AN ACT to amend and reenact section 40-11-04.2 of the North Dakota Century Code, relating to the transfer of real property by exclusive and nonexclusive listing agreements.

HB 1401 amends North Dakota law (Section 40-11-04.2) to give cities more flexibility when selling city-owned property. It allows cities to use either exclusive or nonexclusive listing agreements with licensed real estate brokers, provided they first adopt a resolution specifying the property, setting a maximum commission rate, and reserving the right to reject insufficient offers. Cities must select brokers through a competitive process for exclusive listings. This change directly affects North Dakota cities selling property, streamlining the sales process while maintaining city control over fees and offers.