North Dakota Real Estate Exam (State Test) Questions and Answers Already Passed

North Dakota Real Estate Exam (State Test) Questions and Answers Already Passed The Real Estate Commission consists of how many members? 5 How many of the commissions members must be active brokers 3 The governor appoints a commissions member for a term of how many years? 5 Terms must be staggered so the term of one member expires each year (T/F) True The commission may submit a report to the governor and secretary of state how often? Biennial The commission shall maintain all files, records, and property of the commission at the office of the: Executive Director Members of the commission receive how much compensation per day actively engaged in the service? Fifty Dollars All moneys or fees collected or received from the commission must be deposited and disbursed in accordance with which section? 54-44-12 No company, LLC, association, etc. may hold a real estate license unless at least how many partners hold are actively engaged as a real estate agent / or hold a brokerage license? One person means a licensee appointed by a designated broker of the licensee's real estate brokerage firm to act solely for a client of that brokerage firm to the exclusion of other licensees of that brokerage firm Appointed agent means a person that has entered a written agency agreement with a real estate brokerage firm. Client means a buyer, prospective buyer, seller, lessee, or lessor that is not represented by that real estate brokerage firm in a real property transaction. Customer means a licensee designated by a real estate brokerage firm to act on behalf of the brokerage firm. Designated Broker means a situation in which a real estate brokerage firm or the real estate brokerage firm's licensees owe a duty to more than one party in a real estate transaction. Dual Agency "Dual agency" does not exist unless both the seller and the buyer in a real estate transaction have written agency agreements with the same real estate brokerage firm. (T/F) True For purposes of "dual agency" a subagency arrangement is a written agency agreement. (T/F) False means a real estate broker, an associate real estate broker, or a real estate salesperson who is associated with a real estate brokerage firm. Licensee means any interest or estate in land, including leaseholds, whether such interest or estate is corporeal, incorporeal, freehold, or non-freehold, and whether situated in this state or elsewhere. "Real estate", "real property", "realty", or words of like import,