Real Estate Practice (State)
The North Dakota Real Estate Commission members are appointed by the
A. Governor
B. Public Service Commissioner
C. Attorney General
D. None of the above - answerA.
The North Dakota Real Estate Commission consists of how many members and how
many members must be active real estate broker?
A. 3 members, 2 of which are active real estate brokers
B. 7 members, 3 of which are active real estate brokers
C. 7 members, 5 of which are active real estate brokers
D. 5 members, 3 of which are active real estate brokers - answerD.
The purpose of the North Dakota Real Estate Commission is to
A. encourage and require the maintenance of high standards in ethical practices by all
licensees doing business in North Dakota
B. regulate the licensing of real estate brokers and salespeople
C. safeguard the public interest in real estate transactions
D. all of the above - answerD.
Which governmental agency is responsible to seek out and prosecute persons who
unlawfully engage in dishonest, fraudulent or criminal activities in connection with real
estate in North Dakota?
A. Office of Administrative Hearings
B. Attorney General
C. Real Estate Commission
D. Public Service Commission - answerC.
No applicants for either a broker's or salesperson's license will be accepted from a
person under the age of
A. 21
B. 25
C. 19
D. 18 - answerD.
The Real Estate Commission may not deny an application for license when
A. the applicant has had a license suspended or revoked in another state
B. the applicant makes false statements
C. the applicant's check used in paying for examination or license fees is returned due
to insufficient funds
D. the applicant does not have a four year degree - answerD.
, All North Dakota real estate licenses expire each year on
A. December 31st
B. June 30th
C. April 15th
D. the licensee's anniversary date of their original license - answerA.
A broker upon notice of suspension or revocation of the broker's license shall
A. be allowed to practice real estate until found guilty in criminal court
B. be refunded for license fees for the period of suspension
C. be allowed to have salespeople practice real estate until a new broker is licensed
D. forward their license and all salesperson's licenses in the broker's possession at
once to the real estate commission - answerD.
A salesperson shall commence work as a real estate agent when
A. the salesperson's real estate application has been approved by the North Dakota
Real Estate Commission
B. the salesperson has completed 45-hours of pre-licensure education
C. the salesperson's employing broker receives the appropriate license
D. the salesperson has passed the nation and state real estate examine - answerC.
The bank account in which earnest money, accepted by the real estate broker on behalf
of clients, needs to be identified by the words
A. money market account
B. savings account
C. trust account or escrow account
D. earnest money account - answerC.
The broker's personal funds or other funds, in excess of $500, that are deposited in the
bank account with earnest money is considered
A. interest bearing funds with interest due to broker
B. personal deposits that can be refunded to the broker
C. commingling of funds and is illegal
D. fiduciary funds that belong to the clients - answerC.
Every broker shall keep permanent records of all funds and property of others received
by the broker not less than six years from the date of receipt of any such funds or
property
A. False
B. True - answerB.
Each broker shall deposit all real estate trust money received by the broker or the
broker's salesperson in the trust account within ______________ of receipt of the
money by the broker or salesperson unless otherwise provided in the purchase contract
A. 72 hours
B. 48 hours
The North Dakota Real Estate Commission members are appointed by the
A. Governor
B. Public Service Commissioner
C. Attorney General
D. None of the above - answerA.
The North Dakota Real Estate Commission consists of how many members and how
many members must be active real estate broker?
A. 3 members, 2 of which are active real estate brokers
B. 7 members, 3 of which are active real estate brokers
C. 7 members, 5 of which are active real estate brokers
D. 5 members, 3 of which are active real estate brokers - answerD.
The purpose of the North Dakota Real Estate Commission is to
A. encourage and require the maintenance of high standards in ethical practices by all
licensees doing business in North Dakota
B. regulate the licensing of real estate brokers and salespeople
C. safeguard the public interest in real estate transactions
D. all of the above - answerD.
Which governmental agency is responsible to seek out and prosecute persons who
unlawfully engage in dishonest, fraudulent or criminal activities in connection with real
estate in North Dakota?
A. Office of Administrative Hearings
B. Attorney General
C. Real Estate Commission
D. Public Service Commission - answerC.
No applicants for either a broker's or salesperson's license will be accepted from a
person under the age of
A. 21
B. 25
C. 19
D. 18 - answerD.
The Real Estate Commission may not deny an application for license when
A. the applicant has had a license suspended or revoked in another state
B. the applicant makes false statements
C. the applicant's check used in paying for examination or license fees is returned due
to insufficient funds
D. the applicant does not have a four year degree - answerD.
, All North Dakota real estate licenses expire each year on
A. December 31st
B. June 30th
C. April 15th
D. the licensee's anniversary date of their original license - answerA.
A broker upon notice of suspension or revocation of the broker's license shall
A. be allowed to practice real estate until found guilty in criminal court
B. be refunded for license fees for the period of suspension
C. be allowed to have salespeople practice real estate until a new broker is licensed
D. forward their license and all salesperson's licenses in the broker's possession at
once to the real estate commission - answerD.
A salesperson shall commence work as a real estate agent when
A. the salesperson's real estate application has been approved by the North Dakota
Real Estate Commission
B. the salesperson has completed 45-hours of pre-licensure education
C. the salesperson's employing broker receives the appropriate license
D. the salesperson has passed the nation and state real estate examine - answerC.
The bank account in which earnest money, accepted by the real estate broker on behalf
of clients, needs to be identified by the words
A. money market account
B. savings account
C. trust account or escrow account
D. earnest money account - answerC.
The broker's personal funds or other funds, in excess of $500, that are deposited in the
bank account with earnest money is considered
A. interest bearing funds with interest due to broker
B. personal deposits that can be refunded to the broker
C. commingling of funds and is illegal
D. fiduciary funds that belong to the clients - answerC.
Every broker shall keep permanent records of all funds and property of others received
by the broker not less than six years from the date of receipt of any such funds or
property
A. False
B. True - answerB.
Each broker shall deposit all real estate trust money received by the broker or the
broker's salesperson in the trust account within ______________ of receipt of the
money by the broker or salesperson unless otherwise provided in the purchase contract
A. 72 hours
B. 48 hours
