North Dakota Out of State Broker Cooperation- An out-of-state licensee can enter state, perform licensed services (except for listing of properties without North Dakota license and negotiating a transaction while in the state), and receive a commission split from North Dakota licensee so long as the out-of-state licensee's state affords a similar opportunity to North Dakota licensees.
|
|
|
North Dakota Real Estate ReciprocityGeorgia, Iowa, Minnesota
Otherwise: Any State (Non Resident)* * Must pass the State portion of the North Dakota Real Estate Exam. Confirmed by the North Dakota Guidelines for Reciprocity |
Specific to North Dakota Real Estate- Broker must have an office in their own State. - Broker must maintain a Real Estate Trust Account in their own State. - Mandatory E&O (see RISC) https://www.risceo.com/states/north-dakota/ |
North Dakota Reverse ReciprocityThese states specifically mention North Dakota in their Reciprocity: Iowa, Minnesota, Montana, Oklahoma These States recognize any other State licenses but may have additional requirements: Alaska, Alabama, Colorado, Georgia, Idaho, Indiana, Kansas, Kentucky, Maine, Nebraska, North Carolina, Rhode Island, South Dakota, Tennessee, Vermont, Washington |
North Dakota Real Estate Links |
North Dakota Real Estate Customs
Lenders, together with attorneys, conduct closings.
Conveyance is by warranty deed. Mortgages are the security instruments.
Foreclosures require about 6 months, including the redemption period.
North Dakota bases their title insurance on abstracts and attorneys’ opinions.
Buyers usually pay for the closing, the attorney’s opinion, and the title insurance; sellers pay for the abstract.
There are no documentary or transfer taxes.
Conveyance is by warranty deed. Mortgages are the security instruments.
Foreclosures require about 6 months, including the redemption period.
North Dakota bases their title insurance on abstracts and attorneys’ opinions.
Buyers usually pay for the closing, the attorney’s opinion, and the title insurance; sellers pay for the abstract.
There are no documentary or transfer taxes.