Montana Law - state portion of exam what you need to
know
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.
>People buying or selling road right-of-way or buying or selling oil and gas leases.
Who is required to have a broker or salesperson license?
A broker or salesperson negotiating the sale or leasing of real estate with or without the
expectation of getting paid.
What is the magic number for most of the TQ's in the state portion of the exam?
10.
A salesperson whose supervising broker dies, is disabled (no longer licensed) and they
MUST notify the board within 10 days.
If the salesperson desires to switch brokers they must notify the Board within 10 days
and obtain a new license card prior to performing any license related activities for the
new broker - all previous listings and transactions remain with the old supervising broker
Money held in the trust account, which is payable to the broker at closing must be
withdrawn within 10 business days after closing (to not risk co-mingling bc now it is
personal money).
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.
Within how many days of the broker or salesperson receiving the earnest money
must it be deposited into the trust account?
know
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.
>People buying or selling road right-of-way or buying or selling oil and gas leases.
Who is required to have a broker or salesperson license?
A broker or salesperson negotiating the sale or leasing of real estate with or without the
expectation of getting paid.
What is the magic number for most of the TQ's in the state portion of the exam?
10.
A salesperson whose supervising broker dies, is disabled (no longer licensed) and they
MUST notify the board within 10 days.
If the salesperson desires to switch brokers they must notify the Board within 10 days
and obtain a new license card prior to performing any license related activities for the
new broker - all previous listings and transactions remain with the old supervising broker
Money held in the trust account, which is payable to the broker at closing must be
withdrawn within 10 business days after closing (to not risk co-mingling bc now it is
personal money).
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.
Within how many days of the broker or salesperson receiving the earnest money
must it be deposited into the trust account?
