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Code · North Dakota · Title 40 · Chapter 40-11 — Ordinances

40-11-04.2. Transfer of real property by exclusive and nonexclusive listing

281 words·~1 min read·/nd/title-40/chapter-40-11-ordinances/40-11-04-2·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

agreements.
1. As an alternative to the procedure established under section 40-11-04.1, the governing
body of a city may by resolution:
a. Describe the real property of the city which is to be sold;
b. Provide a maximum rate of fee, compensation, or commission; and
c. Provide that the city reserves the right to reject any and all offers determined to
be insufficient.
2. After adoption of the resolution, and publication of the resolution on the city website for
at least fourteen days, if the city maintains a website, the governing body of a city may
engage licensed real estate brokers to attempt to sell the described property by way of
nonexclusive listing agreements or by way of an exclusive listing agreement if the real
estate broker is selected through a competitive process.
3. A proposal from a licensed real estate broker to enter an exclusive listing agreement
with the governing body of a city must be based on the:
a. Experience of the licensed real estate broker;
b. Experience of the licensed real estate broker selling similar property;
c. Marketing strategy the licensed real estate broker intends to use; and
d. Rate of fee, compensation, or commission the licensed real estate broker intends
to accept.
4. In the negotiation of a purchase agreement with a buyer represented by a real estate
broker, the governing body of a city may agree to pay compensation to the buyer's real
estate broker. In the negotiation of a listing agreement, the governing body of a city
shall consider the financial impact of paying compensation to the buyer's real estate
broker on the total fees, compensation, or commission that may become payable by
the city.
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