Updated December 28, 2022
A North Dakota real estate agent listing agreement is a contract between a real estate agent and a client that permit the agent to sell the client’s real property. The State’s Administrative Code mentions two types of listing agreements; “exclusive agency” and “exclusive right to sell.” Both contracts allow a broker to represent a seller in a real estate transaction, but the latter awards the broker a commission regardless of how the property sells, whereas an exclusive agency contract allows the owner to make a sale without giving the broker a commission (if the broker was not involved in finding the buyer). Aside from the agent’s commission rate, a listing agreement will establish terms and conditions regarding the duties and rights of both parties, the confidential nature of information exchanged, and the termination of the agreement.
Agency Disclosure Form (§ 70-02-03-15.1.2) – When representing any party to a real estate transaction, a real estate licensee must provide a written disclosure statement to the said party upon the first contact.
Disclosed Dual Agency (§ 70-02-03-15.1.7) – Written consent must be provided if an agent is to represent both seller and buyer in a property transaction.
Property Disclosure Statement (§ 43-4-44) – By law, a disclosure statement regarding the condition of a property for sale must be presented to a potential buyer.
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