North Dakota Real Estate Practice Exam

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When can a consumer file a claim against the Real Estate fund?

Immediately after signing a contract
After a court judgment has been awarded
Before closing on a property
After the listing agreement expires

The correct answer is: After a court judgment has been awarded

A consumer can file a claim against the Real Estate fund only after a court judgment has been awarded. This requirement exists to ensure that there is a formal legal determination of wrongdoing before any claims are made against the fund. The Real Estate fund is designed to provide financial relief to consumers who have suffered a loss due to the unlawful actions of a real estate licensee, such as fraud or misrepresentation. By waiting for a court judgment, the system ensures that there is a thorough investigation into the claim and that there is clear evidence of wrongdoing established by the court. This process also helps protect the fund from frivolous claims and ensures that financial resources are allocated justly. The other options do not meet the necessary criteria for filing a claim. Simply signing a contract, for instance, does not constitute evidence of any wrongdoing or loss. Likewise, filing a claim before closing or after the expiration of a listing agreement would not involve an established legal basis, which is why a prior court judgment is essential.