North Dakota Real Estate Broker Exam — All Questions
3 questions
Which body licenses and regulates real estate brokers in North Dakota?
- a.The North Dakota Department of Financial Institutions
- b.The North Dakota Real Estate Commission (NDREC)✓
- c.The North Dakota Association of Realtors
- d.The North Dakota Secretary of State
The North Dakota Real Estate Commission (NDREC) licenses and regulates brokers and salespersons under NDCC Chapter 43-23. A trade association is a private membership group with no licensing authority.
North Dakota real estate practice is governed primarily by:
- a.NDCC Chapter 47-10 (Conveyances)
- b.NDCC Title 26.1 (Insurance)
- c.NDCC Chapter 43-23 and NDREC rules✓
- d.NDCC Title 57 (Taxation)
North Dakota's real estate license law is at NDCC Chapter 43-23, implemented by the rules of the North Dakota Real Estate Commission. These govern broker and salesperson licensing and conduct.
Which statement best distinguishes a North Dakota broker from a salesperson?
- a.A broker may operate a brokerage, hold client trust funds, and supervise licensees, while a salesperson works under a broker✓
- b.A salesperson may hold escrow independently in their own name
- c.A broker and a salesperson have identical authority
- d.A broker license requires no prior experience or education
The broker is the higher credential: a North Dakota broker may operate a brokerage, hold client trust funds, and supervise affiliated licensees. A salesperson works only under a supervising broker and cannot hold escrow independently.