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

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

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.

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

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

“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

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

“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

“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

“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

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

“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

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

“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 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

“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

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

“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

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

“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.

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

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

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

Real Estate Recovery Account is a special fund established by Montana Real Estate Law that provides reimbursement to persons who are victims of fraud, misrepresentation or deceit committed by real estate licensees during the course of any transaction for which a license is required. The fund is designed to protect consumers. Read More Here

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

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

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

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.

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