1.    The commission may license an organization of a salesperson, broker, or broker associate if:

Terms Used In North Dakota Code 43-23-05.1

  • Individual: means a human being. See North Dakota Code 1-01-49
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49

a.    The organization is owned solely by an individual who is licensed as a salesperson, broker, or broker associate, or by that individual and that individual’s spouse, or by that individual and other salespersons, brokers, and broker associates within the same firm as that individual; b.    The organization does not engage in any real estate transactions as a third-party agent or in any other capacity requiring a license under this chapter; and

c.    The organization does not advertise or otherwise portray to the public the organization is a real estate broker or real estate brokerage firm.

2.    The employing or associating broker of a salesperson, broker, or broker associate who is part of an organization is not relieved of any obligation to supervise the employed or associated salesperson, broker, or broker associate or of any other requirements under this chapter.

3.    An individual who forms an organization is not by nature of that act relieved of any personal liability for licensed activities.

4.    The commission may adopt rules establishing a one-time license fee for an organization licensed as a salesperson, broker, or broker associate.

  Previous section
Next section  
 Chapter 43-23 Contents