Bill Summary – FastDemocracy

19.0624.01000
     Sixty-sixth
     Legislative Assembly                     HOUSE BILL NO. 1250
     of North Dakota
     Introduced by
       Representative Louser
1    A BILL for an Act to amend and reenact section 43-23-05.1 of the North Dakota Century Code,
2    relating to licensure of organization of a real estate salesperson, broker, or broker associate.
3    BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA:
4        SECTION 1. AMENDMENT. Section 43-23-05.1 of the North Dakota Century Code is
5    amended and reenacted as follows:
6        43-23-05.1. Organization of salesperson, broker, or broker associate permitted to be
7    licensed - Fees.
8        1.   The commission may license an organization of a salesperson, broker, or broker
9             associate if:
10            a.     The organization is owned solely by an individual who is licensed as a
11                   salesperson, broker, or broker associate, or by that individual and that individual's
12                   spouse, or by that individual and other salespersons, brokers, and broker
13                   associates within the same firm as that individual;
14            b.     The organization does not engage in any real estate transactions as a third-party
15                   agent or in any other capacity requiring a license under this chapter; and
16             c.    The organization does not advertise or otherwise portray to the public that the
17                   organization is a real estate broker or real estate brokerage firm.
18       2.   The employing or associating broker of a salesperson, broker, or broker associate who
19            is part of an organization is not relieved of any obligation to supervise the employed or
20            associated salesperson, broker, or broker associate or of any other requirements
21            under this chapter.
22       3.   An individual who forms an organization is not by nature of that act relieved of any
23            personal liability for licensed activities.
                                                 Page No. 1                        19.0624.01000
    Sixty-sixth
    Legislative Assembly
1       4.   The commission may adopt rules establishing a one-time license fee for an
2            organization licensed as a salesperson, broker, or broker associate.
                                            Page No. 2                       19.0624.01000
Statutes affected: 
INTRODUCED: 43-23-05.1
Enrollment: 43-23-05.1