Exam (elaborations)
Montana Law - state portion of Test Already Passed | Q&A‘s
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Montana Law - state portion of Test Already Passed | Q&A‘s
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Montana Law - state portion of Test AlreadyPassed | Q&A‘s
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? - ✔✔3 days. Unless the buyer's
check is postdated or the buy-sell agreement specifies otherwise.
What is the Agency Relationship Disclosure Form and when must it be submitted
to the appropriate parties? - ✔✔This form must be presented to each party
disclosing whom the agent is representing before negotiations commence
(vague), but as early as possible.
What must the real estate agent make clear when running ads? - ✔✔State the
ad is made by a brokerage firm or include the licensee's name and and that the ad
is made by a real estate licensee. MUST be clear that this ad is not a FSBO ad!
What should you do fist? Disclose that you are a real estate licensee or provide
the Relationship Disclosure Form? - ✔✔Disclose that you are a real estate
licensee at first contact!
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