North Dakota Real Estate Exam (State Test)-
Questions with 100% Correct Answers| Verified-
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,
North Dakota, being a heavy oil state, includes subsurface, mineral, and oil rights in it's
basic definition of real estate or real property. (T/F) - ✔✔False
means any person that, for another, for a fee,
commission, salary, or other consideration, or with the intention or expectation of
receiving or collecting such compensation from another, engages in or offers or
, attempts to engage in, either directly or indirectly by a continuing course of conduct or
by a single act or transaction, offers certain acts. - ✔✔Real Estate Broker or "broker"
means a person that is providing real estate brokerage
services through that person's licensees and which is licensed by the commission as a
real estate brokerage firm - ✔✔Real Estate Brokerage Firm
means any person that for a fee, compensation, salary, or
other consideration, or in the expectation or upon the promise of that compensation, is
employed or engaged by a licensed real estate broker to do any act or deal in any
transaction as provided in subsection 6 for or on behalf of such licensed real estate
broker. - ✔✔Real Estate Salesperson
Which subsection covers real estate salespersons conducting transactions in return for
compensation? - ✔✔Subsection 6
The term "real estate broker" or "real estate salesperson" does not include: (1) -
✔✔Any person, partnership, association, corporation, or limited liability company
who is a bona fide owner or lessor or who accepts or markets leasehold interests in
residential or agricultural property and performs any of the aforesaid acts with
reference to property owned or leased by them, nor does it apply to regular employees
thereof, when the acts are performed in the regular course of or as an incident to the
management of the property and the investment therein.
The term "real estate broker" or "real estate salesperson" also does not include: (2) -
✔✔An attorney at law, admitted to practice in this state, handling sales of real estate
in the course of estate or guardianship administration in district court, or trust
administration, bankruptcy proceedings, receiverships, or like actions subject to
approval by a court of competent jurisdiction, or sales of real estate arising in the usual
course of the practice of law.
Questions with 100% Correct Answers| Verified-
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,
North Dakota, being a heavy oil state, includes subsurface, mineral, and oil rights in it's
basic definition of real estate or real property. (T/F) - ✔✔False
means any person that, for another, for a fee,
commission, salary, or other consideration, or with the intention or expectation of
receiving or collecting such compensation from another, engages in or offers or
, attempts to engage in, either directly or indirectly by a continuing course of conduct or
by a single act or transaction, offers certain acts. - ✔✔Real Estate Broker or "broker"
means a person that is providing real estate brokerage
services through that person's licensees and which is licensed by the commission as a
real estate brokerage firm - ✔✔Real Estate Brokerage Firm
means any person that for a fee, compensation, salary, or
other consideration, or in the expectation or upon the promise of that compensation, is
employed or engaged by a licensed real estate broker to do any act or deal in any
transaction as provided in subsection 6 for or on behalf of such licensed real estate
broker. - ✔✔Real Estate Salesperson
Which subsection covers real estate salespersons conducting transactions in return for
compensation? - ✔✔Subsection 6
The term "real estate broker" or "real estate salesperson" does not include: (1) -
✔✔Any person, partnership, association, corporation, or limited liability company
who is a bona fide owner or lessor or who accepts or markets leasehold interests in
residential or agricultural property and performs any of the aforesaid acts with
reference to property owned or leased by them, nor does it apply to regular employees
thereof, when the acts are performed in the regular course of or as an incident to the
management of the property and the investment therein.
The term "real estate broker" or "real estate salesperson" also does not include: (2) -
✔✔An attorney at law, admitted to practice in this state, handling sales of real estate
in the course of estate or guardianship administration in district court, or trust
administration, bankruptcy proceedings, receiverships, or like actions subject to
approval by a court of competent jurisdiction, or sales of real estate arising in the usual
course of the practice of law.
