North Dakota Administrative Code
Title 70 - Real Estate Commission
Article 70-02 - Real Estate Licensure
Chapter 70-02-03 - Licensee Responsibilities
Section 70-02-03-05.1 - Buyer's broker agreements
Current through Supplement No. 394, October, 2024
In instances where residential real property consists of separate dwelling units for one through four families, a licensee must obtain a signed buyer's broker agreement from a buyer before performing any act as a buyer's representative. All buyer's broker agreements must be in writing and must include:
1. A definite expiration date.
2. The amount of commission or other compensation.
3. A clear statement explaining the services to be provided to the buyer, and the events or condition that will entitle the licensee to a commission or other compensation.
4. If the licensee chooses to represent both buyers and sellers in the same transaction, a separate dual agency disclosure statement in accordance with the provisions of section 70-02-03-15.1.
General Authority: NDCC 28-32-02
Law Implemented: NDCC 43-23-05
