law

Real Estate Education, Research, and Recovery Fund (North Dakota)

North Dakota's fund under NDCC chapter 43-23.2, administered by the Commission, paying unsatisfied judgments against licensees for fraudulent, deceptive or dishonest practices or conversion of trust funds. Each new licensee pays a one-time $20 fee; if the balance is below $60,000 on June 30, an assessment of up to $20 per licensee may be levied. Recovery is capped at $15,000 per transaction and $15,000 total per licensee. The application goes to the court that entered the judgment within one year after it becomes final. Payment automatically suspends the license.