Bill > HB1125

This bill makes several amendments to North Dakota's real estate licensing laws, focusing on four key areas: definitions, licensing standards, license renewal, and wholesale property transactions. First, the bill updates definitions in the real estate code, including clarifying what constitutes "dual agency" and adding a provision that allows licensed brokers in North Dakota to share commissions with out-of-state brokers under certain conditions. Second, it modifies licensing standards by expanding educational requirements, allowing salesperson and broker license applicants to take the licensing exam before completing educational prerequisites, and providing more flexibility in experience requirements. Third, the bill changes license renewal procedures by giving the North Dakota Real Estate Commission more discretion in setting renewal intervals, late renewal dates, and associated fees, moving away from fixed annual renewal dates. Finally, the bill revises rules for wholesale property transactions by removing specific language about residential properties and broadening disclosure requirements for wholesalers, who must now inform all parties about their equitable interest in a property, potential inability to convey title, and intent to profit from the transfer. These changes aim to provide more clarity, flexibility, and consumer protection in real estate transactions.

Business and Industry

https://ndlegis.gov/assembly/69-2025/regular/bill-overview/bo1125.html