North Dakota Real Estate Practice Exam

What must a broker or salesperson owe to a 'customer' in a transaction?

1. Customary acts to conclude a transaction

2. Only honesty in negotiation

3. Regular updates on market trends

4. Intense marketing strategies

The correct answer is: Customary acts to conclude a transaction

The relationship between a broker or salesperson and a 'customer' in a transaction obligates the broker or salesperson to perform customary acts to conclude the transaction. This includes duties that are generally accepted in the industry for handling such transactions, ensuring that all legal and ethical standards are upheld during the process. Providing these services includes an obligation to act in a manner that facilitates the transaction, such as preparing necessary documentation, communicating necessary information, and ensuring that the transaction moves forward smoothly. While honesty during negotiations is important, the requirement to owe only honesty does not encompass the full range of responsibilities a broker or salesperson has towards a customer. The other options listed, like providing regular updates on market trends or implementing intense marketing strategies, may enhance the service offered but are not fundamental duties owed in the basic transaction process. Customary acts to conclude a transaction encapsulate the essential obligations that delineate the role of a broker or salesperson in a transaction, ensuring both legal compliance and the satisfaction of the customer.