Free Montana Real Estate Practice Exam Questions (November 2026) 33+

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

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

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.

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

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

“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

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 real estate licenses expire on October 31 every year. The renewal process is determined by the Board of Realty Regulation.

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.

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

“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

Under agency law in Montana dual agency is legal with the consent of all parties. Read More Here

A suspended license is temporarily unable to be used. Licensees may be able to get their license back at some point, but as long as the license is suspended, they cannot practice real estate. A revoked license is inactive indefinitely. A suspension is for one year or 12 months, while a revocation is permanent. The board may require the applicant to take and pass a qualifying examination, or course, or both as determined by the board for suspensions as well. 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

“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

“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

“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

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

All licensees, including inactive licensees, are required to renew or the license will lapse, expire, or terminate. So yes, inactive licenses must be renewed. Per Montana Code Section 24.210.646. 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

“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

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

“Members shall serve staggered terms of 4 years.” 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

This transaction would be considered a net listing and is legal in Montana.

A salesperson can only be paid directly by their broker. Taking money directly from a buyer or seller is against Montana license law.

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

“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

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

The Board. Why the distinction? Because often in Montana law The Board of Realty Regulation is referred to as the Board. It's important to be familiar with the abbreviations and applicable terminology in your state.

“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 salesperson may not practice real estate until the salesperson's license is transferred to a different broker, the salesperson must inform the Board of the death within ten days, supervision of the salesperson may be transferred to a temporary broker