North Dakota Real Estate Broker Exam — All Questions
3 questions
North Dakota has historically maintained real estate license reciprocity with which of the following?
- a.California and Texas
- b.Minnesota, Iowa, and Georgia✓
- c.Florida and New York
- d.No states at any time
North Dakota has recognized reciprocity with certain states, historically including Minnesota, Iowa, and Georgia, under which qualified applicants already licensed in a reciprocal state may obtain a North Dakota license with modified or waived examination requirements. Because these lists change, confirm current terms with the Commission.
Under a reciprocity arrangement, an applicant already licensed in a reciprocal state may typically:
- a.Practice in North Dakota without any North Dakota license
- b.Ignore North Dakota agency and trust rules
- c.Skip consent to North Dakota jurisdiction
- d.Obtain a North Dakota license with modified or waived examination requirements✓
Reciprocity allows a qualified applicant licensed in a reciprocal state to obtain a North Dakota license with modified or waived examination requirements. The licensee must still comply with North Dakota law, including agency disclosure and trust-account rules, on North Dakota transactions.
A nonresident broker handling a transaction involving North Dakota property must:
- a.Comply with North Dakota law, including agency disclosure and trust-account requirements✓
- b.Follow only the law of the broker's home state
- c.Avoid disclosing agency relationships to simplify the deal
- d.Deposit escrow in the home-state account only
Nonresident brokers must comply with North Dakota law for transactions involving North Dakota property, including agency disclosure and trust-account rules. The supervising broker remains responsible for the firm's North Dakota transactions.