The bill amends section 40-11-04.2 of the North Dakota Century Code to clarify the process for transferring real property through exclusive and nonexclusive listing agreements by city governing bodies. It allows cities to describe the property to be sold, set a maximum fee or commission, and reserve the right to reject insufficient offers. Additionally, it stipulates that after a resolution is adopted and published on the city website for at least fourteen days, cities may engage licensed real estate brokers to sell the property through nonexclusive agreements or exclusive agreements if the broker is selected through a competitive process.

Furthermore, the bill outlines the criteria for proposals from licensed real estate brokers seeking exclusive listing agreements, which must include the broker's experience, marketing strategy, and proposed compensation. It also allows the governing body to agree to pay compensation to a buyer's broker during negotiations, while requiring consideration of the financial impact of such compensation on the overall fees payable by the city. This amendment aims to enhance transparency and efficiency in the sale of city-owned real property.

Statutes affected:
INTRODUCED: 40-11-04.2
Adopted by the House Industry, Business and Labor Committee: 40-11-04.2
FIRST ENGROSSMENT: 40-11-04.2
Enrollment: 40-11-04.2