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," 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 role of wholesalers in real estate transactions, requiring them to disclose their equitable interest in properties.

The bill also updates the licensing standards and renewal processes for real estate brokers and salespersons. It establishes that licenses can only be granted to individuals with a good reputation and relevant experience, and it modifies the educational requirements for obtaining a broker's or salesperson's license. Notably, the renewal process has been adjusted to require registration at intervals set by the commission, rather than annually, and introduces a late renewal application process. Furthermore, it specifies that wholesalers must 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