, whether contiguous or not, if five or more lots, parcels, units, or interests are offered as a part of a common promotional plan of advertising and sale. - ✔️ ✔️ "Subdivision" and "subdivided lands"
means any person that for a fee, compensation, salary, or other consideration, or in the expectation or upon the promise of that compensation, is employed or engaged by a licensed real estate broker to do any act or deal in any transaction as provided in subsection 6 for or on behalf of such licensed real estate broker. - ✔️ ✔️ Real Estate Salesperson
Which subsection covers real estate salespersons conducting transactions in return for compensation? - ✔️ ✔️ Subsection 6
Within how many days after each annual anniversary date of an order registering subdivided lands, the subdivider shall file a report in the form prescribed by the commission. - ✔️ ✔️ 30
Within one year after initial licensure as a salesperson, how many credit hours of CE must be completed and recorded by the broker? - ✔️ ✔️ 15 hours
means any person that, for another, for a fee, commission, salary, or other consideration, or with the intention or expectation of receiving or collecting such compensation from another, engages in or offers or attempts to engage in, either directly or indirectly by a continuing course of conduct or by a single act or transaction, offers certain acts. - ✔️ ✔️ Real Estate Broker or "broker"
Members of the commission receive how much compensation per day actively engaged in the service? - ✔️ ✔️ Fifty Dollars
No company, LLC, association, etc. may hold a real estate license unless at least how many partners hold are actively engaged as a real estate agent / or hold a brokerage license? - ✔️ ✔️ One person
North Dakota, being a heavy oil state, includes subsurface, mineral, and oil rights in it's basic definition of real estate or real property. (T/F) - ✔️ ✔️ False
The term "real estate broker" or "real estate salesperson" also does not include: (5) - ✔️ ✔️ Any person holding in good faith a duly executed power of attorney from the owner, authorizing a final consummation and execution for the sale, purchase, lease, or exchange of real estate when such acts are not of a recurrent nature and done with the intention of evading this section.
The term "real estate broker" or "real estate salesperson" also does not include: (6) - ✔️ ✔️ Any person while acting as a receiver, trustee, administrator, executor, guardian, or under court order, or while acting under authority of a deed, trust, or will
The term "real estate broker" or "real estate salesperson" also does not include: (7) - ✔️ ✔️ Public officers while performing their duties.
The term "real estate broker" or "real estate salesperson" does not include: (1) - ✔️ ✔️ Any person, partnership, association, corporation, or limited liability company who is a bona fide owner or lessor or who accepts or markets leasehold interests in residential or agricultural property and performs any of the aforesaid acts with reference to property owned or leased by them, nor does it apply to regular employees thereof, when the acts are performed in the regular course of or as an incident to the management of the property and the investment therein.
To apply for a broker license, an applicant must have been actively engaged as a salesperson for how long? - ✔️ ✔️ Two years
Under the North Dakota subdivided lands disposition act, a person who is engaged in constructing buildings for resale or to persons who purchases lots for construction is exempt from the prohibitions. (T/F) - ✔️ ✔️ True
Unless otherwise agreed in writing, a real estate brokerage firm and the real estate brokerage firm's licensees are not obligated to a client, to a customer, or to any other person to discover defects in any real property. (T/F) - ✔️ ✔️ True
Unless the method of disposition is adopted for the purpose of evasion of 43-23.1, the registration provisions of this chapter do not apply to the sale or lease of any improved land on which there is a residential, commercial condominium, or industrial building or the sale or lease of land under a contract obligating the seller or lessor to erect such a building thereon within a period of - ✔️ ✔️ two years
Up to how much can an aggravated person claim from the RE fund? - ✔️ ✔️ $15,
Upon changing or terminating a relationship between broker and salesperson, within how many days does a salesperson need to inform the commission in writing of their new employer? - ✔️ ✔️ 10 days
What are exemptions to ND's disposition rule when it comes to sub-divided lands? - ✔️ ✔️ 1. purchase of subdivided lands for the purchaser's own account in a single or isolated transaction
- fewer than five separate lots, parcels, units, or interests in subdivided lands are offered by a person in a period of twelve months
- To persons who are engaged in the business of construction of buildings for resale or to persons who acquire an interest in subdivided lands for the purpose of engaging, and do engage, in the business of construction of buildings for resale
- Pursuant to court order;
- By any government or government agency
- As cemetery lots or interests
What are owed to a 'customer' by a broker or salesperson in a transaction? - ✔️ ✔️ perform customary acts to conclude a transaction, act with honesty and good faith, and to disclose any known material defects which pertain to the title or physical condition of the property.
What are the agency duties required by North Dakota? (7) - ✔️ ✔️ loyalty, obedience, disclosure, confidentiality, reasonable care, diligence, and accounting.
What is the registration fee for a subdivided lands application? - ✔️ ✔️ $
What maximum days does the commission have to arrange a hearing after receipt of request for a hearing from the applicant? - ✔️ ✔️ 60 days
Which section covers license standards? - ✔️ ✔️ 43 - 23 - 08
A nonresident broker regularly engaged in the real estate business as a vocation and who maintains a definite place of business and is licensed in some other state, which offers the same privileges to the licensed brokers of this state, may not be: - ✔️ ✔️ required to maintain a place of business within this state.
A salesperson transferring from one employer to another must wait for the commission to issue a new license and it prohibited from conducting any real estate transactions until the new license is received. (T/F) - ✔️ ✔️ True
After judging against an applicant in a hearing, the commission may direct the licensee to pay a fine not to exceed what amount, including attorney fees and other costs incurred by the commission in the case? - ✔️ ✔️ $2,
