North Dakota Real Estate Practice Exam

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Get ready for the North Dakota Real Estate Exam. Prepare with flashcards, multiple choice questions, and expert-curated content to ensure your success. Improve your knowledge and tackle the exam with confidence!

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Practice this question and more.

Which of the following defines a customer in a real estate transaction?

Anyone represented by a real estate brokerage
A person that is buying or selling property
A buyer or seller not represented by the brokerage
An agent who manages real estate transactions

The correct answer is: A buyer or seller not represented by the brokerage

A customer in a real estate transaction is defined as a buyer or seller not represented by the brokerage. This distinction is essential in real estate practice as it highlights their status in relation to agency representation. Unlike clients, who have entered into a formal agency relationship and are entitled to fiduciary duties, customers do not receive the same level of service or protection. In most real estate transactions, a customer may interact with agents without having a legal representation from that agent or brokerage. This includes individuals who may be actively buying or selling property but have not chosen to be represented, thus defining their role distinctly. Understanding this difference helps clarify the responsibilities and expectations of agents versus non-represented parties in a transaction.