North Dakota Real Estate Salesperson Exam — All Questions
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2 questions
North Dakota Real Estate Practice
To hold an active real estate license in North Dakota, a licensee must:
- a.Own a piece of real property in the state
- b.Post a surety bond with the county
- c.Carry errors and omissions (E&O) insurance✓
- d.Maintain membership in a trade association
North Dakota requires active real estate licensees to carry errors and omissions (E&O) insurance, and the Commission makes a group policy available to satisfy the requirement. A licensee who does not maintain the required coverage may not hold an active license.
North Dakota Real Estate Practice
Earnest money that a North Dakota salesperson receives from a buyer must be:
- a.Promptly delivered to the employing broker for deposit in the broker's trust account✓
- b.Held by the salesperson in a personal account until closing
- c.Sent to the Real Estate Commission for safekeeping
- d.Given directly to the seller when the offer is made
Client funds such as earnest money must be handled through the broker's trust (escrow) account and kept separate from personal and business funds. A salesperson who receives the money must promptly deliver it to the employing broker. Commingling or converting trust money is a serious violation of NDCC 43-23.