North Dakota Real Estate Practice Exam

What is a condition under which a person may engage in real estate transactions as a receiver or administrator?

1. They must hold a broker license

2. They must act under specific court orders

3. They must manage properties regularly

4. They must be employed by a real estate company

The correct answer is: They must act under specific court orders

A person may engage in real estate transactions as a receiver or administrator under specific court orders due to the legal authority granted by a court. This provision allows individuals to handle the management and disposition of real estate in situations typically involving financial estates or properties in dispute. The court order outlines the powers and responsibilities of the receiver or administrator, ensuring that their actions adhere to legal requirements and protect the interests of the parties involved. In contrast, holding a broker license is necessary for general real estate transactions but does not specifically relate to receivership or administration roles. Managing properties regularly or being employed by a real estate company primarily applies to real estate agents and brokers who operate within a business context rather than the legal context of a court-appointed role. Thus, having a court order specifically delineates the authority granted for engaging in those unique real estate transactions as a receiver or administrator.