The bill amends several sections of the North Dakota Century Code related to real estate licensing, introducing new definitions and clarifying existing terms. Key changes include the definition of "appointed agent," "client," "customer," and "dual agency," which now specifies that dual agency only exists when both the seller and buyer have written agreements with the same brokerage firm. Additionally, the bill allows licensed brokers in North Dakota to share commissions with out-of-state brokers under certain conditions, and it clarifies the roles and responsibilities of real estate brokers and salespersons.

Furthermore, the bill revises the licensing and renewal process for real estate professionals. 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 bill also modifies the educational requirements for obtaining a broker's or salesperson's license, allowing applicants to take the licensing examination before completing all educational prerequisites. Lastly, it updates the definition of "wholesaler" and mandates that wholesalers disclose their equitable interest in properties to all parties involved in a transaction, ensuring transparency and protecting the rights of buyers and sellers.

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