MT Law Real Estate Test
Several prospective buyers have made offers on one of your listed properties.
Another possible purchaser Kirkland Inc, is also interested in making an offer on
the property. As the seller's agent, it is legal for you to tell Kirkland:
Several other offers have been made
Sarah is a licensed r.e. broker who does not have a listing is not a sub-agent of
the seller and hanse buyer-broker agreements. Sara is an example of a:
Statutory broke
A real estate licensee should disclose known defects to the buyer in which
situation?
All situations
Pierce has a buyer-broker agreement. Pierce may legally receive his commission
from?
Any party with the knowledge and consent of the buyer
A Montana broker must keep trust account records for:
8 years
A husband and wife in Montana have a deed which specified that they hold the
property under a tenancy by the entirety. Does the couple have a valid title?
No, they don't have a valid title
A salesperson decides to switch supervising brokers. The salesperson has how
many days to notify The Board in writing?
10 days
Under which of the following circumstances may the Board of Realty Regulation
settle disputes between a broker and a salesperson regarding the payment of a
commission?
Under no circumstances
Without yet having a signed listing, a salesperson may place a for sale sign on a
property:
Under no circumstances
If a zoning ordinance conflicts with a restrictive covenant:
The more limiting of the two controls
When may a broker guarantee that profits will result from the resale of a
property?
Never
Upon first receipt by the salesperson or broker, earnest money must be
deposited within:
72 hours
Which of the following methods would most likely be used to describe a very
large Montana ranch property?
Government survey system
Certificates of water rights transfer are filed with the:
Dept. of Natural Resources and Conservation
The real estate firm is excused from having a trust account if the clients funds are
held:
By a title insurance company
Several prospective buyers have made offers on one of your listed properties.
Another possible purchaser Kirkland Inc, is also interested in making an offer on
the property. As the seller's agent, it is legal for you to tell Kirkland:
Several other offers have been made
Sarah is a licensed r.e. broker who does not have a listing is not a sub-agent of
the seller and hanse buyer-broker agreements. Sara is an example of a:
Statutory broke
A real estate licensee should disclose known defects to the buyer in which
situation?
All situations
Pierce has a buyer-broker agreement. Pierce may legally receive his commission
from?
Any party with the knowledge and consent of the buyer
A Montana broker must keep trust account records for:
8 years
A husband and wife in Montana have a deed which specified that they hold the
property under a tenancy by the entirety. Does the couple have a valid title?
No, they don't have a valid title
A salesperson decides to switch supervising brokers. The salesperson has how
many days to notify The Board in writing?
10 days
Under which of the following circumstances may the Board of Realty Regulation
settle disputes between a broker and a salesperson regarding the payment of a
commission?
Under no circumstances
Without yet having a signed listing, a salesperson may place a for sale sign on a
property:
Under no circumstances
If a zoning ordinance conflicts with a restrictive covenant:
The more limiting of the two controls
When may a broker guarantee that profits will result from the resale of a
property?
Never
Upon first receipt by the salesperson or broker, earnest money must be
deposited within:
72 hours
Which of the following methods would most likely be used to describe a very
large Montana ranch property?
Government survey system
Certificates of water rights transfer are filed with the:
Dept. of Natural Resources and Conservation
The real estate firm is excused from having a trust account if the clients funds are
held:
By a title insurance company
