North Dakota § 43-23.2-02 Fees paid into fund

North Dakota Statutes

§ 43-23.2-02 — Fees paid into fund

North Dakota § 43-23.2-02

Title 43Occupations and Professions

Ch. 43-23.2Real Estate Education Fund

This text of North Dakota § 43-23.2-02 (Fees paid into fund) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 43-23.2-02 (2026).

Text

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.

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

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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.
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.