The bill amends several sections of the North Dakota Century Code related to real estate licensing, introducing new definitions and clarifying existing terms. Notably, it defines "appointed agent," "client," "customer," "dual agency," and "wholesaler," while also specifying the conditions under which dual agency exists. The bill allows licensed brokers in North Dakota to share commissions with out-of-state brokers under certain conditions, and it modifies the requirements for obtaining and renewing real estate licenses, including educational prerequisites and the process for late renewals.

Additionally, the bill updates the license renewal process, requiring licensees to register at intervals set by the commission and pay renewal fees accordingly. It also emphasizes the need for wholesalers to disclose their equitable interest in properties and the potential inability to convey title, providing sellers and buyers with the right to cancel contracts under specific circumstances if these disclosures are violated. Overall, the amendments aim to enhance clarity and compliance within the real estate industry in North Dakota.

Statutes affected:
INTRODUCED: 43-23-06.1, 43-23-08, 43-23-13.1, 43-23-24
Adopted by the House Industry, Business and Labor Committee: 43-23-06.1, 43-23-08, 43-23-13.1, 43-23-24
FIRST ENGROSSMENT: 43-23-06.1, 43-23-08, 43-23-13.1, 43-23-24
Enrollment: 43-23-06.1, 43-23-08, 43-23-13.1, 43-23-24