Real Estate Licensing in North Dakota – Questions and Answers Already Passed

Real Estate Licensing in North Dakota – Questions and Answers Already Passed The North Dakota Real Estate Commission (the commission) The governmental entity charged with overseeing the entire real estate industry in the state Office of Administrative Hearings (OAH) The entity that conducts all hearings into complaints made against licensees Suspension The temporary halting of licensure and licensing privileges; a licensee may not practice activities requiring a license while the license is under suspension Revocation The permanent removal of a license; if a real estate licensee's license is revoked, it may not be re-enacted before one year has passed The North Dakota Real Estate Education, Research, and Recovery Fund A fund used to repay consumers who have lost money due to a licensee's fraud, misrepresentation, or deceit if the licensee can't pay the judgment Broker Someone with real estate experience and advanced education who holds a broker license and directly engages in real estate brokerage for compensation; brokers may employ other licensees and are responsible for supervising them and are also responsible for the activities of unlicensed employees and assistants Salesperson Any person who is employed or engaged by a licensed real estate broker to perform real estate activities for a fee, compensation, salary, or other consideration. All real estate tasks completed by a salesperson must be done on behalf of the salesperson's designated broker Reciprocity The agreement between states to allow licensed individuals to do business in both states Non-resident license A type of license for licensees who reside in another state but do business in North Dakota Broker associate A person who holds a broker's license but chooses to register and work in real estate under the direction of another broker