North Dakota License Law
The North Dakota Real Estate Commission is authorized to:
ASet commission rates for all brokers
BInvestigate complaints and discipline licensees✓ Correct
CRepresent buyers and sellers in transactions
DSet mortgage interest rates in the state
Explanation
NDREC has authority to investigate complaints against licensees, hold hearings, and impose disciplinary actions including fines, suspension, or revocation. It does not set commission rates (antitrust) or represent parties in transactions.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Math Concepts
State-Specific Concepts
DRE Regulation
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