ND State Exam Prep-Real Estate Flashcards

ND State Exam Prep-Real Estate Flashcards Karen didn't renew her license when her renewal deadline came around. What is her license status?Expired Which of the following situations is NOT exempt from the registration requirements of North Dakota's Subdivided Lands Disposition Act?A subdivider selling unimproved land with no structures on it When a transaction in North Dakota has successfully closed and the commission has been distributed, what should the individual transaction ledger show?A zero balance Jeff has found an error in his brokerage's escrow account.The form shows that the total ledger balance is significantly more than the account balance. What required North Dakota record is he most likely reviewing?Reconciliation Worksheet In North Dakota, the duty of disclosure _______. Is owed to the agent's clients and customers In North Dakota, what information must be included on all bank deposit slips for trust funds?Transaction number Which of the following is NOT a way that the NDREC provides additional education to real estate licensees?Providing free continuing education hours to licensees with exceptional transaction records How many hours of pre-licensing education does North Dakota require broker applicants to complete?60 hours North Dakota broker Diana receives notice from the commission that it is auditing her trust account bank statements for the last two years. Does the commission have the right to do this?Yes, because trust account records from the last two years may be audited.North Dakota licensee Damien didn't complete the CE requirements by the November 15 deadline. What happens to his license now?His license will be on inactive status after December 31.Which of the following is true regarding the NAR Code of Ethics?REALTORS® must comply with the Code of Ethics as a requirement of membership.Amy filed a late renewal application, but failed to renew her license by March 1. What happens to her license now?Her license is canceled.One of the statutory duties North Dakota licensees must abide by is keeping confidential information confidential. To whom is this duty owed?Clients Which one of the following is a true statement regarding inactive real estate licenses in North Dakota?Licensees with inactive licenses must renew by filing an application and paying a fee every year.Vixen and Blitzen Donner have decided it's time to permanently move to the North Pole. They simply can't get enough of the snow! Which of the following elements must be included in the agreement they sign with broker Elsa to sell their North Dakota home?The commission they've agreed to pay Elsa

In North Dakota, real estate salespersons act on behalf of

_______.

Their broker Besides a journal, a broker's ledger, and the bank reconciliation worksheet, which other recording tool is required for North Dakota trust or escrow accounts?Individual transaction ledger Article 3 of the NAR's Code of Ethics stresses the importance of cooperation among REALTORS®.Cooperating streamlines transactions and builds trust in the community. Which of the following is an allowed behavior under the Code of Ethics?If the selling broker isn't satisfied with the offered compensation, Standard of Practice 3-3 permits a renegotiation of the offered compensation.If the NDREC decides to conduct a trust account audit, what will happen?The principal broker will receive notice that an audit will be conducted in advance.In which of these situations is Ronnie's North Dakota statutory duty of reasonable skill and care at odds with her duty of obedience?Jefferson insists that Ronnie interpret the implications of him breaching his contract with a buyer.In North Dakota, the contract that a seller and a broker enter into is called a _____.Listing Agreement Martin's North Dakota brokerage will undergo a random compliance audit next week. Which of the following is a true statement regarding his brokerage trust account?Trust account bank statements, deposit slips, and the ledger will be reviewed.In which one of the following situations does the agent have imputed knowledge that must be disclosed?A seller client just told her agent that her property's foundation is cracked.Which of the following sales would qualify for an exemption from the registration requirements of the North Dakota Subdivided Lands Disposition Act?The sale of improved subdivided lands with residential or commercial structures in place When may a North Dakota listing agent use an automatic renewal provision in the listing agreement?Automatic renewal provisions may never be used.North Dakota broker Maria is depositing her client's trust funds into an interest-bearing account. Assuming Maria is in compliance with North Dakota rules for trust funds, which of the following is true?Maria established the account as interest-bearing with her financial institution.For which of the following transactions does North Dakota law require you to disclose your licensed status in the advertisements for the property?You've listed your own home as a For Sale by Owner.Tobey is a licensed salesperson in another state who's decided that it would benefit his career if he started doing business in North Dakota as well as his home state. What will he need to do to accomplish his goal?He needs to affiliate with a broker who has a non-resident license in North Dakota.A buyer client is interested in making an offer, and wants to know if the hot tub is included in the property sale. Which section of the North Dakota listing agreement would provide this information?Personal Property in the Real Property section Which of the following statements about the duty to disclose adverse material facts in North Dakota is true?Licensees are required to disclose only those material facts of which they have actual knowledge.