Free Montana Real Estate Practice Exam Questions (December 2024) 33+

“Any time that a salesperson's association with the supervising broker is terminated, the supervising broker shall immediately return the salesperson's license to the board office with a letter noting the termination. The supervising broker remains the supervising broker for the salesperson, until the license and release are received by the board.” Per Montana Code Section 24.210.601. Read More Here

Chapter 53 covers the Montana Timeshare Act. The act contains all the laws covering timeshare activity in the state.

Regarding real estate licenses reciprocity, Monantan does not have any reciprocity agreements with any states.

Adverse material facts come up with property disclosures. An Adverse material fact means a fact that should be recognized by a broker or salesperson as being of enough significance as to affect a person's decision to enter into a contract to buy or sell real property. For more read 37-51-102 definitions. Read More Here

“All Internet advertising must be current as of the date of the advertisement and must be updated within seven days in the event of material changes to the listing, such as its expiration, termination, or amendment, and/or in the event of material changes to the information otherwise found in the Internet advertising. Internet advertising shall indicate the date on which it was created and last updated.” Per Montana Code Section 24.210.426. Read More Here

“Any amount in excess of $25,000 for any one licensee, regardless of the number of persons injured by acts of the licensee or number of parcels of real estate involved in the transaction or transactions” Per Montana Rule: 37-51-503. Read More Here

The board members are appointed by the governor with the consent of the senate. Per Montana Code Section 2-15-1757. Read More Here

“In case of removal from the designated address, the broker shall notify the department before removal or within 10 days after removal, designating the new physical address and paying the required fee. After receipt of the information required under this subsection, the department shall issue a license to the broker for the new location for the unexpired period.” Per Montana Rule: 37-51-308. Read More Here

“All licensees shall ensure that all trust funds which the licensee receives are deposited in the broker's trust account or are delivered to the designated holder of the funds within three business days of receipt of the money, unless otherwise agreed to by the parties.” Per Montana Code Section 24.210.426. Read More Here

The applicable civil fine for failure to comply with trust account maintenance requirements is $50 for each cited violation. Read More Here

Per Montana Unlicensed Assistant Guidelines an unlicensed real estate assistant cannot show properties, either rentals or sales. Read More Here

Unlike some states, in Montana there is no state law that dictates what a broker may charge for a commission. The commission is completely negotiable in the listing contract.

All of the following options would constitution a suspension or revocation. These acts are covered under unprofessional actions 24.210.641. Read More Here

There are a total of ten. The federal Fair Housing Act as Amended in 1988 and the Montana Human Rights Act prohibit discrimination in housing based on someone's protected class status. The federally protected classes are: Race, Color, National Origin, Religion, Sex, Familial Status, Disability. In addition to the federal protected classes, the Montana Human Rights Act includes additional protected classes: Creed, Marital Status, and Age.

Applications for claim must be made within 2 years of final judgement. Per Montana Rule: 37-51-503. Read More Here

“The board shall maintain a minimum balance of $100,000 in the account. The board may in its discretion transfer any money in excess of that amount from the account to the state special revenue fund for the use of the board in accordance with the purposes provided in 37-51-204.” Per Montana Rule: 37-51-501. Read More Here

“Any purchaser holds the right to cancel a timeshare contract in Montana within seven days. This seven day rescission period starts after signing the timeshare contract or the delivery of the public offering statement required by Montana timeshare law, whichever occurs later.” Read More Here

All of the options must be kept for the required time. “Trust account records and real estate related documents, including sales contracts, leases and options, agency agreements, closing statements, and all other real estate related documents shall be maintained for eight years from the latter of the date of receipt or the date the transaction was completed.” Per Montana Code Section 24.210.601. Read More Here

For Salespersons and Brokers, each active licensee is required to complete a minimum of 12 hours of continuing education every licensing year.

The primary purpose is to regulate the licensing of licensees and protect the public's interest. “The purpose of this board to regulate the licensing of applicants and the practice of licensees in order to safeguard the public interest and require knowledge, competency, accountability, and professional conduct by all licensees doing business in the state of Montana.” Per Montana Rule: 24.210.410. Read More Here

“An individual acting as a broker or salesperson without a license or while the individual's license is suspended or revoked or a person who violates any provision of this chapter is guilty of a misdemeanor and upon conviction by a district court of this state shall be punished by a fine of not less than $100 or more than $500 or by imprisonment for a term not to exceed 90 days, or both. Upon conviction of a second or subsequent violation, the person shall be punished by a fine of not less than $500 or more than $2,000 or by imprisonment for a term not to exceed 6 months, or both.” Per Montana Rule: 37-51-323 Read More Here

Errors and omissions insurance is a type of professional liability insurance that protects agents against claims of inadequate work or negligent actions. Effective November 1, 2020, all Montana licensed real estate brokers and salespersons are required to maintain continuous professional liability insurance coverage, commonly known as errors and omissions insurance. Licensees on inactive status are NOT required to maintain errors and omissions insurance coverage

“Trust account records and real estate related documents, including sales contracts, leases and options, agency agreements, closing statements, and all other real estate related documents shall be maintained for eight years from the latter of the date of receipt or the date the transaction was completed.” Per Montana Code Section 24.210.601. Read More Here

A Statutory broker is a broker or salesperson who assists one or more parties to a real estate transaction without acting as an agent or representative of any party to the real estate transaction. For more read 37-51-102 definitions. Read More Here

“The board consists of seven members. Five members must be licensed real estate brokers, salespeople, or property managers who are actively engaged in the real estate business as a broker, a salesperson, or a property manager in this state. Two members must be representatives of the public who are not state government officers or employees and who are not engaged in business as a real estate broker, a salesperson, or a property manager. The members must be residents of this state.” Per Montana Code Section 2-15-1757. Read More Here

Per Montana Unlicensed Assistant Guidelines an unlicensed real estate assistant can in fact extend an open house invitation, they cannot however host an open house. Read More Here

“A broker may deposit and keep a sum not to exceed $1000 of broker's personal funds in the trust account, which sum includes any interest earned on the trust account if the trust account is maintained in an interest-bearing account and the interest accrues to the broker.” Per Montana Code Section 24.210.426. Read More Here

“Members shall serve staggered terms of 4 years.” Per Montana Code Section 2-15-1757. Read More Here

“An individual acting as a broker or salesperson without a license or while the individual's license is suspended or revoked or a person who violates any provision of this chapter is guilty of a misdemeanor and upon conviction by a district court of this state shall be punished by a fine of not less than $100 or more than $500 or by imprisonment for a term not to exceed 90 days, or both. Upon conviction of a second or subsequent violation, the person shall be punished by a fine of not less than $500 or more than $2,000 or by imprisonment for a term not to exceed 6 months, or both.” Per Montana Rule: 37-51-323

The federal Fair Housing Act as Amended in 1988 and the Montana Human Rights Act prohibit discrimination in housing based on someone's protected class status. The federally protected classes are: Race, Color, National Origin, Religion, Sex, Familial Status, Disability. In addition to the federal protected classes, the Montana Human Rights Act includes additional protected classes: Creed, Marital Status and Age.

There are 12 states that are considered “non-disclosure:” Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming. In a non-disclosure state, transaction sale prices are not available to the public.

“Members may not serve more than two consecutive terms or any portion of two consecutive terms.” Per Montana Code Section 2-15-1757. Read More Here

“When a license is revoked or suspended, the license must immediately be surrendered to the board.” Per Montana Code Section 24.210.646. Read More Here