North Dakota Real Estate Exam Questions And Answers

"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 43-23-11.1 - Licenses may be suspended or revoked after investigations stemming from written complaints or actions initiated by the commission for: - A. Making material false statement B. Misrepresentation C. False promises to induce transactions D. Dual Agency without consent from both parties E. Commingling, Conversion, or failing to deposit earnest money in a state-approved account. F. Convicted, plead guilty, nolo contendere to any offense of theft, embezzlement, forgery, etc. G. Taking secret compensation for deals unknown to the broker. H. Failing to present relevant documents to a commission investigation I. Selling/leasing real estate without knowledge or consent of owner/ owner's agent. J. Discrimination K. Failing to produce documents to a person who's signature is affixed to. L. Paying compensation to any person for a transaction who is not licenses as a salesperson or broker. M. Failing to disclose licensee's true intention to owner if the licensee intends to buy or lease the property in question. N. Failure to include a fixed expiration date on a contract. O. Failure to deliver complete closing statement to parties. P. Violating any provisions of this chapter Q. Violation of any provision of such realtor's code of ethics as the commission has or may promulgate and adopt. R. Accepting a commission from someone other than your broker. S. Broker allowing an unlicensed salesperson to conduct any transaction that requires a license. T. Failure to deposit earnest money before 24 hours. U. Failure to present written offers to the sellerA broker applicant must successfully complete their required 60 hr course before taking the exam? (T/F) - True A broker is required to have and maintain a definite place of business in the state of North Dakota. (T/F) - True A broker's home may NOT qualify as a place of business (T/F) - False A fee for not more than what amount must accompany initial and annual license renewals? - $200 A letter of reprimand may be issued to a licensee form the commission without a formal hearing (T/F) - False A licensee is liable for any action resulting from any disclosure or nondisclosure relating to the registration of sexual offenders under section 12.1-32-15. (T/F) - False A nonresident broker regularly engaged in the real estate business as a vocation and who maintains a definite place of business and is licensed in some other state, which offers the same privileges to the licensed brokers of this state, may not be: - required to maintain a place of business within this state. A salesperson transferring from one employer to another must wait for the commission to issue a new license and it prohibited from conducting any real estate transactions until the new license is received. (T/F) - True After judging against an applicant in a hearing, the commission may direct the licensee to pay a fine not to exceed what amount, including attorney fees and other costs incurred by the commission in the case? - $2,500 All moneys or fees collected or received from the commission must be deposited and disbursed in accordance with which section? - 54-44-12an applicant for a broker's or salesperson's license must be at least how old? - eighteen years of age Applications for renewal must be submitted along with proof of CE and application fees before which date? - December 31 Commission shall maintain a balance how many dollars in the education fund for recovery purposes? - 60,000 Each licensee must be notified of the required terms and conditions of coverage at least how many days before the annual license renewal date? - 30 days For purposes of "dual agency" a subagency arrangement is a written agency agreement. (T/F) - False For which reasons may the commission exempt license renewal restrictions due to incomplete CE? - Licensee health, military service, or other "good" cause How many days after moving an office, must a broker notify the commission of their new address? - 10 days How many days notice must be given to the applicant of such a hearing to produce evidence related to the hearing? - 20 days How many of the commissions members must be active brokers - 3 How many years must have passed after another state revoked a RE license, can a a license or license renewal be issued? - 2 yearsHow may a broker applicant be able to obtain a broker license without two years salesperson experience? - Have two years of substantially equal experience to be determined by the real estate commission. If a brokerage firm, through a designated broker appoints a licensee within the brokerage to represent a client, the brokerage is still in dual agency with that client if another agent brings them a buyer/listing. (T/F) - False If a licensee has written buyer agreements with two or more different clients who wish to make a written offer on the same property, the licensee doesn't have to disclose to the clients that there are other written offers from clients he/she represents. (T/F) - False