Chapter 1: Montana License Law Exam Questions With Correct Verified Answers A+ Graded
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Course
MONTANA LAWS AND RULES
Institution
MONTANA LAWS AND RULES
The Board Of Realty Regulation Consists of how many members and how are the members appointed? - ANS 7 members and are appointed by the governor
What are the Civil and Criminal Penalties for those engaging in real estate without a license? - ANS Guilty of a misdemeanor
First Offense will be...
Chapter 1: Montana License Law
Exam Questions With Correct
Verified Answers A+ Graded
,The Board Of Realty Regulation Consists of how many members and
how are the members appointed? - ANS 7 members and are
appointed by the governor
What are the Civil and Criminal Penalties for those engaging in real
estate without a license? - ANS Guilty of a misdemeanor
First Offense will be fined b/t $100-$500 or imprisoned for 90 days or
BOTH
K
Subsequent Offense will be fined b/t $500-$2,000 or imprisoned for 6
months or BOTH
C
What is the Real Estate Recovery Account? - ANS -Within the state
LO
special revenue fund for the use of the board there is a recovery
account
-Is used to pay claims against licensees that remain unsatisfied - the
board maintains a minimum blanca of $100,000 and to maintain this
YC
new licensees pay an additional fee of $35 when obtaining initial
license. If it is lower than minimum balance assessment will take place
to determine how to maintain balance (done by board)
D
Claims against the recovery account? - ANS Applications for claim
must be made within 2 years of final judgement, cannot be made for
U
an amount over $25,000, the board will conduct a hearing within 30
days of the application
ST
What are the requirements for continuing education for new
salesperson license? - ANS they receive an interim license that
terminates on Oct. 31st of the year of the initial license date, must
complete the "12-hour rookie course" within 120 days following their
original licensee issue date
, Continuing Real Estate Education? - ANS All active licensees must
complete board-mandated core education each year along with a 12
hour of continuing real estate education each year.
A license may be placed on inactive status by? - ANS 1. paying the
required fee
2. forwarding the license to the Board for cancellation of active status
3. Submitting a written request that the license be place inactive
K
4. must renew the inactive license each year to avoid lapse, expiration
or termination
C
How do you reactivate an inactive license? - ANS 1. filing a change
LO
of address application
2. providing evidence of completing 24 hours of continuing education
3. providing evidence of completing the previous license years core
course
YC
4. paying the required fee
How many days does a Broker have to notify the department of
moving addresses? - ANS 10 days
D
A salesperson whose license has been cancelled due to termination of
U
association with a supervising broker must? - ANS notify the Board
of a new supervising broker relationship or notify board to place on
ST
inactive status, pay the required fees within 10 days
An existing supervising broker may not transfer temporary supervision
of a salesperson for more than how many days? - ANS 60 days in a
12-month period
What are the disciplinary guidelines the board may impose against a
licensee violating any laws or rules? - ANS they may impose any
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