Exam (elaborations)
Montana Law - state portion of exam Questions and answers | Latest 2024/25 RATED A+
- Course
- Institution
Montana Law - state portion of exam Questions and answers | Latest 2024/25 RATED A+
[Show more]
Content preview
Montana Law - state portion of examQuestions and answers | Latest 2024/25
RATED A+
As the listing agent, what is the dollar amount of the fine for violating an offerors
II II II II II II II II II II II II II II II
confidentiality? - Correct Answers $100-$500 for a first time violator
II II II II II II II II II II II II II
$500-$2,000 for a subsequent violation II II II II II
**Note** $1,000 is a false option on the exam. DO NOT fall for it.
II II II II II II II II II II II II II
Before you place a "For Sale" sign or advertise a property, what must you first do? -
II II II II II II II II II II II II II II II II II II
Correct Answers Obtain the listing!
II II II II II II II
Can a licensee perform an appraisal? - Correct Answers NO! but they can do an
II II II II II II II II II II II II II II II II II II
informal comparative market analysis, competitive market analysis or a Broker Price
II II II II II II II II II II II
Opinion.
II
How many members are in on the Board of Realty Regulation, who appoints them, and
II II II II II II II II II II II II II II II
where are they located? - Correct Answers 7 persons, the Governor, Helena
II II II II II II II II II II II II II II II
The boards rules are laws, what is the charge for violating them? - Correct Answers A
II II II II II II II II II II II II II II II II II II II
misdemeanor offense, but not a felony.
II II II II II II
What is comingling and why is it important to avoid? - Correct Answers Mixing trust
II II II II II II II II II II II II II II II II II II
account funds with the Broker's personal funds. The broker is allowed, however, to keep
II II II II II II II II II II II II II II
up to $1,000 personal funds in the trust account with the purpose of paying bank fees (so
II II II II II II II II II II II II II II II II II
the bank fees won't be charges to the client's funds). The reason for prohibiting
II II II II II II II II II II II II II II
commingling in the trust account is to protect the funds from the broker's creditors.
II II II II II II II II II II II II II II
What is the Agency Relationship Disclosure Form and when must it be submitted to the
II II II II II II II II II II II II II II II
appropriate parties? - Correct Answers This form must be presented to each party
II II II II II II II II II II II II II II II II
disclosing whom the agent is representing before negotiations commence (vague), but as
II II II II II II II II II II II II
early as possible.
II II II
What is the magic number for most of the TQ's in the state portion of the exam? - Correct
II II II II II II II II II II II II II II II II II II II II
Answers 10.
II II II II
A salesperson whose supervising broker dies, is disabled (no longer licensed) and they
II II II II II II II II II II II II
MUST notify the board within 10 days.
II II II II II II II II
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller STUVATE. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79373 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now