North Dakota Real Estate Exam
1,501+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the North Dakota real estate salesperson exam.
Real Estate Math
186 questions- A property sold for $185,000. The seller paid a 6% commission and $2,000 in other closing costs. What were the seller's total costs?
- A buyer finances $160,000 at 7% annual interest (interest only). What is the monthly interest payment?
- A 7,500 sq ft commercial lot sells for $3.50 per sq ft. What is the total sales price?
- A property's NOI is $28,800 per year. The capitalization rate is 8%. What is the estimated value using the income approach?
- A home sold for $240,000. The listing broker and buyer's broker split the 6% commission equally. How much did each broker receive?
- A property's assessed value is $180,000. The tax rate is 25 mills. What is the annual property tax?
- An investor purchases a 6-unit apartment building for $480,000. Monthly rent per unit is $700. What is the annual gross rent multiplier (GRM)?
- A rectangular lot measures 150 feet wide by 200 feet deep. How many acres is this lot? (1 acre = 43,560 sq ft)
- A property was purchased for $200,000 and sold 3 years later for $236,000. What was the percentage appreciation?
- An investor wants a 10% return on a property generating $36,000 annual NOI. What is the maximum they should pay?
- A property sells for $325,000. Transfer taxes are $1.50 per $500 of value. What are the transfer taxes?
- A buyer's annual income is $72,000. Using the 28% front-end ratio, what is the maximum monthly housing payment?
- A broker receives a 6% commission on a $190,000 sale. The broker splits this 60/40 with the selling agent. How much does the selling agent receive?
- A property has a gross potential income of $60,000. The vacancy rate is 5% and operating expenses are $18,000. What is the NOI?
- A buyer puts 20% down on a $280,000 home. What is the down payment?
- A property generates monthly rent of $1,800. If the GRM is 130, what is the estimated value?
- A building has a reproduction cost of $500,000. It has 20% physical depreciation. The land value is $80,000. What is the estimated total value?
- A commercial property leases 4,500 square feet at $18 per square foot annually. What is the annual rent?
- How many square feet are in one acre?
- A property has a NOI of $45,000 and sells at a 7.5% cap rate. What is the sales price?
- A property was assessed at 80% of its $250,000 market value. The mill rate is 30 mills. What is the annual property tax?
- A property generates monthly rental income of $3,200. Annual operating expenses are $12,500. What is the annual NOI?
- A licensee is paid a 5.5% commission on the sale of a $310,000 home. What is the commission amount?
- If a property's value increases from $175,000 to $196,000, what is the percentage increase?
- A commercial building contains 8,000 sq ft. The owner leases 75% of the space. How many square feet are leased?
- A North Dakota farmland parcel is described as the SW¼ of Section 14. How many acres does this parcel contain?
- A Fargo home sells for $310,000. The listing broker charges a 6% commission. How much is the total commission?
- A North Dakota property has an assessed value of $180,000 and is assessed at 50% of market value. What is the estimated market value?
- A property in Bismarck has a net operating income of $42,000 and is valued at $525,000. What is the capitalization rate?
- A Grand Forks landlord collects monthly rent of $1,200. The property's gross rent multiplier is 120. What is the estimated value?
- A North Dakota mortgage has a principal balance of $200,000 at 5% annual interest. What is the first month's interest payment?
- A North Dakota property sells for $425,000. The buyer makes a 20% down payment. How much does the buyer borrow?
- An investor purchases North Dakota farmland for $480,000 and sells it two years later for $552,000. What is the percentage gain?
- A North Dakota broker charges a 5.5% commission on a property that sold for $280,000. The listing agent receives 60% of the total commission. How much does the listing agent earn?
- A North Dakota rental property generates annual gross income of $36,000, with a vacancy rate of 5% and operating expenses of $12,000. What is the net operating income (NOI)?
- A North Dakota section of land measures 1 mile by 1 mile. How many square feet does it contain?
- A Fargo property's annual property taxes are $3,600. The closing date is September 1. Using a 360-day banker's year and assuming taxes are paid in arrears, how much would the seller owe as a proration credit to the buyer?
- A North Dakota investment property has a gross income of $60,000, a 10% vacancy rate, and operating expenses of $18,000. What is the net operating income?
- A North Dakota investor buys a property for $200,000 and finances 80%. How much equity does the investor have at purchase?
- A North Dakota property's annual NOI is $30,000 and the required cap rate is 8%. What is the indicated value?
- A property management company manages 15 North Dakota rental properties and charges 8% of gross monthly rents. If total monthly rents are $18,000, what is the monthly management fee?
- A North Dakota home was purchased for $250,000. After 5 years of 3% annual appreciation, what is the approximate value?
- A North Dakota lot is 150 feet wide and 200 feet deep. What is its area in square feet?
- A Bismarck condo sells for $185,000. The seller pays a 6% commission and $3,200 in closing costs. What are the seller's total costs related to the sale?
- A North Dakota homeowner's property has a market value of $320,000. The tax mill rate is 120 mills and the assessment ratio is 50%. What is the annual property tax?
- A North Dakota property is described as the NE¼ of the SW¼ of Section 6. How many acres does this description contain?
- A buyer obtains a $225,000 mortgage at 4.5% annual interest. What is the total annual interest in the first year (approximate, interest-only basis)?
- A North Dakota broker lists a property at $375,000 under an exclusive right to sell agreement with a 5.5% commission. The property sells for the listing price. How much does the cooperating buyer's broker earn if the commission is split 50/50?
- A North Dakota property is being depreciated for income tax purposes using straight-line depreciation over 27.5 years. If the depreciable basis is $220,000, what is the annual depreciation deduction?
- A North Dakota farm is 1,280 acres. How many sections does this represent?
- A Fargo home appraiser finds three comparable sales. After adjustments, the indicated values are $295,000, $302,000, and $298,000. The appraiser's reconciled value is likely:
- A North Dakota duplex generates $800 per month per unit. What is the annual gross income?
- A buyer in Grand Forks puts $15,000 down on a $150,000 property. What is the loan-to-value ratio?
- A North Dakota commercial property sold for $1,200,000. The broker charges a 4% commission. How much is the commission?
- A North Dakota building has 12 units, each renting for $950 per month, with a 5% vacancy rate. What is the effective gross annual income?
- A North Dakota property's assessed value is $210,000. The assessment ratio is 60% of market value. What is the estimated market value?
- A Minot, ND rental property has monthly gross income of $2,400 and a GRM of 110. What is the estimated market value?
- A North Dakota office building has 10,000 sq ft of leasable space at $12 per sq ft per year. What is the annual rental income?
- A North Dakota property appreciates at 4% per year. If the current value is $300,000, what will it be worth in one year?
- A North Dakota buyer wants a monthly principal and interest payment no greater than $1,500. At 6% annual interest on a 30-year loan, approximately how large a loan can they afford? (Use factor of $5.99 per $1,000 borrowed.)
- A North Dakota seller accepts an offer of $275,000. They pay off a $190,000 mortgage and 6% commission. What are the net proceeds before other closing costs?
- A North Dakota property has annual taxes of $4,200. Closing occurs on April 1. How much does the seller owe the buyer in prorated taxes (using a 365-day year, taxes not yet paid)?
- A North Dakota industrial building of 20,000 sq ft rents for $6 per sq ft per year on a triple net basis. What is the annual base rent?
- A North Dakota investor purchases a property for $400,000 and sells it three years later for $460,000. What was the total dollar appreciation?
- A North Dakota appraisal shows the cost new of a building is $280,000. Physical depreciation is estimated at 20%, functional obsolescence at 5%, and external obsolescence at 5%. What is the total depreciation in dollars?
- A North Dakota property has a list price of $350,000 and sells for 97% of list price. What is the sale price?
- A North Dakota buyer's loan of $200,000 at 5% for 30 years has a monthly payment factor of $5.37 per $1,000. What is the approximate monthly P&I payment?
- A North Dakota property's cap rate is 9% and NOI is $54,000. What is the estimated value?
- A North Dakota home has a list price of $265,000. The buyer offers 95% of list price. What is the offer price?
- A North Dakota property that is 2 acres is being sold at $28,000 per acre. What is the total sale price?
- A Fargo investment property was purchased for $180,000 and had annual NOI of $14,400. What was the initial cap rate?
- A North Dakota buyer puts 5% down on a $320,000 home and is required to pay PMI at 0.5% annually on the loan balance. What is the annual PMI cost in the first year?
- A Grand Forks property manager collects $48,000 in annual rents and charges a 7% management fee. What is the annual management fee?
- A North Dakota broker's monthly trust account statement shows a beginning balance of $15,000, deposits of $25,000, and disbursements of $18,000. What is the ending balance?
- A North Dakota property is 660 feet wide and 1,320 feet deep. How many acres is this parcel?
- A North Dakota buyer pays $3,500 in loan origination fees on a $175,000 loan. What is this as a percentage of the loan amount?
- A North Dakota homeowner's insurance premium is $1,440 per year. At closing, the seller has prepaid the entire annual premium, and the buyer assumes coverage from the closing date (July 1). How much does the buyer owe the seller for the prepaid premium (using a 360-day year)?
- A North Dakota property sold for $450,000 with a 6% commission. The listing broker keeps 55% of the gross commission and the buyer's broker keeps 45%. How much does the buyer's broker receive?
- A North Dakota investor purchases a property for $350,000 with $70,000 down. The property generates $24,000 NOI per year. What is the cash-on-cash return on the down payment?
- A North Dakota commercial lease has a base rent of $10,000/month plus a 2% overage on annual gross sales above $1,000,000. If the tenant's annual gross sales are $1,500,000, what is the total annual rent?
- A North Dakota farmland parcel described as 'the W½ of the NE¼ of Section 24' contains how many acres?
- A North Dakota broker earns a commission of $13,500 on a sale. If this represents 4.5% of the sale price, what was the sale price?
- A North Dakota homeowner adds a garage for $18,000. The appraiser estimates it adds $12,000 in value. What is the principle of contribution for this improvement?
- A North Dakota seller nets $220,000 after paying a 6% commission and a $4,000 closing cost. What was the approximate sale price?
- A North Dakota property has a tax mill rate of 85 mills and an assessed value of $250,000. What is the annual property tax?
- A North Dakota property sold at 96% of its listed price of $375,000. What was the actual sale price?
- A North Dakota investor finances $500,000 of a $625,000 property. What is the equity percentage at purchase?
- A North Dakota home purchased for $240,000 in 2015 is assessed at $195,000 in 2023. If the assessment ratio is 75% of market value, what does the assessor estimate the current market value to be?
- An investor seeks a 10% return on a $900,000 North Dakota commercial property. What minimum annual NOI is required?
- A North Dakota property has a loan balance of $240,000 and a market value of $310,000. What is the homeowner's equity?
- A North Dakota building is valued at $500,000 (excluding land). Using straight-line depreciation over 39 years (commercial), what is the annual depreciation allowance?
- A North Dakota broker's monthly trust account begins the month with $8,000. Deposits include earnest money of $12,000 and a security deposit of $3,000. Disbursements total $9,500. What is the ending balance?
- An apartment in Fargo rents for $900 per month. The annual gross rent multiplier (GRM) for the area is 125. What is the estimated value?
- A North Dakota home has a market value of $275,000 and an existing mortgage of $155,000. What is the loan-to-value ratio?
- A North Dakota investor expects a 12% return on their investment. They estimate annual NOI of $24,000. What is the maximum price they should pay for the property?
- A North Dakota agricultural operation has net farm income of $85,000/year. A buyer expects a 6.5% capitalization rate. What would the income approach yield for the farm value?
- A North Dakota seller's proceeds after selling for $428,000 must cover: a 5.5% commission, a $3,500 title fee, and a $210,000 mortgage payoff. What are the net proceeds?
- A North Dakota property is sold for $390,000. The seller pays a 6% commission and $5,200 in other closing costs. What is the seller's total cost of selling?
- A Fargo property valued at $320,000 has annual property taxes of $6,400. What is the effective tax rate?
- A Bismarck broker manages a portfolio of 20 properties averaging $1,200/month in rent each. The management fee is 8%. What is the monthly management income?
- A North Dakota property has a cost new of $350,000 and accumulated depreciation of $70,000. What is the depreciated value of the improvements?
- A North Dakota seller wishes to net $300,000 after paying a 6% real estate commission. What must the sale price be?
- A North Dakota home is on a 9,600 sq ft lot. A local ordinance requires 30% of the lot to remain as open space. How many square feet may be built upon?
- A North Dakota investor pays $48,000 annually in mortgage payments (P&I) and earns $28,000 in NOI. What is the annual debt service coverage ratio (DSCR)?
- A North Dakota broker deposits $45,000 in trust. Over the month, they disburse $38,000. What is the ending trust balance?
- A North Dakota commercial property sells for $1,500,000. The seller pays $22,500 in prorated property taxes, $45,000 in broker commission, and retires a $900,000 mortgage. What are the seller's net proceeds?
- A 320-acre North Dakota farm sells for $2,400 per acre. What is the total sale price?
- A North Dakota homeowner refinances a $240,000 balance at 3.5% from their current 5.5% rate (30-year term). Monthly payment factors: 5.5% = $5.68/1,000; 3.5% = $4.49/1,000. How much does the monthly payment decrease?
- A North Dakota landlord increases rent from $800/month to $850/month. What is the percentage increase?
- A North Dakota home was purchased for $210,000 with a 10% down payment. After 5 years of paying down the mortgage, the outstanding balance is $180,000 and the home is now worth $265,000. What is the homeowner's equity?
- A North Dakota property sold for $180,000. The buyer paid $1,800 per year in PMI at 1%. After what loan balance would PMI no longer be required (assuming property value stays at $180,000)?
- A North Dakota property's purchase price is $420,000. The buyer obtains a loan for 80% of the price and the seller contributes $6,000 to closing costs. What is the buyer's down payment out-of-pocket before closing costs?
- A North Dakota property investor expects $18,000 annual net income on a $225,000 property. What is the return on investment (ROI)?
- A North Dakota property has an annual NOI of $72,000 and sold at a cap rate of 8%. What was the sale price?
- A North Dakota property sold for $245,000 and the seller's net was $226,000 after paying the only deduction, the real estate commission. What commission rate was charged?
- A North Dakota investor sells a property for $550,000 and has a $400,000 adjusted basis. What is the capital gain?
- A North Dakota lender assesses a 1.5-point origination fee on a $280,000 mortgage. How much is this fee?
- A North Dakota building has 15 residential units. 12 are occupied. What is the occupancy rate?
- A North Dakota seller has a $280,000 outstanding mortgage on a home that appraised for $350,000. If the seller accepts an offer of $345,000, what is the approximate equity gained after paying a 6% commission?
- A North Dakota homeowner has owned their primary residence for 3 years and is selling it. The gain is $75,000. What is the federal capital gains tax exclusion available to a single homeowner?
- A North Dakota property taxes are $5,400 per year. Closing is May 1. Using 12 months, how much does the seller owe the buyer in prorated taxes (taxes paid in arrears)?
- A North Dakota commercial property has a potential annual income of $180,000, a 10% vacancy rate, and expenses of $54,000. What is the NOI?
- A North Dakota property manager charges 6% of monthly rent for management. In November, two units are vacant and the other 8 units each pay $700/month. What is the management fee for November?
- A North Dakota property is purchased for $350,000. The buyer puts 25% down. If the property appreciates 4% in one year, what is the buyer's return on the down payment (simple ROE)?
- A North Dakota seller agrees to pay all of the buyer's closing costs estimated at $8,500. If the purchase price is $285,000, what is the effective net price to the seller before mortgage payoff?
- A North Dakota buyer's income-to-debt ratio is calculated as total monthly debt payments of $1,800 divided by gross monthly income of $6,000. What is the DTI ratio?
- A North Dakota property has 6 apartment units that each rent for $650/month. The annual gross income is what percentage of the $975,000 purchase price?
- A North Dakota apartment building has a value of $750,000. The land is worth $150,000. Using straight-line depreciation over 27.5 years, what is the annual IRS depreciation deduction for the improvements?
- A North Dakota commercial property generates $220,000 annual NOI. The cap rate is 7%. What is the value?
- A North Dakota agent sells a property for $398,000 with a 5% commission. The agent receives 55% of the gross commission. How much does the agent earn?
- A Fargo property has annual property taxes of $4,800. The assessed value is $240,000. What is the assessment tax rate as a percentage?
- A North Dakota commercial property is being sold. The seller has a basis of $320,000 (after depreciation) and sells for $500,000. What is the capital gain subject to tax?
- A North Dakota property manager receives a $3,600 security deposit from a tenant. Upon move-out, the manager documents $1,200 in damages. How much must be returned to the tenant within the required 30 days?
- A North Dakota investor buys land for $120,000 and sells it 4 years later for $168,000. What is the total percentage gain?
- A North Dakota investment property has a purchase price of $600,000 with 30% down. Annual NOI is $42,000 and annual debt service is $27,000. What is the cash-on-cash return on the down payment?
- A North Dakota homeowner has owned their home for 2 years and sells it for $340,000. They paid $290,000. If they are married (filing jointly), their capital gain of $50,000 is:
- A 640-acre North Dakota section is sold for $1,800 per acre. What is the total sale price?
- A North Dakota property investor wants a 9% return on investment. If they're willing to invest $850,000, what is the minimum annual NOI needed?
- A North Dakota buyer's credit from the seller at closing is $4,500. How does this appear on the buyer's side of the closing statement?
- A North Dakota home that originally sold for $175,000 is now worth $245,000. What is the percentage appreciation?
- A North Dakota duplex has potential annual income of $24,000. With a 5% vacancy rate and $8,000 in expenses, what is the NOI?
- A North Dakota home is appraised at $285,000. A buyer offers 98% of appraised value. What is the offer amount?
- A North Dakota REALTOR's monthly MLS fee is $60 and their annual E&O insurance is $1,200. What are their total annual overhead costs from these two items?
- A North Dakota homeowner refinances their $260,000 mortgage at a lower rate. The lender charges 2 points. How much are the points in dollars?
- A North Dakota property's cost new is $280,000. Physical depreciation is 25% and functional obsolescence is 5%. What is the total dollar amount of depreciation?
- A North Dakota investor's annual before-tax cash flow is $18,000 on a $300,000 property purchased with $60,000 down. What is the cash-on-cash return?
- A North Dakota buyer signs a 30-year mortgage for $225,000 at 4% annual interest. The monthly factor at 4% for 30 years is $4.77 per $1,000. What is the approximate monthly payment?
- A North Dakota commercial building has 25,000 sq ft. The owner rents it at $8/sq ft/year triple net. What is the annual base rent?
- A North Dakota buyer pays $420,000 for a property. They put 20% down and their monthly mortgage payment (P&I) is $1,680. What is the annual interest rate (approximate) on the 30-year loan? (Hint: LTV=80%)
- A North Dakota broker's annual trust account audit shows $185,000 in client funds held. The broker's own funds in the account are $300 (allowed minimum). What is the total trust account balance?
- A North Dakota investor earns $36,000 net annual income on a $450,000 property. What is the overall capitalization rate?
- A North Dakota buyer's closing disclosure shows total loan costs of $6,800, total other costs of $4,200, and a lender credit of $1,500. What are the net closing costs?
- A North Dakota buyer makes a $5,000 earnest money deposit on a $295,000 home. The deposit represents what percentage of the purchase price?
- A North Dakota property is sold in a 1031 exchange. The seller's relinquished property sold for $800,000 with an adjusted basis of $500,000. To defer all capital gains, the replacement property must be purchased for at least:
- A North Dakota broker puts a property under management and collects $24,000 in annual rent. The owner pays a 6% management fee and $1,800 in maintenance. What does the owner net annually?
- A North Dakota rental property has 8 units at $850/month each. With a 7% vacancy rate, what is the effective gross annual income?
- A North Dakota seller's home is appraised at $340,000. They list it for 105% of appraised value. What is the listing price?
- A North Dakota lender's annual mortgage insurance premium (MIP) on an FHA loan of $240,000 is 0.85%. What is the monthly MIP charge added to the payment?
- A North Dakota farm of 480 acres sells for $1,920,000. What is the price per acre?
- A Grand Forks commercial building has an annual NOI of $95,000. An investor requires a 9.5% return. What should the investor pay?
- A North Dakota rental property has a monthly gross rent of $1,800. The annual vacancy rate is 8% and operating expenses are $9,600/year. What is the NOI?
- A North Dakota agent lists a home for $285,000 and receives a 6% commission. The agent's broker keeps 40% and the agent keeps 60%. How much does the agent receive?
- A Bismarck property increases in value from $195,000 to $227,000. What is the percentage increase?
- A North Dakota property has a tax assessment of $220,000. The mill rate is 85 mills. What is the annual property tax?
- A North Dakota investor pays $425,000 for a property and wants a 10% annual cash-on-cash return. If they invested $85,000 (20% down), what annual cash flow do they need?
- A North Dakota listing agreement offers 2.5% to the buyer's agent and 2.5% to the listing broker. The property sells for $348,000. What does each side receive?
- A North Dakota home sells for $268,500. The buyer pays 3.5% down (FHA). What is the loan amount?
- A North Dakota property manager charges 8% of collected rent for management. Monthly rents total $6,500. What is the monthly management fee?
- A North Dakota property has an assessed value of $175,000. The assessment ratio in the county is 50%. What is the taxable value?
- An agent receives a referral fee of 25% of their gross commission for a transaction. Their commission is $9,600. What is the referral fee?
- A North Dakota apartment building with 8 units rents each unit for $950/month. Annual vacancy is 5%. What is the effective gross income (EGI)?
- A North Dakota commercial property's net operating income is $78,000 per year. An investor purchases it for $975,000. What is the capitalization rate?
- A North Dakota lender charges an origination fee of 1.5% on a $195,000 loan. The origination fee is:
- A North Dakota investor buys a property for $380,000 and sells it 3 years later for $455,000. What is the total appreciation?
- A North Dakota seller nets $312,000 after paying a 5% commission and $4,500 in other closing costs. What was the sale price?
- A North Dakota property's assessed value is $240,000. The state's assessment ratio is 100% of true market value. The mill rate is 75 mills. What is the property tax?
- A North Dakota home is listed at $289,000. The buyer offers $275,000 with the seller paying $5,000 in closing costs. The seller's net from the buyer's offer (before other costs) is:
- A North Dakota buyer takes a $220,000 mortgage at 6.5% interest. The first month's interest portion of the payment is:
- A North Dakota property is purchased for $185,000 and the buyer takes out a mortgage for 80% of the value. The down payment is:
- A North Dakota commercial lease is 5,000 square feet at $18 per square foot annually. The monthly rent is:
- A North Dakota home's annual property taxes are $4,200. At closing on April 1, the seller has paid the first half of the year's taxes. What tax credit does the buyer receive from the seller?
- A North Dakota agent negotiates their commission to 4.5% instead of the usual 6%. On a $310,000 sale, how much does the client save?
- A North Dakota buyer borrows $250,000. The lender requires 2 months of PITI as cash reserves. The monthly PITI is $1,875. What minimum reserves are needed?
- A North Dakota home sells for $319,000. Seller pays 5.5% commission and $3,200 in other closing costs. What are the total selling costs?
- A North Dakota duplex generates $1,650/month per unit. Annual expenses are $14,400. Annual NOI is:
- A North Dakota investment property costs $425,000. After 5 years, it sells for $510,000. What is the total appreciation percentage?
North Dakota License Law
146 questions- Which agency regulates real estate licenses in North Dakota?
- How many hours of pre-license education are required to sit for the North Dakota real estate salesperson exam?
- How many questions are on the North Dakota real estate salesperson licensing exam?
- What is the minimum passing score on the North Dakota real estate salesperson licensing exam?
- In North Dakota, a real estate salesperson license must be held under:
- What is the license renewal period for North Dakota real estate salesperson licenses?
- Under North Dakota license law, which of the following is required of all new real estate licensees?
- Which of the following activities would NOT require a real estate license in North Dakota?
- Under North Dakota law, a licensee who changes their employing broker must notify the Commission within:
- A North Dakota broker may place a licensee's license on inactive status when:
- Which of the following would be grounds for license revocation in North Dakota?
- How many hours of continuing education must North Dakota licensees complete per renewal period?
- A North Dakota real estate broker applicant must have at least how many years of active salesperson experience before applying for a broker license?
- How many hours of pre-license education are required to obtain a North Dakota real estate broker license?
- The North Dakota Real Estate Commission is composed of how many members?
- Which of the following persons is EXEMPT from requiring a real estate license in North Dakota?
- In North Dakota, a real estate license application must be denied if the applicant:
- A North Dakota licensee who fails to complete continuing education by the renewal deadline may:
- Under North Dakota law, which of the following must be disclosed in ALL real estate advertising?
- What is the minimum age requirement to obtain a real estate salesperson license in North Dakota?
- A licensee who is disciplined by the NDREC has the right to:
- Which of the following is NOT a duty of the North Dakota Real Estate Commission?
- North Dakota requires real estate license applicants to be residents of:
- A real estate licensee convicted of conversion of client funds faces which penalty?
- Which of the following continuing education topics is required by the NDREC for license renewal?
- If a North Dakota licensee violates the license law, a complaint must be filed with the:
- Which of the following actions by a North Dakota licensee constitutes commingling?
- A North Dakota licensee who wants to work independently (not under a broker) must obtain which type of license?
- Under North Dakota law, a broker must keep transaction records for a minimum of:
- When a North Dakota real estate licensee places a 'For Sale' sign on a property, the sign must:
- A North Dakota real estate license can be held on inactive status for a maximum of:
- A licensee in North Dakota may share a commission with:
- North Dakota Real Estate Commission members serve terms of how many years?
- A real estate transaction in North Dakota involving property worth more than what amount requires a written agreement?
- Which of the following is true about a broker price opinion (BPO) in North Dakota?
- A North Dakota licensee who accepts a referral fee from a home inspector:
- The North Dakota Real Estate Commission can impose which of the following sanctions for license law violations?
- A person who acts as a real estate broker without a license in North Dakota may be:
- Under NDCC Chapter 43-23, which of the following activities requires a North Dakota real estate license?
- How long is a North Dakota real estate salesperson license valid before renewal is required?
- What continuing education is required for North Dakota real estate license renewal?
- Under NDCC Chapter 43-23, how many members serve on the North Dakota Real Estate Commission?
- A North Dakota real estate license applicant must be at least how old?
- What is the primary purpose of the North Dakota Real Estate Education and Research Fund?
- A North Dakota broker-associate wishes to move to a new brokerage. What must happen first?
- Which of the following is NOT a ground for license revocation or suspension by the NDREC?
- Under North Dakota law, a real estate salesperson must place all earnest money received into:
- The 90-hour pre-license salesperson course in North Dakota must be completed at:
- A North Dakota real estate broker who employs salespersons is responsible for:
- A North Dakota real estate license that is 'inactive' means the licensee:
- Under NDCC Chapter 43-23, which of the following would require a real estate license in North Dakota?
- How many years of experience as a salesperson are typically required before a North Dakota licensee can apply for a broker's license?
- If a North Dakota real estate licensee's license expires and they continue to perform real estate activities, they are:
- The North Dakota Real Estate Commission was established to:
- A North Dakota salesperson may receive compensation for real estate services only from:
- A real estate license applicant in North Dakota who has a prior felony conviction may:
- What is the significance of the 'North Dakota Seller's Disclosure' form?
- Under NDCC Chapter 43-23, the NDREC may discipline a licensee for:
- A North Dakota real estate licensee who wishes to advertise using their team name must ensure the advertisement also prominently displays:
- A licensee in North Dakota who wants to place their license on inactive status must:
- A North Dakota real estate salesperson who has not renewed their license on time must:
- A North Dakota broker must maintain a broker trust account. Which of the following is a requirement for that account?
- A complaint against a North Dakota real estate licensee is filed with the NDREC. The NDREC has the authority to:
- A North Dakota broker who receives a commission in a real estate transaction where the buyer is unrepresented must disclose this to:
- A North Dakota real estate licensee who acts as a property manager for a client's rental properties must maintain records of all trust account transactions for at least:
- Which of the following must a North Dakota real estate broker include in all contracts?
- Which North Dakota real estate license category allows the holder to operate an independent brokerage firm?
- A North Dakota licensee who receives a gift from a client for excellent service must:
- A North Dakota licensee who violates NDCC Chapter 43-23 may be subject to a civil penalty not to exceed:
- Under North Dakota law, a salesperson who receives earnest money from a buyer should give it to their employing broker within:
- A North Dakota real estate broker must ensure that all written offers to purchase are presented to the seller:
- A North Dakota licensee who wants to work as a real estate appraiser must obtain a:
- A North Dakota real estate licensee is required to disclose which of the following to a prospective buyer?
- A North Dakota real estate salesperson's license is issued to them personally, but they may only perform real estate services:
- Which document must a North Dakota real estate licensee provide when taking a listing that discloses which party they represent?
- In North Dakota, which type of license is required for a company that wants to operate a real estate brokerage under a trade name?
- The NDREC website publishes the license status of North Dakota real estate licensees primarily to:
- In North Dakota, a team of real estate agents operating under one brokerage must ensure that all team marketing clearly identifies:
- A North Dakota licensee must keep records of all real estate transactions for the NDREC's inspection for a minimum of:
- A North Dakota associate broker differs from a salesperson in that the associate broker:
- Under NDCC Chapter 43-23, which of the following activities does NOT require a North Dakota real estate license?
- A North Dakota real estate salesperson who terminates employment with a broker must:
- A North Dakota real estate licensee who is also a licensed attorney may collect compensation for both legal and real estate services in the same transaction if:
- The NDREC disciplinary process for a complaint against a licensee typically begins with:
- Under North Dakota law, a person holding a broker's license may perform which action that a salesperson cannot?
- A North Dakota licensee who suspects their employing broker is commingling client funds should:
- A North Dakota licensee who participates in a transaction involving property they personally own must:
- A North Dakota broker's license is revoked for misappropriating client funds. The broker may reapply for a new license after:
- A North Dakota licensee who provides property management services for a fee is subject to NDREC oversight because:
- A North Dakota real estate broker who uses internet advertising for property listings must ensure the advertisement includes:
- In North Dakota, the primary function of the real estate licensing exam is to:
- If a North Dakota real estate salesperson and their broker disagree about how to handle a transaction, the final authority regarding firm policy is:
- When a North Dakota real estate licensee receives a complaint from a client, the FIRST step should be:
- Which of the following is TRUE about a North Dakota broker's fiduciary obligation to their client?
- A North Dakota real estate transaction involving the sale of business assets along with the real property may also require compliance with:
- A North Dakota real estate licensee who is convicted of a crime involving dishonesty or fraud should expect:
- A North Dakota REALTOR® is a member of what professional organization that has its own Code of Ethics?
- A North Dakota salesperson wants to manage their own rental properties while employed by a broker. To do so without a broker's license, they need:
- Which of the following activities would require a North Dakota real estate license even if done without expecting direct compensation?
- Under NDCC Chapter 43-23, which of the following requires a real estate license in North Dakota?
- Under North Dakota license law, a licensee who earns a commission from a transaction where the sale price was obtained through fraud may:
- A North Dakota broker who is not actively practicing but maintains their license must still:
- A North Dakota broker's office must be:
- A North Dakota real estate licensee who provides erroneous property information on a listing may be held liable for:
- The NDREC has authority to issue which types of sanctions in a disciplinary proceeding against a licensee?
- Which of the following describes the difference between a real estate 'license' and a real estate 'certification'?
- A North Dakota licensee who is also a licensed insurance agent selling homeowner's insurance to their real estate clients must:
- In North Dakota, which of the following would allow a person to receive compensation for a real estate transaction without being licensed?
- A North Dakota real estate licensee's employing broker receives a complaint about the licensee from a buyer. The broker should:
- A North Dakota broker who operates under a business entity (LLC or corporation) must ensure that:
- Which of the following is an example of 'commingling' by a North Dakota broker?
- Under NDCC Chapter 43-23, a licensed real estate salesperson is classified as what type of worker relationship with their employing broker?
- North Dakota's 90-hour pre-license course covers topics including all EXCEPT:
- Under NDCC 43-23, a North Dakota real estate license is required for anyone who:
- The North Dakota Real Estate Commission is authorized to:
- A North Dakota licensee who changes employing brokers must:
- A North Dakota broker who operates a property management division must ensure that:
- A North Dakota real estate licensee who is also a licensed contractor wants to purchase a listed property and do repairs for resale. They must disclose:
- NDREC may revoke a licensee's license for all of the following EXCEPT:
- A North Dakota associate broker is different from a salesperson in that the associate broker:
- A North Dakota broker who advertises a property must ensure that:
- The North Dakota Real Estate Commission requires all licensed salespersons and brokers to complete continuing education to:
- A North Dakota salesperson who wishes to become a broker must:
- A North Dakota licensed agent who is also a party to a real estate transaction (buying or selling their own property) must:
- A North Dakota licensee who receives a gift from a service provider (inspector, lender) for referring clients must:
- In North Dakota, a real estate license may be placed on inactive status when a licensee:
- When a North Dakota broker dies or becomes incapacitated, the designated broker's license:
- A North Dakota broker must maintain transaction records for at least:
- Under North Dakota license law, 'commingling' means:
- A North Dakota licensee who posts a property's lockbox code on social media has:
- A North Dakota licensee may pay a referral fee to an out-of-state licensed agent because:
- The North Dakota Real Estate Commission meets to review disciplinary matters. A licensee who receives a formal complaint notification should:
- A North Dakota licensee who pays for a consumer's closing costs without the broker's knowledge is:
- A North Dakota broker's supervision responsibilities include:
- A North Dakota licensee's obligation to 'treat all parties fairly' applies to:
- The NDREC has the authority to issue 'cease and desist' orders to:
- A North Dakota broker who discovers an agent in their office has been practicing without a current license must:
- A North Dakota licensee who uses their license to benefit themselves rather than their client by steering a client toward a property in which the agent has an undisclosed financial interest has committed:
- In North Dakota, which activity requires a real estate license?
- A North Dakota broker who operates under a 'franchise agreement' with a national real estate brand must ensure that:
- A North Dakota licensee convicted of a felony involving fraud or dishonesty must:
- The North Dakota Real Estate Commission's primary purpose is to:
- A real estate licensee in North Dakota who does not renew their license by the expiration date is considered:
- When a North Dakota licensee changes their legal name, they must:
- North Dakota's real estate licensing law, NDCC Chapter 43-23, was enacted primarily to:
- The North Dakota Real Estate Commission (NDREC) requires salesperson applicants to complete how many hours of pre-license education?
Finance
129 questions- The USDA Rural Development loan program is designed to help:
- What is amortization in the context of a mortgage loan?
- A North Dakota buyer obtains a VA loan. Which of the following is true about VA loans?
- Which of the following best describes a balloon mortgage?
- A property sells for $215,000. The buyer puts down 25%. What is the loan amount?
- The loan-to-value (LTV) ratio is calculated by:
- Private mortgage insurance (PMI) is typically required when:
- An adjustable-rate mortgage (ARM) typically starts with a lower interest rate because:
- Which of the following is TRUE about FHA loans?
- A deed of trust differs from a mortgage in that it involves:
- A conforming loan is a mortgage that:
- Which of the following best describes the secondary mortgage market?
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- A North Dakota buyer qualifies for a $200,000 mortgage at 6.5% for 30 years. Using the factor of $6.32 per $1,000 borrowed, what is the estimated monthly principal and interest payment?
- Points paid at closing on a mortgage loan are also called:
- Which type of loan allows the borrower to periodically draw from an approved credit limit secured by their home equity?
- What is the purpose of an escrow account (impound account) held by a mortgage lender?
- A purchase money mortgage is created when:
- Which federal agency regulates the secondary mortgage market by purchasing conforming mortgages from lenders?
- What is the debt-to-income (DTI) ratio used for in mortgage lending?
- The prime rate is:
- When interest rates rise, bond prices in the secondary mortgage market typically:
- A graduated payment mortgage (GPM) is characterized by:
- In North Dakota, a deed of trust allows the lender to foreclose through which process?
- What is the primary benefit of an FHA loan for a North Dakota homebuyer?
- A North Dakota farmer wishes to purchase additional cropland. Which loan program is specifically designed for agricultural lending?
- What does 'loan-to-value ratio' (LTV) measure?
- A North Dakota borrower has a debt-to-income ratio that is too high to qualify for a conventional mortgage. Which of the following would most likely improve their DTI?
- What is a 'balloon mortgage' as it might apply to a North Dakota agricultural property loan?
- The Bank of North Dakota (BND) is unique because it is:
- What does 'amortization' mean in the context of a North Dakota mortgage?
- A North Dakota buyer uses a VA loan to purchase a home. Which fee unique to VA loans may be financed into the loan amount?
- Under the Truth in Lending Act (TILA), what must a lender disclose to a North Dakota mortgage applicant?
- A North Dakota buyer assumes the seller's existing mortgage. The original borrower's liability under the assumed mortgage is:
- What is the purpose of private mortgage insurance (PMI) in North Dakota conventional loans?
- The Bank of North Dakota's BND Flex PACE loan program is designed to help:
- Under the Equal Credit Opportunity Act (ECOA), a North Dakota lender may NOT consider which factor when evaluating a mortgage application?
- A fixed-rate mortgage in North Dakota has which key characteristic?
- A North Dakota borrower has a home equity line of credit (HELOC). This instrument is secured by:
- What is 'points' in the context of a North Dakota mortgage transaction?
- A North Dakota homebuyer's mortgage has a prepayment penalty. This means the borrower:
- A USDA Rural Development guaranteed loan is particularly useful for North Dakota buyers because:
- What does 'seller financing' mean in a North Dakota real estate transaction?
- A North Dakota 'contract for deed' (installment land contract) differs from a standard mortgage because:
- An adjustable-rate mortgage (ARM) in North Dakota has an initial 'teaser rate' of 3%. After the adjustment period, the rate may change based on:
- What does a 'due-on-sale' clause in a North Dakota mortgage prevent?
- In North Dakota, which type of mortgage gives the lender a security interest in the property, while the borrower holds title?
- A North Dakota home equity loan differs from a HELOC in that a home equity loan:
- A North Dakota borrower is 'underwater' on their mortgage. This means:
- A North Dakota borrower's monthly gross income is $5,000. The lender allows a maximum housing expense ratio of 28%. What is the maximum monthly housing payment?
- In a North Dakota foreclosure by advertisement (trustee's sale), which is typically faster?
- A North Dakota lender 'calls' a loan, demanding immediate full repayment. This most likely occurs because of a(n):
- In North Dakota, 'hypothecation' means a borrower:
- A buyer uses an FHA 203(k) loan to purchase a fixer-upper in Fargo. This loan differs from a standard FHA loan because it:
- What is 'seasoning' as it applies to a North Dakota mortgage applicant's funds?
- A North Dakota mortgage servicer misapplies a borrower's payment. The Real Estate Settlement Procedures Act (RESPA) requires the servicer to:
- A North Dakota borrower refinances their home mortgage to obtain a lower interest rate. This action is called a:
- Which federal law requires lenders to provide a Loan Estimate to mortgage applicants and a Closing Disclosure before closing?
- A North Dakota bank issues a 'commitment letter' to a mortgage applicant. This means:
- A North Dakota buyer is approved for a conventional loan with a 3% down payment. This is an example of what program?
- A North Dakota second mortgage lien position means that in a foreclosure sale:
- A North Dakota commercial lender requires a 'personal guaranty' from a business owner seeking a commercial real estate loan. This means the owner:
- Which North Dakota mortgage type gives the borrower a lump sum at closing in exchange for the lender receiving repayment from the property's eventual sale, primarily for older homeowners?
- A North Dakota commercial mortgage that requires only interest payments during the loan term, with the entire principal due at maturity, is called a(n):
- A North Dakota borrower who is 90 days or more behind on mortgage payments and receives a formal notice from the lender is in:
- A North Dakota borrower's mortgage servicer 'transfers servicing' to a new company. Under RESPA, the borrower must be notified:
- The North Dakota Housing Finance Agency (NDHFA) provides programs specifically for:
- A North Dakota 'bridge loan' is typically used to:
- A 'nonconforming loan' in North Dakota is a mortgage that:
- A North Dakota borrower's credit score significantly affects their mortgage rate because:
- A North Dakota borrower applying for a USDA Rural Development loan must meet income requirements because the program:
- A North Dakota property purchased at a foreclosure sale was sold for less than the outstanding loan balance. The lender may seek the difference through:
- Under North Dakota law, a foreclosure deed (such as a trustee's deed after a non-judicial foreclosure) provides what level of warranty to the buyer?
- Which North Dakota real estate loan program specifically addresses affordable homeownership for Native American households on tribal trust land?
- A North Dakota lender who sells a mortgage to Fannie Mae is participating in the:
- Which of the following is considered a 'soft cost' in real estate development financing in North Dakota?
- A North Dakota commercial mortgage 'balloon payment' is typically due:
- In North Dakota, a 'hard money loan' for real estate is typically:
- A North Dakota seller 'carries back' a second mortgage to help a buyer close the transaction. This means the seller:
- A North Dakota homeowner deducts mortgage interest on their federal income tax return. Under current tax law, this deduction applies to:
- A North Dakota buyer 'locks' their mortgage rate for 45 days. This means:
- A North Dakota buyer's PITI payment includes which of the following components?
- In North Dakota, the 'annual percentage rate' (APR) on a mortgage is typically higher than the stated interest rate because it includes:
- In North Dakota, a 'wraparound mortgage' is a type of creative financing where:
- A North Dakota borrower seeking a home equity line of credit (HELOC) must have their home:
- North Dakota's Homeownership Education Program (HEP) or similar pre-purchase counseling is often required for buyers using:
- A North Dakota seller who takes back a purchase money mortgage is subject to all EXCEPT:
- A North Dakota lender 'collects in escrow' for property taxes and insurance. This means:
- A North Dakota investor uses 'leverage' in real estate. This means they are:
- Under North Dakota foreclosure law, a homeowner who has lost their home through non-judicial foreclosure (trustee's sale) typically has:
- A North Dakota lender 'services' a mortgage by:
- What is a 'participation mortgage' as it might be used in North Dakota commercial real estate?
- A North Dakota commercial lender reviews a borrower's 'debt service coverage ratio' (DSCR) to determine:
- Under the Community Reinvestment Act (CRA), North Dakota banks are evaluated on their efforts to:
- What is 'recourse' in the context of a North Dakota real estate loan?
- A North Dakota buyer's PMI policy terminates automatically when:
- In North Dakota, what is a 'purchase money mortgage' (PMM)?
- A North Dakota homebuyer using a conventional loan at 80% LTV avoids PMI. What does this cost them at purchase if the home costs $320,000?
- A North Dakota lender offering a 5/1 ARM means:
- A North Dakota borrower's gross monthly income is $6,500. Using the 28% front-end ratio, what is the maximum monthly housing payment?
- North Dakota Bank, a state-chartered bank, originates mortgage loans and keeps them in its portfolio rather than selling them. This is called:
- A North Dakota homebuyer receives a Loan Estimate under TRID rules. This document must be provided within:
- A North Dakota veteran is eligible for a VA loan. Which of the following is NOT a benefit of VA loans?
- A North Dakota lender charges 2 discount points on a $200,000 loan. The cost of the points is:
- North Dakota Housing Finance Agency (NDHFA) primarily helps:
- A North Dakota borrower's debt-to-income (DTI) ratio is calculated by dividing:
- A North Dakota escrow company holds $4,500 in escrow for property taxes. After the tax bill comes in at $4,200, the difference of $300 is:
- A North Dakota homebuyer obtains a 30-year fixed-rate mortgage at 7% for $280,000. Over the life of the loan, they will pay:
- North Dakota farm credit lenders, such as Farm Credit Services of North Dakota, primarily serve:
- A North Dakota lender's 'lock-in period' on an interest rate means:
- A North Dakota borrower who wants to pay off their mortgage early should check their loan documents for:
- A North Dakota buyer assumes an existing mortgage of $145,000 at 5.5%. Current rates are 7.5%. The benefit to the buyer of assumption is:
- In North Dakota, 'USDA Rural Development' home loans are available to:
- North Dakota's maximum usury rate limits:
- A North Dakota mortgage that allows the lender to demand full payment if the property is sold without lender approval is called a:
- A North Dakota borrower whose mortgage payment is 'in arrears' means:
- A 'bridge loan' is sometimes used by North Dakota homeowners who are:
- A North Dakota buyer with a 680 credit score versus a 760 credit score will typically receive:
- A North Dakota borrower receives a 'Notice of Right to Cancel' (right of rescission). This right applies to:
- A North Dakota borrower who is 'underwater' on their mortgage means:
- In North Dakota, a 'construction loan' differs from a permanent mortgage in that:
- A North Dakota borrower's 'PMI cancellation rights' under the Homeowners Protection Act allow them to request PMI cancellation when:
- A North Dakota lender's 'appraisal management company' (AMC) coordinates appraisals to:
- A North Dakota borrower who takes a 'cash-out refinance' is:
- In North Dakota, the 'annual percentage rate' (APR) on a mortgage is typically higher than the interest rate because:
- A North Dakota homebuyer using an FHA loan is required to pay:
- A North Dakota FSBO (For Sale By Owner) seller who wants to offer seller financing must:
- In North Dakota, 'mortgage forbearance' allows a borrower who is experiencing financial hardship to:
- A North Dakota buyer who makes a purchase offer contingent on receiving satisfactory loan terms is protected because:
Contracts
126 questions- Consideration in a real estate contract can be:
- A real estate contract is void if it lacks:
- Which type of listing agreement allows the seller to list with multiple brokers and only pay a commission to the one who produces a ready, willing, and able buyer?
- What is 'specific performance' as a remedy in a real estate contract?
- In North Dakota, an offer becomes a binding contract when:
- Which clause in a listing agreement specifies a period after the listing expires during which the broker may still earn a commission if they procured the buyer?
- An addendum to a purchase agreement is best described as:
- A counteroffer legally:
- Which of the following is a bilateral contract?
- In North Dakota, a real estate sales contract must be in writing to be enforceable under the:
- An option contract gives the optionee:
- The North Dakota Seller's Disclosure Statement is typically provided:
- If a buyer defaults on a purchase agreement, the seller's options typically include:
- Under the North Dakota Seller's Disclosure Statement, the seller must disclose:
- Novation in a contract context means:
- What does 'time is of the essence' mean in a real estate contract?
- A contingency in a purchase agreement:
- The integration clause (merger clause) in a contract states that:
- In North Dakota, a real estate licensee who prepares a purchase agreement is:
- Rescission of a contract means:
- Assignment of a contract transfers:
- An earnest money deposit is legally the property of:
- A right of first refusal gives a party the right to:
- In North Dakota, the Seller's Disclosure Statement does NOT typically cover which of the following?
- A real estate purchase agreement that contains illegal provisions is:
- Under North Dakota law, what is required for a real estate purchase contract to be enforceable?
- A buyer makes an offer with a 48-hour acceptance deadline. The seller counters with different terms. The buyer's original offer is now:
- Which of the following is NOT an essential element of a valid real estate contract in North Dakota?
- A North Dakota purchase agreement contingency that protects the buyer if they cannot obtain financing is called a:
- What happens to earnest money if a buyer defaults on a North Dakota purchase contract?
- In North Dakota, a contract that is 'voidable' means:
- A North Dakota real estate contract that contains an 'as-is' clause generally means:
- Which type of listing agreement gives only one broker the right to sell the property and requires a commission even if the owner finds the buyer?
- Under a North Dakota open listing, how many brokers may the seller authorize simultaneously?
- What is the 'integration clause' (merger clause) in a North Dakota real estate contract?
- What is the legal effect of recording a deed in North Dakota?
- Under North Dakota's recording act, in a dispute between two competing purchasers of the same property, who prevails?
- A North Dakota purchase contract provides that 'time is of the essence.' This means:
- An option contract on North Dakota farmland gives the optionee (potential buyer):
- In a North Dakota real estate transaction, 'specific performance' means a court orders:
- A 'contingency' in a North Dakota real estate contract is a condition that:
- A North Dakota purchase agreement states the seller will provide marketable title at closing. 'Marketable title' means:
- In North Dakota, which statement about addenda to a real estate contract is TRUE?
- A North Dakota real estate purchase agreement is accepted by the seller, but the buyer has a 3-day right to cancel. This is an example of a:
- If both parties to a North Dakota real estate contract agree in writing to cancel the agreement, this is called a:
- Which of the following is considered a 'material fact' that must be disclosed in a North Dakota real estate transaction?
- A North Dakota buyer makes a written offer and the seller verbally accepts. Is there a binding contract?
- A North Dakota buyer who has signed a purchase agreement may assign their interest to another party unless the contract:
- A North Dakota purchase agreement includes a home inspection contingency. The buyer's inspector finds major structural issues. Under a typical inspection contingency, the buyer may:
- A North Dakota seller lists their home under an 'exclusive agency' agreement. The seller later finds a buyer themselves. In this case:
- What is a 'net listing' in North Dakota, and what is the ethical concern with it?
- A North Dakota home sale falls through because the appraisal comes in $15,000 below the purchase price. Under a standard appraisal contingency, the buyer may:
- In a North Dakota real estate contract, 'liquidated damages' refers to:
- A North Dakota seller who accepts a buyer's offer by email rather than a signed counter-offer form may have created:
- A North Dakota buyer's offer contains a clause allowing them to cancel if their current home doesn't sell within 30 days. This is called a:
- In North Dakota, a property can be sold through a court-supervised sale when:
- In North Dakota, a buyer's right to 'rescind' a real estate purchase contract for a time-share property exists for how many days after signing under federal law?
- Under North Dakota law, a listing contract that does not specify a definite termination date is:
- In North Dakota, 'earnest money' in a real estate transaction primarily serves as:
- A North Dakota purchase contract is signed by a 17-year-old buyer. The contract is:
- Under the doctrine of 'equitable conversion' in North Dakota, once a purchase contract is signed and binding, the buyer is considered the equitable owner and:
- A North Dakota real estate closing does not take place on the scheduled date because the seller fails to have a required repair completed. The buyer may:
- A North Dakota commercial lease that runs for a fixed 5-year term with no option to renew is considered a:
- A North Dakota property owner offers to sell their property by posting a sign in the yard with the price. Under contract law, this sign is considered:
- In North Dakota, which party typically pays for the title insurance in a standard residential transaction?
- Under North Dakota law, which of the following would make a contract 'void' (as opposed to voidable)?
- A North Dakota buyer wants to make an offer on a property that includes a provision for the seller to pay $8,000 of the buyer's closing costs. This is called a:
- A North Dakota buyer's offer includes a clause that requires the seller to complete all agreed repairs before closing. If the seller fails to complete one repair, the buyer:
- Under North Dakota contract law, 'rescission' means:
- A North Dakota purchase agreement that is 'executory' means:
- A North Dakota home sale contract includes an 'escalation clause' that allows the buyer to:
- A North Dakota purchase agreement states the buyer receives a 10-day inspection period. On day 8, the inspector finds a major defect and the buyer notifies the seller in writing on day 9. This notification is:
- What is the legal significance of 'delivery and acceptance' of a deed in North Dakota?
- A North Dakota buyer's purchase offer is 'irrevocable for 48 hours.' During this period, the buyer:
- A North Dakota property listing states 'seller will consider all offers.' This statement is:
- In a North Dakota real estate auction sale, the highest bidder who wins the auction:
- A North Dakota buyer places an offer contingent on the sale of their existing home. The seller counters with a '72-hour kick-out clause.' This gives the seller the right to:
- A North Dakota purchase contract that provides a buyer the 'right of first refusal' in the contract means the seller must:
- In North Dakota, a contract 'subject to financing' means the purchase is contingent on the buyer:
- In North Dakota, which of the following is TRUE about consideration in a real estate contract?
- A North Dakota commercial lease that provides the tenant the option to purchase the property at a future date is called a:
- In North Dakota, 'mutual assent' (meeting of the minds) in a real estate contract is evidenced by:
- A North Dakota listing contract for commercial property is typically more negotiable than a residential listing because:
- Which of the following describes an 'option contract' in North Dakota real estate?
- In North Dakota, an agreement to do something that is already a legal obligation (pre-existing duty) is generally:
- In North Dakota, a contract signed by a person who was mentally incompetent at the time of signing is:
- A North Dakota seller receives two simultaneous offers on the same day. They may legally:
- In North Dakota, a 'bilateral contract' in real estate means:
- Under North Dakota law, which of the following CANNOT be included in a valid purchase agreement?
- A North Dakota purchase agreement that incorporates the MLS listing information by reference means:
- A North Dakota real estate purchase agreement that uses the phrase 'subject to seller's approval of buyer's credit' makes the agreement:
- A North Dakota seller who accepts an offer contingent on inspection, then immediately relists the property as 'available,' is:
- A North Dakota buyer has a right to receive what type of disclosure on a residential property built before 1978?
- Under North Dakota contract law, 'accord and satisfaction' means:
- A North Dakota real estate contract where the seller makes an offer and the buyer accepts it exactly as written creates which type of contract?
- A North Dakota purchase agreement that lacks a definite closing date is:
- In North Dakota, 'time is of the essence' in a purchase agreement means:
- A North Dakota purchase offer includes a financing contingency. If the buyer cannot obtain financing and properly invokes the contingency:
- A North Dakota seller accepts a buyer's offer and then receives a higher offer. Can the seller accept the second offer?
- A North Dakota listing agreement is a contract between the:
- In North Dakota, a contract for the sale of real estate must be in writing to be enforceable under:
- A North Dakota buyer who provides a seller with a written notice of exercise of a purchase option:
- Under North Dakota law, a minor (under 18) who signs a real estate purchase agreement:
- In North Dakota real estate, 'earnest money' serves the purpose of:
- A North Dakota seller who accepts an offer 'with modifications' has effectively:
- A North Dakota purchase agreement contingency that allows the buyer to back out if the seller's property doesn't appraise at the purchase price is called a(n):
- A North Dakota purchase agreement for new construction that is not yet built must include:
- Under North Dakota law, an 'installment land contract' (contract for deed) is an arrangement where:
- A North Dakota listing expires without a sale. If the owner sells to a buyer who was introduced to the property by the broker during the listing period, within the 'protection period,' the broker:
- A North Dakota seller accepts an offer on Monday. Before the buyer receives notice of acceptance on Tuesday, the seller receives a better offer. The seller can:
- A North Dakota purchase agreement is 'void' (as opposed to 'voidable') when:
- Under North Dakota law, specific performance as a remedy for breach of a real estate purchase agreement is available because:
- In North Dakota, a real estate purchase agreement that contains an 'as-is' clause:
- A North Dakota agent who prepares a purchase agreement is performing which type of service?
- In North Dakota, the doctrine of 'caveat emptor' (buyer beware) in residential real estate has been largely modified by:
- A North Dakota buyer who backs out of a purchase agreement without a valid contingency typically forfeits:
- In North Dakota, a 'lease with option to purchase' must specify:
- In North Dakota, a purchase agreement contingency to sell the buyer's existing home protects the buyer by:
- Under North Dakota law, liquidated damages in a real estate contract are enforceable when:
- A North Dakota purchase agreement that is 'voidable' differs from one that is 'void' in that a voidable contract:
- A North Dakota purchase agreement states 'buyer accepts property in its present condition.' Before closing, the buyer discovers the roof leaks. The buyer may:
- A North Dakota residential seller who receives multiple offers simultaneously should:
- In North Dakota, 'mutual assent' (meeting of the minds) in a contract requires:
- In North Dakota, a contract clause requiring all disputes to be resolved by arbitration rather than courts is called:
- In North Dakota, when a seller provides a property disclosure to the buyer who subsequently 'accepts' it with no objections, this typically:
- A North Dakota commercial lease with an 'escalation clause' provides that rent:
Agency
125 questions- In North Dakota, a seller's agent must disclose their agency relationship to a buyer:
- In North Dakota, a transaction broker (limited agent) owes which of the following duties?
- Sub-agency occurs when:
- Which of the following is a non-waivable duty owed by all North Dakota licensees regardless of agency relationship?
- An agency relationship is terminated when:
- In North Dakota, which disclosure form informs prospective clients about available agency options?
- A buyer's agent owes which of the following duties to their buyer-client?
- In North Dakota, dual agency occurs when:
- If a listing agent learns that the seller is willing to accept $10,000 less than the list price, the agent must:
- An agent who represents neither party but assists both parties in completing a transaction is known as a:
- Designated agency in North Dakota allows:
- The fiduciary duty of 'obedience' means the agent must:
- A seller's agent who learns that the property has a leaking basement is required to:
- In North Dakota, the agency disclosure must be provided:
- Which of the following is the BEST example of the duty of 'accounting' owed by an agent?
- Which of the following is the BEST description of express agency?
- Implied agency can be created when:
- When a North Dakota seller refuses to reduce their listing price despite the agent's advice that it is overpriced, the agent should:
- When a listing agent represents both the seller and buyer (dual agency), the agent:
- A buyer's agent learns that their buyer-client previously went bankrupt. This information:
- In North Dakota, a cooperating broker who works with a buyer in a transaction where another broker holds the listing has what type of relationship with the buyer?
- A seller's agent who tells a buyer 'this is a great time to buy, you need to move fast' may be:
- A listing broker's obligation to the seller includes which of the following?
- In North Dakota, what is required when a licensee represents both the buyer and seller in the same transaction?
- A North Dakota buyer's agent owes which of the following duties to the seller?
- Which of the following best describes a 'designated agent' in North Dakota?
- When must a North Dakota licensee provide the agency disclosure form to a prospective buyer?
- A listing agent who also works with the buyer without a separate buyer-broker agreement is most likely acting as:
- A North Dakota seller's agent receives information that the buyer is willing to pay more than the offering price. The agent's duty is to:
- An agency relationship in North Dakota is most commonly created by:
- Under North Dakota law, which fiduciary duty requires an agent to act in the client's best interest even if it conflicts with the agent's personal interest?
- A North Dakota buyer's broker agreement that is exclusive gives the broker the right to:
- If a North Dakota licensee inadvertently creates an agency relationship through their actions, this is known as:
- A North Dakota licensee acting as a transaction coordinator (facilitator) for both buyer and seller owes which duties to both parties?
- A North Dakota listing agent learns that the seller's home has a structural defect. The seller instructs the agent to not disclose it. The agent should:
- In North Dakota, which of the following terminates a listing agreement?
- A North Dakota listing broker cooperating with a buyer's broker through the MLS is an example of:
- What does the term 'procuring cause' mean in a North Dakota real estate commission dispute?
- In North Dakota, a buyer's agent who discovers during negotiations that the seller may be facing foreclosure has a duty to:
- A North Dakota buyer's agent has a fiduciary duty of 'confidentiality' that requires them to:
- A North Dakota broker's policy requires all agents to present every offer to the seller, even those the listing agent considers too low. This policy is:
- In North Dakota, when is it permissible for a buyer's agent to reveal the buyer's identity to the listing agent?
- A North Dakota licensee shows a buyer a home listed with their own brokerage. If not properly managed, this situation could create:
- A North Dakota seller has instructed their agent not to disclose that the basement floods during heavy rain. The agent should:
- Under North Dakota's agency disclosure requirements, the agency disclosure form is NOT required when:
- Under North Dakota law, a listing agreement that automatically renews (evergreen clause) without seller's active consent may be:
- A North Dakota buyer's agent discovers that the seller is in financial distress and is planning to declare bankruptcy. This information is:
- A North Dakota buyer's agent who receives a bonus from the seller for bringing a buyer may accept it only if:
- A North Dakota salesperson works for Brokerage A and wants to receive a referral fee from Brokerage B. This is:
- In North Dakota, a transaction where both parties are represented by agents from different brokerages is called a(n):
- A North Dakota real estate agent assists a buyer in submitting a fraudulent loan application. The agent is:
- In North Dakota, which of the following is an example of a licensee's duty of 'obedience' to a client?
- Under North Dakota's agency laws, a designated agency arrangement is set up primarily to:
- A North Dakota buyer's broker receives a referral from a friend who is not a licensed agent. The broker may pay this friend:
- When a North Dakota seller's agent receives a low offer, they have a duty to:
- A North Dakota listing agent who deceives a buyer about the property's flood history may be liable for:
- A buyer tells a North Dakota agent that they're willing to pay up to $350,000 but wants to offer $320,000. If this buyer hires the agent as a buyer's agent, the agent must:
- A North Dakota seller's agent who unknowingly makes a false statement about the property's zoning classification may be liable for:
- A North Dakota buyer's agent fails to submit an offer within the agreed timeframe, causing the seller to accept another offer. The buyer's agent may have breached the duty of:
- Under North Dakota law, a listing agent who withholds a written offer from the seller because they personally dislike the buyer is:
- A North Dakota buyer's agent who discovers the subject property has a wet basement during a showing must:
- In North Dakota, a 'subagent' working with a buyer owes their primary fiduciary duty to:
- A North Dakota seller's agent who represents the seller exclusively owes which duties to the buyer?
- A North Dakota buyer tells their agent they want to buy a home near a good school district. This instruction comes under the agent's duty of:
- A North Dakota broker offers a 'flat fee' listing service where they list the property on the MLS but provide minimal services. This is:
- A North Dakota buyer's agent discovers mid-transaction that the seller is related to the listing agent. This should be:
- A North Dakota broker owes which duty to all parties, regardless of whom they represent?
- Under North Dakota agency law, a 'gratuitous agent' is one who:
- A North Dakota buyer hires a buyer's broker. Midway through searching for properties, the buyer falls in love with a property listed by the buyer's broker's firm. The best solution to avoid dual agency is:
- In North Dakota, a buyer's broker who is paid by the listing broker through a commission split is:
- A North Dakota listing agent who helps the buyer fill out the purchase agreement is:
- Which of the following illustrates the duty of 'accounting' owed by a North Dakota real estate agent to their client?
- A North Dakota listing agent who tells a prospective buyer that 'the seller will accept $20,000 less than the list price' is violating their duty of:
- In North Dakota, an agent who represents a corporation purchasing real estate owes fiduciary duties to:
- A North Dakota seller's agent discovers that the buyer is making the purchase with funds from an illegal source. The agent should:
- In North Dakota, which of the following is considered 'ministerial acts' that a licensee may perform for a party they do not represent?
- Under North Dakota law, a broker who is a principal (owns the property being sold) must disclose their licensed status to:
- A North Dakota real estate team leader appoints another team member to show properties to a buyer. The team leader:
- Under North Dakota law, which of the following is TRUE about a buyer's right to be represented by their own agent?
- A North Dakota buyer's agent arranges multiple showings and spends considerable time assisting a buyer, but the buyer ultimately purchases directly from the builder of a new home. Under an exclusive buyer-broker agreement, the buyer:
- A North Dakota buyer's broker receives a request from the seller to identify their buyer's source of funds. The buyer's broker should:
- A North Dakota licensee who posts a client's home on their personal social media as a marketing tool is:
- Under North Dakota law, when is a buyer considered a 'customer' rather than a 'client' of a real estate agent?
- A North Dakota listing broker is preparing a comparative market analysis (CMA). The broker's duty is to present this information to the seller:
- In North Dakota, an agent who does not disclose a known defect to a buyer is potentially liable for:
- A North Dakota buyer's agent who has a conflict of interest due to a personal relationship with the seller should:
- A North Dakota listing agent should periodically update the seller on market conditions and activity even if no offers have been received. This reflects the duty of:
- A North Dakota broker may advertise properties of other brokers listed on the MLS only with:
- A North Dakota agent who advertises 'I personally guarantee the sale of your home!' without basis may be guilty of:
- Under North Dakota agency law, which party is the 'principal' in a listing agreement?
- A North Dakota listing agent who accepts a buyer's offer without first presenting it to the seller has violated:
- A North Dakota real estate agent is asked to provide a 'comparative market analysis' (CMA). This is different from an appraisal because a CMA:
- In North Dakota, a 'net listing' creates a potential conflict of interest because:
- In North Dakota, the agency disclosure document must be provided:
- A North Dakota buyer's agent who knows their client is being transferred and must purchase within 30 days should:
- A North Dakota seller's agent may share all of the following with a buyer EXCEPT:
- When a North Dakota licensee acts as a transaction coordinator (facilitator) rather than an agent:
- Under North Dakota agency law, a seller's broker who discovers a latent material defect not disclosed by the seller should:
- A North Dakota dual agent owes both parties the duty of:
- When a North Dakota buyer makes an offer through a seller's agent (not a buyer's agent), the seller's agent should:
- A North Dakota agent's duty of 'accounting' in a fiduciary relationship means:
- A North Dakota buyer's agent who fails to present an offer from a buyer to the seller's agent because they believe the offer is too low is:
- A North Dakota licensee's duty of 'obedience' to their client means:
- Under North Dakota law, an agency relationship with a buyer is typically created when:
- In North Dakota, the seller's property disclosure statement is primarily the responsibility of:
- A North Dakota listing agent receives an offer that the seller's spouse has a vested interest in rejecting (family dispute). The agent should:
- North Dakota allows 'designated agency' where:
- The 'parol evidence rule' in North Dakota real estate contracts means:
- A North Dakota agent representing a buyer discovers the listing agent is also representing the seller (single agency). The buyer's agent owes the buyer all of the following EXCEPT:
- In North Dakota, a listing agreement that automatically renews for successive periods unless cancelled is called:
- A North Dakota agent who represents a seller and receives an offer that the seller would want to accept but doesn't present it (deciding the offer is 'not worth the seller's time') has:
- In North Dakota, a buyer who is working with multiple agents without signed buyer agency agreements is considered a:
- Under North Dakota law, a seller's agent who learns the buyer has pre-approval for much more than the asking price should:
- When a North Dakota buyer's agent presents a buyer's counteroffer to the seller's agent, the buyer's agent should:
- When a North Dakota buyer makes an offer on a property listed by their own buyer's agent's brokerage, the brokerage has a potential:
- A North Dakota listing agent discovers the seller has a serious health issue requiring a quick sale. The agent should:
- A North Dakota agent who is representing a buyer in a new construction purchase should be aware that:
- In North Dakota, the 'scope of authority' of a real estate agent working under a listing agreement is:
- A North Dakota agent who tells a buyer 'this is the best house in Fargo, don't miss out' without factual basis is engaging in:
- In North Dakota, when does an agency relationship typically terminate?
- A North Dakota agent representing a seller in a transaction is also representing the buyer in the sale of the buyer's existing home. This creates:
- A North Dakota agent's duty to 'disclose material facts' requires disclosing:
- A North Dakota buyer's agent who personally invests in a property they showed a buyer (without the buyer ultimately purchasing it) must:
- In North Dakota, the 'Realtor Code of Ethics' applies to:
- In North Dakota, a real estate agent's most fundamental duty to their client is:
Property Ownership
122 questions- In North Dakota, real property is best defined as:
- A fixture is an item that was once personal property and has been:
- Which type of estate does NOT have a specific ending date but may be terminated by either party with proper notice?
- An encroachment occurs when:
- In North Dakota, mineral rights can be:
- Tenancy in common differs from joint tenancy primarily because:
- A life estate grants the life tenant the right to:
- In North Dakota, agricultural land ownership by foreign entities is regulated by:
- The Bakken formation in North Dakota is significant in real estate because it relates to:
- When a seller retains mineral rights in a North Dakota property sale, what should a buyer do to protect their interest?
- An easement appurtenant benefits:
- Fee simple absolute is best described as:
- Adverse possession in North Dakota typically requires continuous and open occupation for at least:
- Which type of co-ownership is most common between married spouses and provides each spouse with equal undivided interest and right of survivorship?
- An easement by necessity is created when:
- A condominium owner owns:
- Which of the following BEST describes the bundle of rights associated with real property ownership?
- A property tax lien is considered which type of lien?
- A license (in real property law) is:
- A prescriptive easement is created by:
- A riparian rights owner in North Dakota has the right to use water from:
- Which of the following is an example of an involuntary alienation of real property?
- In North Dakota, when a married couple holds title as 'joint tenants with right of survivorship,' what happens when one spouse dies?
- A North Dakota farmer purchases cropland and expressly retains ownership of the mineral rights. This creates:
- Under North Dakota's corporate farming restrictions, which of the following is generally PROHIBITED from owning agricultural land?
- A North Dakota homestead exemption protects:
- What is a 'life estate' in North Dakota real property law?
- In North Dakota, property held in 'tenancy in common' means each co-owner:
- Which of the following BEST describes an 'easement appurtenant' on North Dakota farmland?
- In North Dakota, oil and gas rights beneath farmland are considered:
- A North Dakota landowner grants a neighbor the right to cross their property to reach a public road. This is most likely a(n):
- Which of the following is a characteristic of a 'fee simple absolute' estate in North Dakota?
- Which of the following BEST describes 'adverse possession' in North Dakota?
- A North Dakota farmer discovered that an oil company has been extracting oil from beneath their land without authorization. This is a claim for:
- In North Dakota, 'riparian rights' relate to:
- Under North Dakota's prior appropriation doctrine for water rights, which user has priority?
- A deed conveying North Dakota farmland 'to Sarah and Tom' with no other designation creates what type of co-ownership?
- When a North Dakota property owner dies intestate (without a will), their property passes according to:
- Which of the following is an example of personal property (not real property) in North Dakota?
- North Dakota mineral rights can be leased to an oil company under what is commonly called a(n):
- In North Dakota's Bakken region, the 'royalty interest' in an oil and gas lease gives the mineral rights owner:
- In North Dakota, a 'license' as a right to use real property (not a real estate license) differs from an easement because it:
- A North Dakota property owner grants a utility company the right to run power lines across their land permanently. This creates an easement:
- A North Dakota rancher whose land is bisected by a public highway has what type of right regarding the highway right-of-way?
- A 'right of first refusal' in a North Dakota real estate context gives the holder:
- A North Dakota farmer's property line runs along a river. When the river gradually deposits soil onto the farmer's bank, adding land, this process is called:
- What does it mean when North Dakota farmland is held in 'fee simple determinable'?
- In North Dakota, a person who receives property by 'devise' receives it through:
- What is 'escheat' in North Dakota property law?
- In North Dakota, a 'profit à prendre' is the right to:
- A North Dakota property owner conveys their home to their daughter using a deed but states: 'To daughter Sarah, but if she ever uses the property for a bar, title shall pass to my son John.' This is a:
- In North Dakota, the Bundle of Rights associated with property ownership includes all EXCEPT:
- What is a 'conservation easement' on North Dakota agricultural land?
- A North Dakota homeowner builds a fence that encroaches 2 feet onto their neighbor's property. If the neighbor does nothing for 20 years, the homeowner may acquire title to the encroached strip through:
- Which of the following is TRUE about condominium ownership in North Dakota?
- A North Dakota landowner discovers their neighbor has been using a path across their property every summer for over 20 years openly and without permission. The neighbor may have acquired a(n):
- A North Dakota cooperative apartment owner holds:
- When North Dakota farmland is sold and the seller reserves the mineral rights, what document specifically conveys the mineral rights to the seller?
- A North Dakota property with a 'cloud on title' discovered before closing should ideally be resolved by:
- A North Dakota property described in a deed using metes and bounds relies on:
- A North Dakota farmer agrees to give the county a strip of land along the road for a public easement. This voluntary donation of land for public use is called:
- Under the Uniform Commercial Code (UCC), an item that is personal property but is attached to a building (like a business's commercial refrigeration unit) may be classified as a:
- In North Dakota, a 'subdivision' is created when a parcel of land is divided into:
- A North Dakota property owner who dies with a valid will is said to have died:
- In North Dakota, which governmental power allows municipalities to require property owners to dedicate land for streets and utilities as a condition of subdivision approval?
- A North Dakota property described using the PLSS as 'Section 1, Township 140 North, Range 50 West' indicates:
- In North Dakota, 'accretion,' 'avulsion,' and 'reliction' are all processes that can affect:
- In North Dakota, which of the following BEST describes 'property rights in gross' as they apply to mineral rights?
- A North Dakota investor buys property in a 1031 exchange. This tax provision allows:
- In North Dakota, which of the following would be considered a 'fixture' (real property) rather than personal property?
- A North Dakota landowner wishes to protect their land from future subdivision. The BEST legal tool to use is a:
- A North Dakota landowner has a right to minerals beneath their land. They lease these minerals to an oil company and receive a 'bonus payment.' This bonus is typically:
- In North Dakota, when two or more people own property as joint tenants and one owner wants to end the joint tenancy, they can do so by:
- In North Dakota, a 'quiet title action' is a court proceeding used to:
- In North Dakota, an oil and gas company that damages a farmer's crops and surface land during drilling operations may be liable for:
- In North Dakota, the PLSS system divides land into townships that are:
- In North Dakota, sunflower seed crops on leased agricultural land are considered what type of property until harvested?
- A North Dakota couple divorcing can divide real property through a:
- In North Dakota, what is the legal effect of a 'lis pendens' on a prospective buyer?
- In North Dakota, the concept of 'surface use agreement' between an oil company and a surface owner addresses:
- A North Dakota property that has been abandoned for many years may eventually be transferred to the state through the process of:
- In North Dakota, 'easement by implication' may arise when:
- In North Dakota, a 'dominant tenement' in an easement relationship is the parcel that:
- In North Dakota, what is the effect of a homestead exemption on a forced judicial sale of the homestead property?
- In North Dakota, a tenant who makes a substantial improvement to rented property, such as building a barn, may:
- In North Dakota, a 'straw man' deed is used to:
- A North Dakota property described as a 'freehold estate' would include all EXCEPT:
- In North Dakota, 'testamentary capacity' means the person making a will:
- What is a 'mineral deed' in North Dakota?
- In North Dakota, which of the following BEST describes the term 'chain of title'?
- In North Dakota, which of the following rights is included in the 'bundle of rights' for mineral rights owners?
- In North Dakota, a 'living trust' (revocable inter vivos trust) can be used to transfer real property upon death because:
- In North Dakota, when a property owner conveys land to the county for a public road, this is an example of:
- In North Dakota, when mineral rights are severed from surface rights and the surface is sold, the buyer of the surface should be aware that:
- In North Dakota, 'adverse possession' requires the claimant to use the property:
- In North Dakota, a 'life estate' grants the life tenant the right to:
- In North Dakota, what is a 'conservation easement'?
- In North Dakota, a 'tenancy in common' allows each co-owner to:
- A North Dakota landowner grants an easement for a pipeline company to run a natural gas line across their property. This is an example of:
- In North Dakota, a 'right of first refusal' in a lease agreement means:
- In North Dakota, when a married person dies without a will, their separately owned real property passes to their heirs according to:
- In North Dakota, a 'cooperative' form of housing ownership is different from a condominium in that:
- In North Dakota, which of the following is an example of real property?
- In North Dakota, a 'deed of trust' differs from a mortgage in that:
- In North Dakota, 'community property' rules:
- A North Dakota landowner's 'bundle of rights' includes all of the following EXCEPT:
- In North Dakota, a 'partition action' may be filed when:
- In North Dakota, 'joint tenancy' requires all of the following EXCEPT:
- In North Dakota, a 'quitclaim deed' conveys:
- In North Dakota, oil and gas leases give the lessee the right to:
- In North Dakota, 'fee simple defeasible' estates differ from 'fee simple absolute' in that:
- In North Dakota, 'riparian rights' related to rivers like the Missouri or Red River generally give adjacent landowners:
- In North Dakota, a 'fee simple estate' is the:
- In North Dakota, a 'homestead exemption' can provide:
- In North Dakota, 'corporate farming' restrictions under NDCC Chapter 10-06.1 primarily limit:
- In North Dakota, a property 'encumbered' by a mortgage, easement, and a pending judgment lien has:
- In North Dakota, a 'drainage district' affects real property by:
- In North Dakota, 'prescription' is a method of acquiring an easement similar to adverse possession. To establish a prescriptive easement, the use must be:
- In North Dakota, a 'ground lease' differs from a standard commercial lease in that:
- In North Dakota, 'escheat' is the process by which:
- In North Dakota, an 'easement appurtenant' requires:
- In North Dakota, a 'leasehold estate' gives the tenant:
Property Valuation
116 questions- In the cost approach to value, reproduction cost differs from replacement cost because:
- Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
- Market value is best defined as:
- An appraiser makes a negative (-$8,000) adjustment to a comparable. This means:
- The income approach to value is most appropriate for:
- The sales comparison approach to value requires the appraiser to:
- Functional obsolescence in appraisal refers to:
- External (economic) obsolescence is caused by:
- The principle of substitution states that a buyer will pay no more for a property than the cost of:
- Capitalization rate (cap rate) is calculated by:
- Gross Rent Multiplier (GRM) is used to:
- In the cost approach, accrued depreciation includes which three types?
- Which appraisal approach uses the formula: Value = Land Value + (Replacement Cost New - Depreciation)?
- Which of the following would MOST likely cause an upward adjustment when comparing a comp to the subject property?
- The highest and best use of a property is defined as the use that is:
- Reconciliation in the appraisal process involves:
- Which type of depreciation is ALWAYS incurable?
- An appraisal is different from a CMA (Comparative Market Analysis) because:
- Which factor would MOST LIKELY cause a property's value to DECREASE?
- Which appraisal approach is most commonly used for residential properties in the Fargo, North Dakota market?
- When appraising a wheat farm in North Dakota, an appraiser would primarily use:
- In North Dakota, 'economic obsolescence' affecting a residential property near an oil field might be caused by:
- What does 'highest and best use' mean in North Dakota property appraisal?
- A North Dakota appraiser is making adjustments to comparable sales. If a comparable home sold for $250,000 but has an extra bathroom that the subject property lacks, the appraiser would:
- Which factor would MOST likely increase farmland values in the Red River Valley of North Dakota?
- The income approach to value uses which formula?
- In North Dakota, which of the following is NOT a standard method of depreciation recognized in the cost approach to appraisal?
- An appraiser values a Bismarck, ND apartment building by dividing its annual gross rental income by its sale price to determine the:
- What is 'functional obsolescence' as it applies to a 1960s-era home in Grand Forks, ND?
- An appraiser performing a Uniform Residential Appraisal Report (URAR) in North Dakota must comply with:
- A Minot, ND home appraiser uses a sale that occurred 18 months ago. This may be a concern because:
- Which of the following North Dakota properties would MOST likely be valued using the cost approach?
- In North Dakota, a certified general appraiser is qualified to appraise:
- A North Dakota property's market value is $400,000 and its replacement cost new is $350,000. This suggests the property may have experienced:
- When appraising a North Dakota property, a 'paired sales analysis' is used to:
- A North Dakota appraiser must disclose a material error discovered after submitting the appraisal report. This is required under:
- In North Dakota, which factor would most likely DECREASE agricultural land values in the Red River Valley?
- What is a 'gross income multiplier' (GIM) used for in North Dakota commercial property valuation?
- In North Dakota, the 'effective age' of a building used in the cost approach refers to:
- Which principle of value states that a property's maximum value is limited by the cost of acquiring an equally desirable substitute?
- A North Dakota property appraiser's opinion of value differs significantly from the sale price. The appraiser should:
- A North Dakota appraiser is asked to perform a 'drive-by' or exterior-only appraisal. This is known as a:
- What is 'plottage value' (plottage increment) in North Dakota real estate appraisal?
- In North Dakota, which appraiser certification level is required to appraise a non-residential property with a transaction value over $500,000 for federally related transactions?
- What is 'reconciliation' in a North Dakota real estate appraisal?
- A North Dakota appraiser values a medical office building using the income approach. The stabilized annual NOI is $85,000 and an appropriate cap rate is 7.5%. What is the indicated value?
- The 'principle of regression' in North Dakota real estate appraisal states that:
- A North Dakota office building has a potential gross income of $100,000, vacancy and credit losses of 10%, and operating expenses of $35,000. What is the NOI?
- In North Dakota, which of the following BEST describes 'economic life' of a building?
- An appraiser in North Dakota determines the 'replacement cost new' of a building. This is the cost to build a:
- In North Dakota, a 'feasibility analysis' for a proposed commercial development determines whether:
- A North Dakota property with significant deferred maintenance would be described as having:
- An appraiser preparing a complete appraisal in North Dakota must follow USPAP Standard 1. This standard covers:
- Which type of value does a North Dakota appraiser typically estimate for mortgage lending purposes?
- Which North Dakota appraisal principle holds that a property's value is influenced by the anticipated benefits it will provide in the future?
- In North Dakota, the 'principle of conformity' suggests that:
- A North Dakota appraiser considers 'external obsolescence' when the property's value is negatively impacted by:
- A North Dakota appraiser must report value conclusions that are:
- Which factor would most likely increase the value of residential property in Grand Forks, North Dakota?
- What does 'as-is' value mean in a North Dakota appraisal?
- In North Dakota, the assessed value of property for taxation purposes is typically a percentage of:
- A North Dakota appraiser developing a 'restricted appraisal report' is providing:
- A North Dakota appraiser must disclose a prior service relationship with a party to the transaction in their appraisal report because:
- An appraiser in Minot, North Dakota is asked to value a gas station. Which appraisal approach is MOST relevant?
- In North Dakota, what is the difference between 'list price' and 'sold price'?
- An appraiser values a Fargo strip mall. The building's cost new is $1,200,000, physical depreciation is $180,000, functional obsolescence is $60,000, and the land value is $250,000. What is the indicated value by the cost approach?
- In North Dakota, the 'comparable sales grid' used in the sales comparison approach requires an appraiser to make adjustments for differences between the subject property and each comparable. Adjustments are made to:
- In North Dakota property appraisal, the concept of 'interim use' refers to:
- The term 'as-stabilized value' in a North Dakota appraisal refers to:
- Which North Dakota principle states that value is influenced by the returns expected from surrounding properties?
- In North Dakota, when an appraiser uses an automated valuation model (AVM) to assist in valuing a property, USPAP requires the appraiser to:
- In North Dakota, a property with a low cap rate compared to the market suggests the property is:
- What is 'value in use' as distinguished from 'market value' in North Dakota appraisal?
- In North Dakota, the 'principle of balance' in appraisal states that:
- In North Dakota, an appraiser who is asked to appraise their own home for refinancing must:
- In North Dakota, which of the following BEST illustrates 'external (economic) obsolescence'?
- A North Dakota grain elevator is valued using the cost approach because:
- A North Dakota appraiser observes that a neighborhood has 'declining economic vitality' characterized by high vacancy rates and falling property values. This describes a neighborhood in:
- What does 'depreciated cost' mean in the North Dakota cost approach to appraisal?
- A North Dakota appraiser must certify in the appraisal report that they have performed an independent analysis. This certification is required by:
- A North Dakota apartment building's value by the income approach is $1,200,000 and by the sales comparison approach is $1,150,000. The appraiser should reconcile these figures by:
- In North Dakota, an appraiser reviewing a commercial property's rent roll should determine:
- When a North Dakota property's income is capitalized at a lower cap rate, the resulting value is:
- A North Dakota property appraiser's opinion differs from the purchase price by 15%. The appraiser should:
- The 'principle of supply and demand' in North Dakota real estate markets means:
- In North Dakota, properties in the Fargo-Moorhead area consistently sell within 5% of appraised value. This suggests the market is:
- A Bismarck, ND property's appraisal comes in at $5,000 below the purchase price. The lender's appraisal contingency means the buyer:
- A North Dakota property manager hires a licensed appraiser to determine market rent for a commercial space. This type of appraisal estimates:
- An appraiser in North Dakota values a Fargo warehouse using the income approach. The building generates $180,000 NOI and comparable cap rates are 8%. The indicated value is:
- An appraiser performing a retrospective appraisal for estate tax purposes in North Dakota must value the property:
- An appraiser adjusting comparable sales for North Dakota property condition differences uses the principle that:
- A North Dakota appraiser values a property using the cost approach. The site value is $60,000, improvement reproduction cost is $250,000, and total depreciation is $75,000. The indicated value is:
- In North Dakota agricultural appraisals, soil productivity ratings are important because:
- When appraising North Dakota residential property, 'gross living area' (GLA) refers to:
- An appraiser notes 'external obsolescence' in a North Dakota property located next to a newly built ethanol plant. This type of depreciation is:
- A North Dakota appraiser reconciles three approaches to value at $310,000, $325,000, and $315,000. The appraiser assigns the most weight to the sales comparison approach and concludes $315,000. This process is called:
- The 'income capitalization approach' is most appropriate for valuing which type of North Dakota property?
- An appraiser's 'market value' definition assumes:
- A North Dakota appraiser performing a 'drive-by' or exterior-only appraisal provides:
- In North Dakota, 'functional obsolescence' in a residential property might be caused by:
- A North Dakota appraiser noting 'curable physical deterioration' on a property is referring to:
- An appraiser in North Dakota must be licensed or certified because:
- An appraiser in North Dakota evaluating a large wheat farm would most likely use which primary approach?
- A North Dakota property with an irregular shape or limited access might be subject to which type of valuation adjustment?
- An appraiser valuing a North Dakota commercial building uses a 'direct capitalization' method. This means:
- In a North Dakota appraisal, the 'effective age' of a building may differ from its actual age because:
- A North Dakota appraiser performing a 'restricted appraisal report' provides:
- In North Dakota, when two appraisers independently value the same property and arrive at different conclusions, this is:
- An appraiser must remain 'independent' of the transaction, meaning:
- A North Dakota appraiser values a large lot and a small lot in the same neighborhood. The smaller lot typically sells for more per square foot because of:
- An appraiser in North Dakota performing a 'highest and best use' analysis must consider four criteria. Which of the following is NOT one of them?
- A North Dakota appraiser using the 'gross rent multiplier' (GRM) method would calculate value by:
- In North Dakota, a property's 'assessed value' for tax purposes may differ from 'market value' because:
- In North Dakota, appraisers must comply with the Uniform Standards of Professional Appraisal Practice (USPAP) because:
- In North Dakota, the 'cost approach' is particularly useful for valuing:
- An appraiser in Fargo, North Dakota notes that the city's population growth is driving demand for housing. This is an example of which value influence?
Property Management
112 questions- A property manager's primary duty is to:
- A management agreement between a property manager and an owner must include:
- Under North Dakota law, security deposits held by a property manager must be:
- North Dakota's landlord-tenant law generally requires a landlord to return a security deposit within how many days after a tenant vacates?
- A gross lease requires the tenant to pay:
- A triple net (NNN) lease requires the tenant to pay:
- When a tenant remains in possession after their lease expires without a new agreement, this is called:
- A property manager signs a lease on behalf of the owner. This is an example of:
- A landlord who fails to maintain a rental property in habitable condition may be subject to:
- A property manager who discovers a fair housing violation by an owner's rental policy should:
- A property management company manages 50 residential units. The property manager's main goal when screening tenants should be to:
- A North Dakota landlord who wants to evict a tenant for non-payment of rent must first:
- Which type of lease is most common for residential tenancies?
- A property manager's fee is typically based on:
- A tenant wants to sublet their apartment. Under most standard leases:
- An escalation clause in a commercial lease allows:
- A property manager must account to the owner for all trust funds received. This means:
- A North Dakota property manager who collects rents, signs leases, and negotiates with tenants on behalf of the owner must hold a(n):
- Under North Dakota landlord-tenant law, a landlord must return a tenant's security deposit within how many days after the tenancy ends?
- A North Dakota landlord who fails to return a security deposit within the required time may be liable for:
- In North Dakota, a written residential lease for more than one year must comply with the:
- A property manager in Bismarck discovers the building's furnace is broken during a North Dakota winter. The property manager's primary duty is to:
- Which of the following is a LEGAL basis for a North Dakota landlord to deduct from a tenant's security deposit?
- Under the Americans with Disabilities Act (ADA), a North Dakota commercial property that is open to the public must:
- A North Dakota property manager receives a request from a tenant to install a wheelchair ramp. Under the Fair Housing Act, the manager should:
- What is the purpose of a property management agreement in North Dakota?
- In North Dakota, a property manager must keep owner funds in a separate trust account to prevent:
- What is a 'gross lease' as commonly used for North Dakota commercial properties?
- In a 'net lease' for a North Dakota commercial property, the tenant pays:
- A North Dakota landlord may enter a rented property without advance notice in which situation?
- A North Dakota property management company that manages residential properties must comply with the Fair Housing Act and ensure that:
- A North Dakota commercial tenant holds a lease with a 'percentage rent' clause. This means the tenant pays:
- A North Dakota property manager who signs a lease on behalf of the property owner is acting as:
- Which of the following is a North Dakota landlord's obligation under the implied warranty of habitability?
- A North Dakota commercial lease 'CAM charge' refers to:
- In North Dakota, when may a landlord lawfully evict a tenant?
- A North Dakota property manager who receives a security deposit from a new tenant must:
- A North Dakota residential tenant who abandons the property mid-lease is generally liable for:
- What is a 'holdover tenant' in North Dakota landlord-tenant law?
- A North Dakota property manager who signs a lease with a tenant for a term longer than authorized in the management agreement is:
- A North Dakota landlord's obligation to provide adequate heat in a rental unit during winter is an example of the:
- A North Dakota commercial tenant who is late paying rent may be subject to a late fee. Under a properly drafted lease, such fees are enforceable if they are:
- When a North Dakota tenant exercises 'constructive eviction,' they are claiming that:
- A North Dakota residential lease that converts to a month-to-month tenancy after the initial term may be terminated by either party with how much notice?
- In North Dakota, what notice must a landlord give before entering a rental unit for non-emergency repairs?
- A North Dakota property manager who sublicenses commercial space to multiple subtenants without the master landlord's consent may be in breach of the:
- Under North Dakota law, if a tenant's security deposit does not cover all unpaid rent and damages, the landlord may:
- A North Dakota rental property owner hires a property management company. The relationship between them is best described as:
- A North Dakota tenant who fails to pay rent on time may receive from the landlord a:
- A North Dakota commercial property under property management generates revenue from multiple tenants. The property manager's responsibility includes providing the owner with:
- A North Dakota tenant reports a habitability issue to the local health department. The landlord, in retaliation, gives the tenant an eviction notice. This is known as:
- In North Dakota, which of the following is an example of 'self-help' eviction that is illegal?
- A North Dakota tenant who signs a sublease is transferring their interest to the subtenant. The original tenant:
- A North Dakota tenant who abandons the rental unit and leaves behind personal property creates a situation where the landlord should:
- Under North Dakota law, a lease for agricultural land that is oral and for less than one year is:
- A North Dakota property manager who takes on a new management agreement should ensure the owner carries adequate:
- A North Dakota multi-family property manager who improves a property's energy efficiency qualifies for:
- A North Dakota property manager who uses rental proceeds to pay operating expenses before remitting the balance to the owner must:
- A North Dakota commercial tenant's lease includes a 'force majeure' clause. This clause protects the tenant from liability for:
- A North Dakota landlord who locks out a tenant without a court order may be liable for:
- A North Dakota tenant wants to add a roommate to their lease. What must the tenant typically do?
- A North Dakota property manager should review insurance policies for managed properties to ensure the policies include adequate:
- Under North Dakota landlord-tenant law, which of the following actions would allow a tenant to legally withhold rent?
- A North Dakota commercial tenant who is behind on rent should receive from the landlord a written notice called a:
- A North Dakota property manager discovers that a tenant has been subletting the apartment without permission in violation of the lease. The landlord's options include:
- Which of the following lease provisions would be unenforceable in North Dakota residential housing?
- A North Dakota commercial office tenant requests permission to install a company sign on the building exterior. This requires:
- In North Dakota, a commercial tenant's 'estoppel certificate' is a document where the tenant certifies:
- A North Dakota property manager who deposits rent checks more than one week after receipt into the trust account is likely:
- A North Dakota tenant who is a victim of domestic violence seeks to terminate their lease early to relocate for safety. North Dakota law may permit:
- A North Dakota property manager should inspect managed properties on a regular basis primarily to:
- A North Dakota commercial property manager who hires maintenance contractors for managed properties should ensure the contractors carry:
- In North Dakota, commercial leases often require the tenant to provide the landlord with an 'annual financial statement.' This serves to:
- A North Dakota property manager is responsible for a commercial tenant's lease renewal. Key considerations include:
- A North Dakota property manager who enters a tenant's unit to show it to a prospective buyer should give the tenant advance notice of:
- A North Dakota landlord's 'late fee' policy that charges 10% of monthly rent for a single day late is likely:
- A North Dakota property manager who fails to send a rent increase notice within the required timeframe before lease expiration may find the tenant:
- A North Dakota commercial property with multiple tenants that generates positive cash flow after debt service and all expenses is said to have positive:
- Which of the following is typically NOT a property manager's responsibility under a standard North Dakota management agreement?
- A North Dakota tenant's lease expires on December 31. If the tenant wants to leave on December 31 without being considered to have breached the lease, they should:
- A North Dakota tenant who wants to purchase the property they are renting should first check whether their lease contains a:
- A North Dakota property manager who discovers that one of the managed units contains illegal activity by a tenant should:
- A North Dakota property manager enters into a 5-year management agreement. What must the management agreement include to be valid?
- A North Dakota residential property manager who receives a tenant's notice to vacate should:
- A North Dakota property manager discovers a furnace is not working in a rental unit during January. The manager's primary obligation is to:
- Under North Dakota law, a landlord must return a security deposit within how many days after the tenant vacates?
- A North Dakota property manager must give tenants advance notice before entering a rental unit. The standard notice period is:
- A North Dakota property manager collecting rent for multiple properties must:
- A North Dakota property manager is approached by an owner who wants to convert an existing residential rental to an Airbnb short-term rental. The manager should first:
- A property manager in North Dakota evicting a tenant for non-payment of rent must first:
- A North Dakota commercial tenant's lease contains a 'gross lease' provision. This means:
- A North Dakota commercial lease with a 'triple net' (NNN) provision requires the tenant to pay:
- A North Dakota landlord who wants to increase rent must generally:
- When a North Dakota tenant abandons a rental unit before lease expiration, the landlord's duty to mitigate damages means:
- A North Dakota property manager's 'management agreement' should include all of the following EXCEPT:
- A North Dakota property manager who suspects a tenant is using a rental unit for illegal drug manufacturing should:
- A North Dakota commercial lease that gives the tenant an option to purchase the property at a fixed price in the future is called:
- A North Dakota multifamily property manager who receives a fair housing complaint must:
- A North Dakota property owner who hires a management company retains ultimate responsibility for:
- A North Dakota commercial tenant who causes damage beyond normal wear and tear is responsible for:
- When a North Dakota property manager prepares an annual budget for an investment property, they should include:
- A North Dakota property manager who fails to file the required trust account reports with their broker is:
- A North Dakota landlord's obligation to provide 'habitable' premises requires at a minimum:
- A North Dakota property manager who discovers a tenant has sublet the apartment without authorization should:
- In a North Dakota manufactured housing (mobile home) park, tenants who own their home but rent the lot have specific protections because:
- A North Dakota property manager handling a tenant security deposit deduction for cleaning must:
- A North Dakota property manager should conduct periodic property inspections to:
- In North Dakota, if a tenant abandons property within a rental unit, the landlord must:
- A North Dakota property manager who receives a request for a lease renewal from an existing tenant should:
- A North Dakota property manager who discovers a water leak in a managed property while the owner is on vacation should:
- In North Dakota, a commercial property manager typically earns their management fee based on:
- A North Dakota property manager who accepts a management contract for a building they know has significant deferred maintenance should:
Fair Housing
111 questions- The Fair Housing Act exempts certain properties from its coverage. Which of the following is an exempt property?
- Which federal agency enforces the Fair Housing Act?
- Which of the following is NOT a requirement for 'qualified senior housing' to be exempt from the familial status protected class?
- An agent advertises a listing using phrases that suggest the property is ideal for a specific national origin group. This is:
- Under the Fair Housing Act, 'familial status' protects:
- Steering occurs when a real estate agent:
- Blockbusting is the practice of:
- What is the maximum civil penalty for a first violation of the Fair Housing Act?
- The Americans with Disabilities Act (ADA) primarily applies to:
- Which of the following is a reasonable accommodation under the Fair Housing Act for a person with a disability?
- Under the Fair Housing Act, a landlord may legally refuse to rent to a prospective tenant who:
- Which law prohibits discrimination in lending based on protected class characteristics?
- Redlining is the illegal practice of:
- Which of the following is permitted under the Fair Housing Act?
- Which protected class was added to the Fair Housing Act in 1988?
- A person with a disability wants to make modifications to their apartment to accommodate their disability. Under the Fair Housing Act:
- The North Dakota Fair Housing Act prohibits discrimination based on which protected class not included in the federal Fair Housing Act?
- Steering a Native American family away from a predominantly white neighborhood in Bismarck violates:
- A Grand Forks landlord refuses to rent to a family with two children because of 'occupancy concerns.' This may violate fair housing laws because familial status is a protected class. Which exception might apply?
- A North Dakota lender refuses to make mortgage loans in certain zip codes in Fargo regardless of individual applicant qualifications. This practice is known as:
- Under the federal Fair Housing Act, which of the following is a permitted practice for a religious organization owning non-commercial housing?
- A North Dakota property manager who refuses to allow a tenant with a disability to install grab bars in the bathroom is most likely violating:
- Which statement about advertising under the Fair Housing Act is TRUE?
- A North Dakota real estate agent who uses fear of racial change to induce property owners to list their homes is committing:
- Under the Fair Housing Act, a complaint of housing discrimination must be filed with HUD within how many days of the alleged violation?
- In North Dakota, which of the following constitutes 'familial status' as a protected class under the Fair Housing Act?
- A North Dakota senior housing development qualifies for the 'housing for older persons' exemption from the Fair Housing Act's familial status protections if:
- An owner of a single-family home in North Dakota wishes to sell their home without using a real estate broker. Under the Fair Housing Act, they:
- A North Dakota property owner who provides housing to international students does so with no discrimination. If the owner inadvertently uses a lease form with language that could be interpreted as discriminatory, they should:
- A North Dakota apartment complex has a policy against renting to persons with felony drug convictions. Under fair housing law, this policy:
- A North Dakota landlord requires a higher security deposit from a tenant who uses a wheelchair, claiming the deposit covers potential 'damage from the wheelchair.' This likely violates the Fair Housing Act because:
- A North Dakota property manager posts a notice stating 'No Section 8.' This is problematic in jurisdictions that include 'source of income' as a protected class. Under North Dakota state law, source of income:
- A North Dakota housing development advertises exclusively in English-language newspapers. If this results in fewer minority applicants due to language barriers, it may create a claim of:
- Under the Fair Housing Act, which of the following would constitute 'quid pro quo' sexual harassment?
- A North Dakota real estate broker provides different quality services to minority clients compared to white clients. This is an example of:
- A disabled North Dakota tenant requests that the landlord install a visual (flashing) doorbell alert instead of an auditory one. This is a:
- Which of the following properties is EXEMPT from the Fair Housing Act's prohibition against discrimination based on disability?
- Under fair housing law, a North Dakota landlord may refuse to rent to a person with a mental disability if:
- Under North Dakota fair housing law, which of the following is a protected class related to family composition?
- A North Dakota real estate advertisement reads 'Ideal for Christian families.' This advertisement likely violates the Fair Housing Act because:
- A North Dakota property manager asks prospective tenants about their national origin during a rental application process. This is:
- A North Dakota landlord who wants to check the credit history of all rental applicants must:
- A North Dakota property manager who allows a service animal in a no-pets building for a tenant with a disability is providing a:
- A North Dakota property owner who wants to rent only to college students (to take advantage of demand near a university) may be violating fair housing laws because:
- Which of the following statements about accessibility requirements in new construction under the Fair Housing Act is TRUE?
- An Internet listing service in North Dakota uses neighborhood demographic data in its advertising algorithm, resulting in certain listings being shown less often to minority buyers. This could be a:
- Under the Fair Housing Act, disability is defined as:
- A North Dakota property management company refuses to rent to a recovering drug addict who has been drug-free for three years. Under the Fair Housing Act, this may be a violation because:
- A North Dakota landlord insists that all tenants speak English to be considered for tenancy. This may violate fair housing laws protecting people based on:
- A North Dakota apartment owner refuses to allow a tenant with epilepsy to live in a top-floor unit, claiming it is for the tenant's safety. This may be a Fair Housing Act violation because:
- A North Dakota mortgage lender charges minority applicants higher interest rates than similarly qualified white applicants. This practice violates which federal law(s)?
- What is the purpose of NDREC's cooperation with HUD in North Dakota?
- Under the Fair Housing Act, 'reasonable accommodation' refers to:
- A North Dakota real estate agent who uses different closing timeframes for offers from buyers of different ethnicities is committing:
- Under the Fair Housing Act, which of the following is a legitimate criterion for screening rental applicants?
- A North Dakota seller tells their listing agent they will not sell to families from a particular country. The listing agent should:
- A North Dakota landlord who accepts housing vouchers from some tenants but not others based on their perceived race is committing what type of discrimination?
- A North Dakota apartment complex posts a notice that guide dogs and service animals are not permitted. This policy most likely violates:
- In North Dakota, the protected class 'sex' under the Fair Housing Act has been interpreted by HUD to include:
- A North Dakota property manager who advertises 'no pets—assistance animals excepted' is:
- A North Dakota seller's real estate agent who participates in dual agency (representing both buyer and seller) without proper disclosure and consent is:
- A North Dakota property management company has a rule that all adults must be named on the lease. How does this interact with fair housing?
- Under the Fair Housing Act, a housing provider's refusal to provide information about available units to a person with a visual impairment because 'they couldn't appreciate it anyway' is:
- Which federal agency administers fair housing enforcement and investigates complaints?
- A North Dakota property owner who is wheelchair-bound must still comply with fair housing laws when renting out their own property. True or false?
- A North Dakota apartment complex runs a special promotion offering a free month's rent to new tenants who 'fit our community.' This phrasing may create a fair housing concern because:
- A North Dakota real estate school that denies admission to a student based on their national origin may face liability under:
- In North Dakota, which of the following best describes the duty of a real estate agent to avoid 'steering'?
- A North Dakota real estate agent who is approached by a homeowner association asking them to enforce deed restrictions that discriminate based on race should:
- A North Dakota housing complex posts 'English-only' rules for common area communications. This policy may disproportionately impact tenants based on:
- Under the Fair Housing Act, a person who is 'regarded as' having a disability is protected even if they do not actually have one. What does this mean?
- A North Dakota property owner's social media post saying 'Would prefer a Christian family to purchase my home' is:
- In North Dakota, a Hmong family is denied access to view a property because the listing agent claims the property 'isn't suitable for them.' This is an example of:
- A North Dakota landlord discovers that a tenant has been diagnosed with HIV. The landlord may NOT:
- A North Dakota mortgage lender requires a property to be in a 'desirable neighborhood' as determined by its internal criteria. If these criteria result in fewer loans in minority neighborhoods, this is a potential:
- Under the Fair Housing Act, a North Dakota landlord's policy refusing to rent to anyone with any criminal history may violate fair housing laws because:
- In North Dakota, a housing provider may inquire about a tenant's disability to:
- A North Dakota property manager whose policy is to place single women in 'safer' ground-floor units due to concern for their safety is:
- A North Dakota mobile home park refuses to allow the installation of a ramp for a disabled resident's trailer entrance. Under the Fair Housing Act, the park must:
- A North Dakota landlord who requires all applicants to provide references from past landlords is:
- In North Dakota, the term 'protected class' in fair housing law refers to:
- A North Dakota property manager who requires a Muslim applicant to provide more documentation than other applicants is committing discrimination based on:
- Under the Fair Housing Act, 'sexual harassment' in housing can take which form(s)?
- Under North Dakota fair housing law, which disability accommodation is a landlord required to allow?
- A North Dakota apartment complex has 60 units occupied by people 55 and older and properly registers as a 55+ housing community. This community can:
- A North Dakota landlord refuses to rent to a family with three children, saying his two-bedroom unit is only for couples. This is likely:
- Under the Americans with Disabilities Act (ADA), which type of North Dakota property is primarily subject to its requirements?
- A North Dakota landlord advertises 'perfect for young professionals' in a rental listing. This language:
- A North Dakota property manager refuses to show a unit to someone because of their national origin. This violates which protected class under the Fair Housing Act?
- A North Dakota lender denies a mortgage application to a qualified applicant because of the neighborhood's racial composition. This is called:
- Under the Fair Housing Act, a victim of housing discrimination must file a complaint with HUD within:
- A North Dakota real estate agent who uses different standards for showing properties to white buyers versus buyers of color is engaging in:
- A North Dakota property manager who asks a prospective tenant about their religion during the application process:
- In North Dakota, the source of income (such as housing vouchers/Section 8) is:
- Under fair housing law, a North Dakota agent who receives a complaint of discrimination should:
- A North Dakota housing provider with 4 units, all in a building where the owner does NOT live, is:
- The federal Fair Housing Act's prohibition against discrimination based on 'sex' was interpreted by HUD to include:
- A North Dakota landlord's 'no pets' policy that makes an exception for disability-related service animals is:
- A North Dakota mobile home park that advertises exclusively in a Spanish-language newspaper to the exclusion of all other advertising could be:
- A North Dakota property manager refuses to process a rental application from a qualified applicant because the applicant has a physical disability that is visible. This is:
- A North Dakota homebuilder who designs new townhomes without accessibility features required for multi-family units built after 1991 has potentially:
- In North Dakota, a landlord who requires a higher security deposit from tenants with children than from tenants without children has:
- In North Dakota, a housing authority that provides public housing must comply with:
- Under the Fair Housing Act, 'disparate impact' theory means a housing policy can be discriminatory even if:
- Under the Fair Housing Act, a North Dakota condominium association may refuse to rent or sell to a qualified buyer based on their race:
- A North Dakota apartment manager who says 'I don't think you'd be comfortable in this neighborhood' to a prospective tenant of a different ethnicity has:
- In North Dakota, a housing provider who imposes a 'no smoking' policy uniformly throughout their property is:
- A North Dakota apartment complex that restricts children from using the swimming pool to certain hours while allowing adults unrestricted access is:
- A North Dakota landlord who requires all tenants to speak English as a condition of tenancy may be violating:
- The North Dakota Department of Labor and Human Rights handles fair housing complaints at the state level. The statute of limitations for filing is:
- A North Dakota landlord may legally ask a prospective tenant:
Escrow & Title
111 questions- A special warranty deed provides that the grantor:
- In North Dakota, escrow is best described as:
- A lis pendens recorded against a property means:
- Which of the following is TRUE about recording a deed?
- A general warranty deed provides the buyer with:
- A quitclaim deed:
- Title insurance protects against:
- Chain of title refers to:
- An abstract of title is:
- A mechanic's lien can be filed against a property by:
- RESPA (Real Estate Settlement Procedures Act) prohibits:
- A cloud on title is:
- A deed must be delivered and accepted to be effective. This means:
- A buyer's title insurance policy (owner's policy) is typically paid for by:
- Proration at closing means that certain costs and credits are:
- In North Dakota, which of the following is a title insurance policy that protects the lender?
- In North Dakota, the document that provides a written history of all recorded transactions affecting a parcel of land is called a(n):
- A North Dakota general warranty deed provides which of the following guarantees to the grantee?
- A North Dakota special warranty deed differs from a general warranty deed in that the grantor:
- RESPA (Real Estate Settlement Procedures Act) requires that a Loan Estimate be provided to the borrower within how many business days of a loan application?
- In North Dakota, earnest money deposited into a broker's trust account may be released to the seller without buyer's written authorization when:
- A 'quitclaim deed' in North Dakota conveys:
- Does North Dakota impose a state real estate transfer tax when property is sold?
- At a North Dakota real estate closing, 'prorations' typically involve:
- In North Dakota, which document is used to transfer title from a deceased person's estate to a buyer?
- A North Dakota buyer's closing disclosure must be received by the buyer at least how many business days before closing?
- In North Dakota, title insurance protects against which of the following?
- When does title to real property pass from seller to buyer in a North Dakota real estate transaction?
- In North Dakota, a 'mechanic's lien' can be filed against a property by:
- When a North Dakota title search reveals an old unsatisfied mortgage from a previous owner, this is called a(n):
- A 'lis pendens' filed against a North Dakota property provides notice that:
- A North Dakota title company's preliminary title report (title commitment) shows a judgment lien. Before closing, this lien must be:
- When a North Dakota property is transferred through a trust, the trustee signs the deed. The deed would be a:
- In North Dakota, a 'deed restriction' (restrictive covenant) in a deed:
- What is the purpose of a 'survey' conducted prior to a North Dakota real estate closing?
- What is the function of an 'escrow' in a North Dakota real estate transaction?
- In North Dakota, a 'certificate of title' provided by an attorney means:
- What does a 'title insurance commitment' represent?
- When a North Dakota deed is delivered but not recorded, the transfer of title between grantor and grantee is:
- In North Dakota, a 'sheriff's deed' is typically issued in connection with:
- What is the purpose of a 'title search' in a North Dakota real estate transaction?
- In a North Dakota real estate closing, the party who typically pays for the owner's title insurance policy is:
- A North Dakota buyer purchases property 'subject to' an existing mortgage. This means:
- In North Dakota, a 'warranty of title' in a general warranty deed means the grantor will defend the title against:
- A North Dakota title insurance policy has an exception for 'matters that would be disclosed by an accurate survey.' This exception may be removed if the buyer:
- What is a 'subordination clause' in a North Dakota mortgage?
- In North Dakota, property taxes become a lien on the property on:
- In North Dakota, a 'release clause' in a blanket mortgage allows a borrower to:
- At a North Dakota closing, the buyer's loan amount appears as a:
- A North Dakota seller accepts a purchase offer but then receives a better offer before closing. The seller may NOT simply accept the second offer because:
- A North Dakota property with a 'lis pendens' on record warns future buyers that:
- In North Dakota, the county register of deeds maintains records of all recorded documents affecting real property. This system provides:
- In North Dakota, a buyer who takes title 'subject to' an existing mortgage differs from a buyer who 'assumes' the mortgage in that the buyer taking subject to:
- Which of the following is considered a 'voluntary lien' on North Dakota real property?
- In a North Dakota closing, the seller's mortgage payoff amount appears as a:
- At a North Dakota closing, the purchase price appears on the closing statement as a:
- A North Dakota real estate closing that is conducted 'online' or 'remotely' using electronic documents and e-signatures is permitted under:
- A North Dakota property owner who fails to pay property taxes for several years may eventually lose their property through:
- What is the purpose of the 'chain of title' examination in a North Dakota real estate transaction?
- In North Dakota, earnest money deposited with a broker is typically held in trust until:
- In North Dakota, a 'buyer's closing costs' typically include all EXCEPT:
- In North Dakota, 'constructive notice' through recording means:
- At a North Dakota closing, 'prepaid items' typically refer to:
- A North Dakota mortgage lender requires a 'good faith estimate' (now Loan Estimate) from the borrower at application. Its primary purpose is to:
- A North Dakota property that has a federal tax lien recorded against the owner must have this lien:
- In North Dakota, which of the following describes a 'marketable title act' provision?
- In North Dakota, which lien takes priority over all other liens, including mortgages, regardless of recording date?
- In North Dakota, the 'ALTA' (American Land Title Association) extended coverage title insurance policy provides broader coverage than the standard policy by also protecting against:
- In North Dakota, a 'notice of completion' serves what purpose?
- In North Dakota, the 'closing agent' in a real estate transaction is typically:
- A North Dakota real estate broker who witnesses a deed signing must ensure all of the following EXCEPT:
- In North Dakota, which of the following is considered an 'involuntary lien' on real property?
- In a North Dakota transaction, the seller's existing mortgage that is being paid off at closing appears on the Closing Disclosure as:
- In North Dakota, 'title by descent' means property passes to heirs through:
- In North Dakota, when multiple offers exist on a property, the listing broker's duty is to:
- A North Dakota title company issuing a title insurance policy will most likely exclude coverage for which of the following?
- What is a 'satisfaction of mortgage' (mortgage release) in North Dakota?
- In North Dakota, which of the following would cause a deed to be void (not merely voidable)?
- When closing a North Dakota real estate transaction, the 'disbursement date' refers to:
- In North Dakota, a buyer's closing costs for a home purchase may include all EXCEPT:
- In North Dakota, a 'deficiency judgment' after foreclosure is the lender's right to:
- In North Dakota, what is the purpose of a title insurance 'endorsement'?
- In North Dakota, a buyer who discovers a title defect after closing can make a claim on their:
- A North Dakota title search reveals a judgment lien against the seller. How does this affect closing?
- In North Dakota, 'marketable title' means:
- An 'abstract of title' in North Dakota is:
- A North Dakota closing uses a HUD-1 Settlement Statement for a federally related mortgage loan. This form shows:
- An 'ALTA Extended Coverage' title insurance policy in North Dakota provides protection against:
- In North Dakota, when a deed is recorded, constructive notice is given to:
- In North Dakota, a 'special warranty deed' (also called a limited warranty deed) provides:
- In North Dakota, 'priority of liens' generally means that in a foreclosure sale:
- In North Dakota, the 'closing agent' or 'settlement agent' is typically:
- What is the purpose of the Closing Disclosure (CD) that borrowers receive before closing in North Dakota?
- A 'lis pendens' filed against a North Dakota property notifies:
- A North Dakota deed must be 'acknowledged' before it can be recorded. Acknowledgment means:
- In North Dakota, 'prorations' at closing are used to:
- In North Dakota, a 'sheriff's deed' is issued when:
- In North Dakota, 'equitable title' is typically acquired by the buyer when:
- A 'satisfaction of mortgage' (mortgage release) in North Dakota should be recorded to:
- In North Dakota, a 'buyer's market' affects closings because:
- A 'title commitment' issued in North Dakota is:
- A 'title plant' maintained by a North Dakota title company is:
- A North Dakota title policy with a 'standard exception' for 'matters disclosed by a survey' means:
- In North Dakota, a 'deed restriction' or 'restrictive covenant' runs with the land, meaning:
- In North Dakota, 'mechanics' liens' (construction liens) can be placed on property by:
- In North Dakota, an 'owner's title insurance policy' protects:
- A 'gap' in title in North Dakota refers to:
- In North Dakota, 'chain of title' refers to:
- A North Dakota buyer who does not purchase owner's title insurance is:
- In North Dakota, 'proration' of property taxes at closing is typically based on:
- In North Dakota, a 'trustee's deed' is issued when:
Land Use & Zoning
110 questions- A variance is a request for:
- A nonconforming use is a property use that:
- A special use permit (conditional use permit) allows:
- Police power in the context of land use refers to a government's right to:
- Eminent domain is the government's right to:
- In North Dakota, a plat is:
- Deed restrictions (restrictive covenants) differ from zoning because:
- Spot zoning is generally considered illegal because it:
- A buffer zone in zoning is typically used to:
- Downzoning refers to:
- An agricultural zoning designation primarily allows:
- A comprehensive plan (master plan) is used by local governments to:
- Subdivision regulations typically require the developer to provide:
- Impact fees are charged by local governments to:
- A taking in zoning law occurs when government regulations:
- In North Dakota, which governmental body typically adopts a zoning ordinance for a city?
- A Fargo property owner wants to use their residentially-zoned lot for a small daycare center. They would most likely need to apply for a:
- A nonconforming use in a North Dakota city is one that:
- A variance in North Dakota zoning law allows a property owner to:
- North Dakota's Bakken oil-producing region requires special zoning considerations primarily because of:
- A North Dakota community's 'comprehensive plan' (master plan) serves as:
- A North Dakota farmer's property is annexed into a growing city. Their farmland previously had no zoning restrictions. Upon annexation, the land is subject to:
- In North Dakota, which of the following is an example of eminent domain?
- A North Dakota subdivision plat must be approved by which authority before lots can be sold?
- A North Dakota drainage district has the authority to:
- A buffer zone in North Dakota zoning typically serves to:
- North Dakota restricts foreign ownership of agricultural land primarily because of concerns about:
- A North Dakota developer proposes to build a large retail center that requires infrastructure improvements. The city may require the developer to pay a:
- In North Dakota, which of the following is typically a 'conditional use' rather than a permitted use in most residential zones?
- What is 'spot zoning' in the context of North Dakota land use?
- A North Dakota city uses 'Euclidean zoning,' which means:
- A North Dakota city's zoning board of adjustment (board of appeals) hears appeals from:
- A 'cluster development' in North Dakota zoning allows:
- A North Dakota city places a temporary 'moratorium' on new construction permits. This is typically done to:
- A North Dakota city adopts a 'mixed-use' zoning district. This allows:
- The police power of the state of North Dakota to regulate land use is exercised primarily through:
- A North Dakota 'planned unit development' (PUD) differs from standard zoning because it:
- In North Dakota, a 'setback requirement' in a zoning ordinance specifies:
- Under North Dakota law, when may a property owner demolish a historic building without review?
- Under North Dakota's subdivision regulations, a 'plat' must be reviewed and approved before lots can be sold. What does a plat typically show?
- A North Dakota developer wants to build an apartment complex in an area zoned for single-family homes. To do so legally, they must obtain a:
- The term 'floor area ratio' (FAR) in North Dakota commercial zoning refers to:
- In North Dakota, 'inclusionary zoning' requires developers to:
- A North Dakota city's 'urban growth boundary' is designed to:
- Which of the following best describes 'agricultural preservation zoning' in North Dakota?
- In North Dakota, an 'agricultural zoning' district is intended to:
- A North Dakota municipality that adopts a 'dark sky ordinance' is primarily concerned with:
- North Dakota's state highway department or county may acquire a 'right-of-way' across private land for road construction. This is an example of:
- A North Dakota county creates a 'floodplain overlay zone' that adds requirements to properties in the 100-year floodplain. This is an example of:
- A North Dakota city's zoning map shows an area as 'R-1.' This typically means:
- A 'transfer of development rights' (TDR) program in North Dakota allows landowners to:
- In North Dakota, a 'certificate of occupancy' (CO) is issued by:
- In North Dakota, a 'solar easement' is created to:
- A North Dakota agricultural operation that was in place before zoning regulations were enacted is protected as a:
- A North Dakota developer wishes to build a large-scale wind energy facility. This requires:
- In North Dakota, 'spot zoning' is generally disfavored by courts because it:
- A North Dakota city's 'interim ordinance' temporarily restricts land development. This tool is used to:
- A North Dakota community adopts a 'form-based code' instead of traditional Euclidean zoning. This approach focuses on:
- A North Dakota homeowner builds a shed that is 2 feet closer to the property line than permitted by the setback requirements. The homeowner is in:
- A North Dakota property owner objects to the zoning board's denial of their variance application. Their next step would typically be to:
- In North Dakota, which entity typically has the authority to approve a rezoning request?
- What is a 'mixed-income housing development' in North Dakota zoning policy?
- A North Dakota county's 'agricultural buffer zone' around a feedlot primarily serves to:
- In North Dakota, 'natural amenity' zoning restrictions near Lake Sakakawea are designed to:
- A North Dakota municipality's 'parks and recreation' zoning designation typically permits:
- A North Dakota municipality creates a 'tax increment financing' (TIF) district to finance infrastructure. TIF districts work by:
- When a North Dakota city acquires private land through condemnation for a public park, the process requires:
- A North Dakota county's zoning authority over unincorporated rural areas gives them the power to:
- A North Dakota school district wants to build a new elementary school in an area currently zoned for single-family residential use. This most likely requires:
- In North Dakota, which zone typically has the most restrictive land use regulations?
- In North Dakota, a 'natural resource extraction overlay' zone might apply to:
- A North Dakota property owner who creates a 'community land trust' (CLT) for affordable housing maintains ownership of the:
- A North Dakota city adopts 'housing element' requirements in its comprehensive plan to address:
- In North Dakota, a property owner who disagrees with a local government's zoning restriction that prohibits all economic use of their property may have a claim under the:
- North Dakota's 'agriculture of local importance' (ALI) program helps counties identify and protect which type of land?
- A North Dakota ordinance that requires all new commercial buildings to install electric vehicle (EV) charging stations is an example of:
- What is a 'manufactured housing zone' in North Dakota?
- In North Dakota, 'land banking' by a municipality refers to:
- In North Dakota, a residential subdivision that contains a homeowners association (HOA) typically has:
- When a North Dakota city 'annexes' territory from an adjacent county, the annexed area becomes subject to:
- A North Dakota homeowner wants to operate a bed-and-breakfast in their residential-zoned home. They likely need a:
- Which North Dakota government entity typically handles planning and zoning for unincorporated rural areas?
- A North Dakota municipality wants to prevent industrial development near a school. Which zoning tool is most appropriate?
- North Dakota's Subdivision Regulations typically require developers to:
- In North Dakota, 'impact fees' charged by municipalities to developers are intended to:
- A North Dakota city annexes rural land adjacent to its borders. After annexation, the land is typically:
- A North Dakota city council denies a rezoning application. The applicant may:
- A nonconforming use in North Dakota that is destroyed by fire to a significant percentage (typically 50%+) of its value:
- In North Dakota, a 'planned unit development' (PUD) differs from conventional zoning in that:
- In North Dakota, a 'conditional use permit' (CUP) allows:
- In North Dakota, 'agricultural zoning' is designed primarily to:
- North Dakota's 'Agricultural PACE program' (Purchase of Agricultural Conservation Easements) protects farmland by:
- A North Dakota homeowner in a flood plain who wants to build an addition must typically:
- A North Dakota county adopts a 'right to farm' ordinance. This ordinance protects:
- A North Dakota county that lacks a zoning ordinance means that:
- North Dakota's 'setback requirements' in zoning ordinances determine:
- A North Dakota 'Transfer of Development Rights' (TDR) program works by:
- In North Dakota, 'bulk zoning regulations' address:
- North Dakota's 'natural resources zoning' in areas with Bakken oil fields may address:
- In North Dakota, a 'building permit' is typically required for:
- A North Dakota city's 'comprehensive plan' is best described as:
- A North Dakota developer seeking approval for a subdivision must typically obtain:
- A North Dakota municipality may acquire private property for a new fire station through:
- In North Dakota, an 'overlay district' in zoning is:
- North Dakota's 'Eminent Domain statutes' require that property owners receive:
- A North Dakota city's 'form-based code' focuses on:
- A North Dakota municipality's 'density bonus' allows developers to:
- A North Dakota property in an 'agricultural protection zone' near Fargo would typically face restrictions on:
- A North Dakota city adopting 'inclusionary zoning' requires developers to:
- A North Dakota property owner whose land is taken by eminent domain for a highway expansion has the right to:
Environmental
107 questions- Radon is a naturally occurring radioactive gas that enters buildings primarily through:
- Lead-based paint disclosure is required for homes built:
- An underground storage tank (UST) on a property is a concern primarily because of potential:
- Asbestos in a property is considered hazardous when it is:
- CERCLA (Superfund) legislation holds which parties liable for cleanup of contaminated sites?
- A Phase I environmental site assessment (ESA) involves:
- Wetlands are regulated in real estate transactions primarily because they:
- North Dakota's oil and gas production in the Bakken region can cause environmental concerns including:
- When is a seller required to provide a lead-based paint disclosure and EPA pamphlet?
- Mold in a residential property is considered a material fact that must be disclosed because it can:
- A buyer in North Dakota asks about the proximity of the property to an oil and gas well. The agent should:
- A CERCLA 'innocent landowner' defense protects a buyer who:
- Which North Dakota state agency oversees environmental quality, including contaminated sites affecting real property?
- A buyer is purchasing a property in Williston, ND near oilfield operations. Which environmental hazard is MOST relevant to investigate?
- Under federal law, sellers of residential property built before 1978 must disclose the presence of known:
- Radon is a naturally occurring radioactive gas that enters homes primarily through:
- CERCLA (Superfund) may make a North Dakota landowner who acquires contaminated property liable for cleanup costs unless they qualify as a(n):
- An underground storage tank (UST) on a North Dakota property that has leaked petroleum products creates a concern for:
- Asbestos-containing materials (ACMs) in a North Dakota commercial building are regulated under which federal law when the building is to be demolished?
- A Phase I Environmental Site Assessment of a North Dakota property involves:
- Wetlands in North Dakota are significant because they:
- Which of the following best describes the environmental concern of 'mold' for a North Dakota residential property?
- North Dakota's oil production from the Bakken formation uses which extraction technique that raised environmental concerns?
- A North Dakota property seller must disclose on the ND Seller's Disclosure form whether the property has a(n):
- Which document does a buyer typically commission before purchasing a potentially contaminated North Dakota commercial property?
- Asbestos is primarily a concern in North Dakota buildings constructed before:
- Prairie pothole wetlands in North Dakota are protected primarily under:
- Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), who can be held liable for cleanup of a contaminated North Dakota property?
- A buyer discovers that a North Dakota property was previously used as a gas station. The primary environmental concern would be:
- A North Dakota property located near a hog confinement facility may face value challenges due to:
- Carbon monoxide (CO) as an environmental hazard in North Dakota homes is primarily produced by:
- North Dakota's state water rights are administered by which agency?
- Electromagnetic fields (EMFs) from high-voltage power lines near North Dakota residential property are primarily a concern because:
- North Dakota farmers who use agricultural chemicals must store and handle them in compliance with regulations to prevent:
- What is a 'brown field' property in the context of North Dakota real estate?
- In North Dakota, which organization issues water appropriation permits for new irrigation systems on agricultural land?
- The North Dakota Department of Environmental Quality monitors which of the following programs that affect real property?
- A North Dakota oil and gas lease typically includes an 'offset well' clause that protects the landowner against:
- Floodplain areas in North Dakota are mapped by which federal agency, determining flood insurance requirements?
- Which federal agency oversees the Superfund (CERCLA) program for cleanup of contaminated sites in North Dakota?
- Lead pipes in older North Dakota homes present a risk of:
- North Dakota's state environmental regulations governing oil spills require operators to:
- A North Dakota property owner who installs a new septic system must comply with:
- Naturally occurring radioactive material (NORM) associated with oil and gas production in North Dakota's Bakken region poses what type of concern for property buyers?
- Chlorinated solvents (e.g., TCE, PCE) found in soil and groundwater near a North Dakota dry cleaning business pose what type of concern?
- North Dakota requires an environmental review before certain large-scale developments. Which federal law establishes a similar requirement for federal actions?
- Which of the following actions BEST protects a North Dakota buyer from CERCLA (Superfund) liability when purchasing commercial property?
- In North Dakota, a 'voluntary cleanup program' (VCP) offered by the NDDEQ allows:
- North Dakota property buyers near agricultural areas should investigate for potential contamination from:
- An underground storage tank (UST) discovered on a North Dakota property during due diligence should prompt the buyer to:
- Which document is the key reference for environmental regulations in North Dakota, providing standards for water quality, waste disposal, and contaminated site cleanup?
- In North Dakota, which of the following is NOT typically considered an environmental hazard requiring disclosure in a residential real estate transaction?
- 'Sick building syndrome' in a North Dakota commercial property may be caused by:
- Which North Dakota environmental program allows voluntary cleanup of contaminated property with state oversight in exchange for liability protection?
- A North Dakota property with a 'brownfield' designation may qualify for:
- A North Dakota property that has been used as a dry cleaning facility poses a risk from which chemical contaminant?
- A North Dakota property discovered to be within a designated wetland area may face restrictions on development under:
- A North Dakota developer plans to build on land that may have been a landfill 40 years ago. Before proceeding, they should commission at minimum a:
- A North Dakota buyer purchasing property near the Sheyenne River should investigate for potential:
- The 'no further action' letter issued by North Dakota's NDDEQ after a voluntary cleanup means:
- North Dakota's Conservation Reserve Program (CRP) pays farmers to:
- When evaluating a property near North Dakota's Garrison Dam and Lake Sakakawea for purchase, an important environmental concern would be:
- A North Dakota landowner near a designated Superfund site is concerned about potential liability. They should consult with an attorney about:
- In North Dakota, the water quality concern associated with intensive agricultural operations (feedlots) is primarily:
- A North Dakota property with a naturally occurring seep or spring may face issues related to:
- A North Dakota wheat farmer discovers that a neighbor's drainage project has changed the water flow pattern, causing flooding on their land. Legal remedies may include:
- A North Dakota buyer's Phase I Environmental Site Assessment identifies a 'recognized environmental condition' (REC). The appropriate next step is typically to:
- A North Dakota industrial site that manufactured farm chemicals has been remediated and certified as clean. However, the remediation may have left residual contamination at low levels. This is typically handled through:
- Under North Dakota law, who is responsible for disclosing a known underground storage tank to a potential buyer of residential property?
- A North Dakota property owner is concerned about potential exposure to naturally occurring arsenic in well water. They should contact:
- A North Dakota property's drinking water well shows elevated nitrate levels. A primary source of nitrate contamination in rural North Dakota groundwater is:
- A North Dakota oil production site that has been abandoned may leave what type of environmental hazard as a long-term concern?
- In North Dakota, 'carbon sequestration' rights in agricultural soils relate to:
- A North Dakota farmer's practice of tiling agricultural land to improve drainage can affect:
- A property near North Dakota's Minot Air Force Base may have environmental concerns related to:
- A North Dakota gas station that leaks underground fuel contaminates neighboring residential soil. The residential property owner may have a legal claim against the gas station for:
- North Dakota's 'Lignite Research, Development and Marketing Program' addresses lignite coal, which is relevant to:
- North Dakota's oil and gas boom in the Bakken region has increased what type of infrastructure near residential areas, raising real estate concerns?
- A North Dakota buyer purchases a home with a private well. Before closing, they should always request:
- In North Dakota's oil country, 'produced water' from Bakken wells is regulated because:
- A North Dakota homeowner near a former agricultural site is concerned about pesticide contamination. Which federal law governs cleanup of hazardous waste sites?
- Asbestos-containing materials (ACM) in a North Dakota commercial building are regulated under:
- In North Dakota, 'induced seismicity' associated with oil and gas wastewater injection wells is primarily regulated by:
- North Dakota's Clean Water Act compliance for agricultural drainage ditches primarily aims to prevent:
- North Dakota's 'No Net Loss' wetlands policy means that development affecting wetlands must:
- The presence of Chinese elm trees in a North Dakota subdivision is primarily:
- In North Dakota, a Phase I Environmental Site Assessment (ESA) is conducted by:
- North Dakota requires sellers to disclose known underground storage tanks (USTs) because:
- In North Dakota, the main concern with abandoned rural septic systems is:
- North Dakota's regulation of confined animal feeding operations (CAFOs) near real property is important because CAFOs can:
- In North Dakota, 'brownfield' properties are defined as:
- In North Dakota, 'radon' is a concern primarily because:
- North Dakota's 'snowmelt flooding' poses real estate risks because:
- In North Dakota, the Oil and Gas Research Council funds research to address environmental impacts of oil production, including:
- The main environmental concern with historic cemeteries adjacent to North Dakota properties is:
- North Dakota's 'National Pollution Discharge Elimination System' (NPDES) permits are required for:
- In North Dakota, 'asbestos' in pre-1980 homes is primarily found in:
- In North Dakota, oil spills affecting agricultural land are concerning because:
- In North Dakota, 'electromagnetic fields' (EMF) from high-voltage power lines near residential properties are:
- North Dakota's natural prairie grasslands have real estate significance because:
- In North Dakota, 'prairie potholes' are important to real estate because:
- In North Dakota, 'lead paint' disclosure is required for housing built before:
- In North Dakota, 'vapor intrusion' into buildings from underground contamination is a concern when:
- In North Dakota, 'carbon monoxide' hazards in rental properties can be mitigated by:
- In North Dakota, the state's 'Environmental Health Section' (under NDDOH) regulates:
- In North Dakota, 'groundwater contamination' from agricultural activities is primarily a concern involving:
- North Dakota's 'Spill Investigation and Response Program' responds to environmental incidents because:
Ready to Practice?
Take a free North Dakota practice quiz — no signup required.
Start Free Quiz →