Montana Law Exam Questions and Answers 100% Correct

Montana Law Exam Questions and Answers 100% Correct A salesperson who discovers defects on a listed property should advise: - Answer- Both the buyer and seller. A salesperson should: - Answer- Give earnest money to the broker. License revocations or suspensions may be appealed to: - Answer- The district court. The principal broker's license is revoked. The other broker and salesperson's licenses in the office are: - Answer- Suspended. The amount of the sales commission is contained in the: - Answer- Listing. A salesperson with a suspended license receives a commission split: - Answer- Misdemeanor. The buyer must be given a written radon gas disclosure statement: - Answer- Prior to signing a contract of sale. A landlord wishes to terminate a month-to-month residential lease. When is the earliest the lease may be terminated? - Answer- In 30 days. A broker who represents neither the seller nor the buyer is a: - Answer- Statutory broker. A broker maybe the agent of: - Answer- Either party if there is a written agreement with that party. Earnest money must be deposited within 72 hours (3 business days) of receipt of the: - Answer- Earnest money. When may a broker wait longer than 72 hours to deposit earnest money? - Answer- If the purchase agreement so specifies. Water Transfer Certificates are filed with: - Answer- Water Rights Bureau at the Department of Natural Resources and Conservation May a broker run a real estate office and appraisal office from the same location? - Answer- Yes The buyer must be given a radon disclosure statement and: - Answer- Evidence of any mitigation or radon tests performed on the property. Upon termination of a lease, a landlord holding a security deposit must provide the tenant with a list of deductions and then return the balance of the money within: - Answer- 30 days. Continuing education must be completed each year by: - Answer- October 31st. In Montana, dual agency is: - Answer- Allowable if the parties have given their informed consent. Who holds the salesperson's license? - Answer- The supervising broker. A salesperson CANNOT: - Answer- Induce a party to break a contract. A listing must contain: - Answer- The signatures of all owners of record. If a tenant appears to have abandoned an apartment, and the broker waits ten days prior to storing abandoned furniture, has the broker acted legally? - Answer- Yes, if the furniture is stored properly in a commercial storage facility. A deed specifies that a husband and wife own Montana property as tenants by the entirety. The deed is: - Answer- Invalid in Montana. Before presenting an offer to the seller, a broker is contacted by another buyer who desires to make an even lower offer. The broker should: - Answer- Present both offers to the seller. The amount of the Homestead Exemption in Montana is: - Answer- $250,000 A buyer's broker may receive a commission: - Answer- From any party with the informed consent of the buyer. The landlord under a month-to-month rental notified the tenant on January 7th that the lease would expire at the end of the month. On January 14th, the tenant responded that she was moving out on February 10th. the landlord ordered the tenant to be out by January 21st. Which party has given adequate notice? - Answer- Neither. A judgment has been entered against a broker for fraud. - Answer- The j