The bill amends several sections of the North Dakota Century Code related to real estate licensing, introducing new definitions and clarifying existing regulations. Key changes include the definition of "appointed agent," "client," and "customer," as well as the stipulation that "dual agency" can only exist when both the seller and buyer have written agency agreements with the same brokerage firm. Additionally, the bill allows licensed brokers in North Dakota to share commissions with out-of-state brokers under specific conditions, and it modifies the definition of a "wholesaler" to include those who profit from the transfer of equitable interests in real property.

Furthermore, the bill updates the licensing standards and renewal processes for real estate brokers and salespersons. It establishes that licenses must be renewed at regular intervals set by the commission, rather than annually, and introduces a late renewal application process with associated fees. The educational requirements for obtaining a broker's or salesperson's license are also clarified, allowing applicants to take the licensing examination before completing their educational prerequisites. Lastly, the bill mandates that wholesalers disclose their equitable interest in properties and outlines the rights of sellers and buyers if a wholesaler violates these disclosure requirements.

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