Montana Law - state portion of exam Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.
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Montana Law - state portion o
Institution
Montana Law - State Portion O
What should a licensee NEVER do? - >Give legal advice
>Communicate with another agent's client without consent from that agent
>Act as a dual agent
>Sell property by bribing or influencing purchaser. Door prizes may be awarded as long as the licensee is
not committing the participan...
Montana Law - state portion of exam
What should a licensee NEVER do? - >Give legal advice
>Communicate with another agent's client without consent from that agent
>Act as a dual agent
>Sell property by bribing or influencing purchaser. Door prizes may be awarded as long as the licensee is
not committing the participant to a contract or some sort of monetary consideration.
What is comingling and why is it important to avoid? - Mixing trust account funds with the
Broker's personal funds. The broker is allowed, however, to keep up to $1,000 personal funds in the trust
account with the purpose of paying bank fees (so the bank fees won't be charges to the client's funds).
The reason for prohibiting commingling in the trust account is to protect the funds from the broker's
creditors.
How many members are in on the Board of Realty Regulation, who appoints them, and where are they
located? - 7 persons, the Governor, Helena
What power does the board have? - Subpoena documents and witnesses
Issue an injunction against any licensee
Reprimand a licensee
Place a license on probation
Suspend a license for one year
Permanently revoke a license
The boards rules are laws, what is the charge for violating them? - A misdemeanor offense, but
not a felony.
Who is NOT required to have a real estate license? - >Owners or Lessors selling or leasing their
OWN property.
>Auctioneers employed by an owner.
>Anyone acting under court order - e.g. A sheriff conducting a sheriffs sale.
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