This bill amends section 40-11-04.2 of the North Dakota Century Code to clarify the procedures for the transfer of real property through exclusive and nonexclusive listing agreements by city governing bodies. The amendments specify that cities may describe the property to be sold, set a maximum rate of fees or commissions, and reserve the right to reject insufficient offers. Additionally, it introduces a requirement for cities to publish the resolution on their website for at least fourteen days before engaging licensed real estate brokers.

Furthermore, the bill outlines the criteria for selecting a licensed real estate broker for an exclusive listing agreement, which includes the broker's experience, marketing strategy, and proposed compensation. It also allows the governing body to agree to pay compensation to the buyer's broker during negotiations, emphasizing the need to consider the financial implications of such payments on the overall costs incurred by the city.

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