North Dakota License Law
Under NDCC Chapter 43-23, which of the following would require a real estate license in North Dakota?
AA person selling their own farmland
BAn on-site property manager employed directly by a property owner to manage a single complex
CA licensed auctioneer who includes farm real estate in auctions for compensation✓ Correct
DAn attorney conveying property as part of a legal matter
Explanation
Auctioneers who sell real estate for compensation must hold a real estate license in North Dakota. Selling one's own property, on-site managers directly employed by owners, and attorneys acting in a legal capacity are typically exempt.
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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.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
State-Specific Concepts
License Law
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