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Montana Law - state portion of exam Questions and answers | Latest 2024/25 RATED A+
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Montana Law - state portion of exam Questions and answers | Latest 2024/25 RATED A+
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Montana Law - state portion of examQuestions and answers | Latest 2024/25
RATED A+
As the listing agent, what is the dollar amount of the fine for violating an offerors
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confidentiality? - Correct Answers $100-$500 for a first time violator
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$500-$2,000 for a subsequent violation II II II II II
**Note** $1,000 is a false option on the exam. DO NOT fall for it.
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Before you place a "For Sale" sign or advertise a property, what must you first do? -
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Correct Answers Obtain the listing!
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Can a licensee perform an appraisal? - Correct Answers NO! but they can do an
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informal comparative market analysis, competitive market analysis or a Broker Price
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Opinion.
II
How many members are in on the Board of Realty Regulation, who appoints them, and
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where are they located? - Correct Answers 7 persons, the Governor, Helena
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The boards rules are laws, what is the charge for violating them? - Correct Answers A
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misdemeanor offense, but not a felony.
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What is comingling and why is it important to avoid? - Correct Answers Mixing trust
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account funds with the Broker's personal funds. The broker is allowed, however, to keep
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up to $1,000 personal funds in the trust account with the purpose of paying bank fees (so
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the bank fees won't be charges to the client's funds). The reason for prohibiting
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commingling in the trust account is to protect the funds from the broker's creditors.
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What is the Agency Relationship Disclosure Form and when must it be submitted to the
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appropriate parties? - Correct Answers This form must be presented to each party
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disclosing whom the agent is representing before negotiations commence (vague), but as
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early as possible.
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What is the magic number for most of the TQ's in the state portion of the exam? - Correct
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Answers 10.
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A salesperson whose supervising broker dies, is disabled (no longer licensed) and they
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MUST notify the board within 10 days.
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