Montana Real Estate Exam Questions with 100% Correct Answers | Latest Update | Verified
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Course
Montana Real Estate
Institution
Montana Real Estate
When a Salesperson quits - all listing and transactions remain with the old Supervising Broker
they do not work for the new Broker until a new wall license and pocket card are issued
A Property Manager's license - is not needed buy a close relative of a property owner
a manager who works for onl...
Montana Real Estate Exam
When a Salesperson quits - all listing and transactions remain with the old Supervising Broker
they do not work for the new Broker until a new wall license and pocket card are issued
A Property Manager's license - is not needed buy a close relative of a property owner
a manager who works for only one owner
a person who managers not more than four residential units
a resident manager who is compensated with reduced rent
Who is not Required to have a Real Estate License - An auctioneer employed by owner
an executor of an estate (acting under court order)
government employee
owners or lessors of their own property
Who is Required to have a Real Estate License - broker of salesperson to negotiate sale or lease
(without or without the expectation of getting paid)
anyone showing someone else's property
The Board - Consists of seven people appointed by the governor
does not involve itself with commission disputes
does give advice regarding trust accounting rules
The Boards rules - The Boards rules are laws; violations are misdemeanors
The Board has the power to - subpoena documents
issue and injunction against any licensee
place a licensee on probation
, suspend a license for one year
permanently revoke a license
If a broker's license is suspended - The board sends a stop order, cease and desist
Property Manager is - a person who will only lease property but not represent sellers of buyers
may obtain a restricted Property Manager license and operate without a Supervising Broker
A licensed property manager cannot - represent sellers or buyers
collect a referral fee for sending sellers or buyers to a broker
Brokers and Salespeople - may manage property without a property manager license
Brokers may - represent a seller or buyer by obtaining a written (listing or buyer agency)
agreement
represent the statutes of Montana
Broker is statutory if - person has no listing from the seller and no buyer agency agreement from
the buyer
One is never a buyers agent until - buyer agent signing of the buyer agency agreement
The fraud fund - used to pay fraud claims (not negligence) if buyer/seller/tenant has a deficiency
judgement that is unsatisfied
After payment of the Fund from the Board - the board seeks full reimbursement from the licensee
Each Brokers Office - office muse maintain a physical address (PO box not allowed)
may be used to conduct other business (if the salespeople are properly supervised)
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