43-23 State Real Estate Commission
Download pdf
Loading PDF...
<![CDATA[CHAPTER 43-23STATE REAL ESTATE COMMISSION43-23-01.Real estate commission - Members.The state real estate commissionconsists of five members, three of whom must be active real estate brokers, appointed by the<br>governor. The commission shall organize by the election of a chairman.43-23-02. Commission - Term - Duties - Records. The governor shall appoint eachmember of the commission for a term of five years. Terms must be staggered so the term of one<br>member expires each year. At the expiration of the term of any member of the commission, the<br>governor shall appoint a successor for a term of five years. In the event of a vacancy on the<br>commission for any reason the governor shall appoint a member for the unexpired term of that<br>member.A majority of the commission, in a duly assembled meeting, may perform and exercise allof the duties and powers devolving on the commission. The commission may submit a biennial<br>report to the governor and the secretary of state in accordance with section 54-06-04.The commission shall adopt a seal with North Dakota real estate commission engravedon the seal, by which it shall authenticate its proceedings. Copies of all records and papers in<br>the office of the commission, duly certified and authenticated by the seal of such commission,<br>must be received in evidence in all courts equally and with like effect as the original.43-23-03. Commission office - Executive director. The commission shall employ anexecutive director who shall furnish bond as required by the commission and who shall keep a<br>record of all proceedings, transactions, communications, and official acts of the commission, be<br>custodian of all moneys received for licenses which must, by the executive director, be deposited<br>for safekeeping in depositories designated by the commission. The executive director must be<br>custodian of all records of the commission and perform such other duties as the commission may<br>require. The commission is authorized to fix the salary of the executive director, to employ such<br>other employees as may be necessary to properly carry out the provisions of this chapter, to fix<br>salaries and prescribe duties of such employees and to make such other expenditures as are<br>necessary to carry out the provisions of this chapter. The commission shall meet annually and<br>upon call by the executive director upon a written request of three or more members of the<br>commission. The place of meeting of the said commission must be at the office of the executive<br>director. The location of the office of the executive director must be at such places within the<br>state as the commission may designate. The commission shall maintain all files, records, and<br>property of the commission at the office of the executive director.43-23-04.Commission - Compensation.The members of the commission shallreceive fifty dollars for each day actually engaged in the service of the commission and must be<br>paid actual and necessary traveling expenses to be paid only from the fund derived from fees<br>collected in the administration of this chapter. All moneys or fees collected or received by the<br>commission must be deposited and disbursed in accordance with section 54-44-12.43-23-05. Real estate license required. No person may act as a real estate broker orreal estate salesperson, or advertise or assume to act as such real estate broker or real estate<br>salesperson, without a license issued by the real estate commission. No person is entitled to<br>collect any fees, compensation, or commission as a real estate broker or real estate salesperson<br>without having first complied with the provisions of this chapter. No copartnership, association,<br>corporation, or limited liability company may be granted a license, unless at least one partner,<br>shareholder, member, manager, or officer of the copartnership, association, corporation, or<br>limited liability company, actually engaged as a real estate broker or real estate salesperson as<br>defined herein, holds a license as a real estate broker, and unless every employee who acts as a<br>real estate salesperson for such copartnership, association, corporation, or limited liability<br>company holds a license as a real estate salesperson.Page No. 143-23-05.1.Organization of salesperson or broker associate permitted to belicensed - Fees.1.The commission may license an organization of a salesperson or broker associate if:a.The organization is owned solely by an individual who is licensed as a<br>salesperson or broker associate, or by that individual and that individual's<br>spouse, or by that individual and other salespersons and broker associates<br>within the same firm as that individual;b.The organization does not engage in any real estate transactions as a<br>third-party agent or in any other capacity requiring a license under this chapter;<br>andc.The organization does not advertise or otherwise portray to the public that the<br>organization is a real estate broker or real estate brokerage firm.2.The employing or associating broker of a salesperson or broker associate who is<br>part of an organization is not relieved of any obligation to supervise the employed or<br>associated salesperson or broker associate or of any other requirements under this<br>chapter.3.An individual who forms an organization is not by nature of that act relieved of any<br>personal liability for licensed activities.4.The commission may adopt rules establishing a one-time license fee for an<br>organization licensed by a salesperson or broker associate.43-23-06. Definitions. Repealed by S.L. 1977, ch. 405, </p>
<BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content -->
<BR class=clear></DIV>
<!-- /div id = livearea -->
<DIV></DIV><!-- /.col.one -->
<DIV></DIV><!-- /.col.main -->
<DIV></DIV><!-- /#content --><BR class=clear>
<DIV></DIV><!-- /#livearea -->
<!-- Footer-->
<DIV id=footer>
<DIV class=container>
<P class=copyright>Copyright © 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright -->
<P class=footerlinks><A
href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A
href="/terms.html">Terms</A> | <A
href="/privacy.html">Privacy</A></P><!-- /.footerlinks -->
</DIV><!-- /.container -->
</DIV><!-- /footer -->
</BODY></HTML>
]]>