North Dakota Code 43-23.2-02 – Fees paid into fund
1. In addition to the appropriate licensing fees paid by real estate brokers and salespersons, any person licensed as a real estate broker or salesperson for the first time, shall pay a fee of twenty dollars at the time of obtaining the license which must be credited into the education, research, and recovery fund. Except for assessments paid into the fund as provided in subsection 2, any person obtaining a broker’s or salesperson’s license for the first time, shall pay the fee of twenty dollars into the fund only once.
Terms Used In North Dakota Code 43-23.2-02
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- year: means twelve consecutive months. See North Dakota Code 1-01-33
2. If, on June thirtieth of any year, following the establishment of the real estate education, research, and recovery fund, the amount remaining in the fund is less than sixty thousand dollars, every licensed real estate broker and salesperson, when renewing that person’s license, shall pay, in addition to the annual renewal fee, a sum not to exceed twenty dollars, which must have been determined by the commission to be sufficient to restore the balance in the fund to at least sixty thousand dollars.
3. The commission shall maintain a minimum of sixty thousand dollars in the fund for recovery purposes. Such funds must be invested and reinvested by the commission and interest from the investments must be deposited to the credit of the fund. Sufficient liquidity must be maintained so moneys are available to satisfy all claims that are processed through the commission by means of the procedures established in this chapter.
4. The commission, in the commission’s discretion, may use any moneys in the fund in excess of sixty thousand dollars, regardless of whether the excess is from education, research, and recovery fund fees or accrued interest thereon, for the following purposes:
a. To promote the advancement of education and research in the field of real estate for the benefit of those licensed under chapter 43-23.
b. To underwrite educational seminars and other forms of educational projects for the benefit of real estate licensees.
c. To establish a real estate chair or courses at North Dakota institutions of higher learning for the purpose of making such courses available to licensees and the general public.
d. To contract for a particular educational or research project in the field of real estate to further the purposes of chapter 43-23.
5. The executive director of the commission shall furnish a bond in the amount of sixty thousand dollars, upon such conditions as the commission may prescribe.