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. It allows a city's governing body to describe the property for sale, set a maximum fee or commission, and reserve the right to reject insufficient offers. Additionally, it stipulates that after the resolution is adopted and published on the city website for at least fourteen days, the city 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 fees. It also permits the city to agree to pay compensation to a buyer's real estate broker during negotiations, while requiring the governing body to consider the financial implications of such compensation on the overall fees payable 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
Enrollment: 40-11-04.2