Chapter 1: Montana License Law Exam Questions With Verified Answers
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Course
Montana License Law
Institution
Montana License Law
Chapter 1: Montana License Law Exam
Questions With Verified Answers
The Board Of Realty Regulation Consists of how many members and how are the members
appointed? - answer7 members and are appointed by the governor
What are the Civil and Criminal Penalties for those engaging in real estate with...
Chapter 1: Montana License Law Exam
Questions With Verified Answers
The Board Of Realty Regulation Consists of how many members and how are the members
appointed? - answer✔7 members and are appointed by the governor
What are the Civil and Criminal Penalties for those engaging in real estate without a license? -
answer✔Guilty of a misdemeanor
First Offense will be fined b/t $100-$500 or imprisoned for 90 days or BOTH
Subsequent Offense will be fined b/t $500-$2,000 or imprisoned for 6 months or BOTH
What is the Real Estate Recovery Account? - answer✔-Within the state special revenue fund for
the use of the board there is a recovery account
-Is used to pay claims against licensees that remain unsatisfied - the board maintains a minimum
blanca of $100,000 and to maintain this new licensees pay an additional fee of $35 when
obtaining initial license. If it is lower than minimum balance assessment will take place to
determine how to maintain balance (done by board)
Claims against the recovery account? - answer✔Applications for claim must be made within 2
years of final judgement, cannot be made for an amount over $25,000, the board will conduct a
hearing within 30 days of the application
What are the requirements for continuing education for new salesperson license? - answer✔they
receive an interim license that terminates on Oct. 31st of the year of the initial license date, must
complete the "12-hour rookie course" within 120 days following their original licensee issue date
Continuing Real Estate Education? - answer✔All active licensees must complete board-
mandated core education each year along with a 12 hour of continuing real estate education each
year.
A license may be placed on inactive status by? - answer✔1. paying the required fee
2. forwarding the license to the Board for cancellation of active status
3. Submitting a written request that the license be place inactive
4. must renew the inactive license each year to avoid lapse, expiration or termination
How do you reactivate an inactive license? - answer✔1. filing a change of address application
2. providing evidence of completing 24 hours of continuing education
3. providing evidence of completing the previous license years core course
4. paying the required fee
How many days does a Broker have to notify the department of moving addresses? - answer✔10
days
A salesperson whose license has been cancelled due to termination of association with a
supervising broker must? - answer✔notify the Board of a new supervising broker relationship or
notify board to place on inactive status, pay the required fees within 10 days
An existing supervising broker may not transfer temporary supervision of a salesperson for more
than how many days? - answer✔60 days in a 12-month period
What are the disciplinary guidelines the board may impose against a licensee violating any laws
or rules? - answer✔they may impose any action, the board decides on a case-by-case basis that
seems appropriate
Where must the board deposit money it receives? - answer✔must be deposited in the recovery
account
What are the 6 Real Estate Activities? - answer✔1. creation and improvement
2. management and maintenance
3. demolition
4. investment ownership
5. regulation
6. transfer
Persons requiring a Real Estate License? - answer✔It is a violation of license law for a person to
act as a real estate broker or salesperson, or to advertise as a real estate agent without a license
Predetermination for Licensing? - answer✔Applicants with prior disciplinary actions, criminal
convictions, or deferred sentence may make an application for a predetermination prior to taking
the class and exam to see if they can continue.
All applicants for broker's license must: - answer✔18 years of age, have worked as al license real
estate salesperson for two years, or have experience or special education that the board considers
equivalent, complete 60 hours of coursework, pass written exam, must apply within 12 months
of taking exam
All applicants for a salesperson license must: - answer✔18 years of age, at least two years of
high school, file license application, complete 60 hours of coursework, pass written exam, must
apply for license within 12 months
How must the license and Pocket card be displayed? - answer✔a broker must conspicuously
display his or her own license in the broker's place of business, licensees are issued a pocket card
that certifies the holder is registered, the period for which fees have been paid, and state the
name and address of the salespersons supervising broker
What is a supervising broker endorsement? - answer✔a broker must complete four hours of
continuing education in the area of supervising broker annually, this cannot be placed on inactive
status, must complete the four hours or you can not be reinstated
Reciprocity - answer✔the Board may enter into an agreement with any other state so residents of
the other state may obtain a nonresident license in Montana, provided the other state grants
Montana licensees the same privleges
When do licensees need to renew their license? - answer✔must renew his or her license on or
before October 31st wether it be active or inactive
Deposited Money not otherwise provided for? - answer✔when money is received by the Board
or the Department and there is no provision for the disposition of the money, the money is
deposited in the state special revenue fund for the Board's use
The agency relationship of a buyer agent, seller agent, or dual agent continues until whichever of
the following happens? - answer✔Completion of performance by the agent, the expiration date
in the listing agreement or buyer broker agreement, an authorized termination of the listing
agreement or buyer broker agreement
Upon termination of an agency relationship, a licensee does not have any further duties to the
principal except: - answer✔account for all money and property of the principal, keep
confidential all information received during the agency relationship
Can a licensed broker pay commission to a licensed broker of another state? - answer✔Yes
Can a salesperson be associated with more than on supervising broker? - answer✔No
What must a supervising broker do to a terminated salesperson association? - answer✔must
return the salesperson license to the Board immediately
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