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Chapter 1 Montana License Law

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Chapter 1 Montana License Law 1. Board of Realty Regulation: - ️ Consists of 7 members, appointed by the Governor. 2. Civil and Criminal Penalties for Unauthorized Real Estate Activity: - ️ Misdemeanor; - First Offense: Fined $100-$500 or imprisoned for 90 days, or both. - Subsequent Off...

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  • September 10, 2024
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  • Chapter 1 Montana License Law
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Chapter 1 Montana License Law

1. Board of Realty Regulation:

- ✔️ Consists of 7 members, appointed by the Governor.



2. Civil and Criminal Penalties for Unauthorized Real Estate Activity:

- ✔️ Misdemeanor;

- First Offense: Fined $100-$500 or imprisoned for 90 days, or both.

- Subsequent Offense: Fined $500-$2,000 or imprisoned for 6 months, or both.



3. Real Estate Recovery Account:

- ✔️ Fund within the state special revenue fund to pay claims against licensees. Board maintains a
minimum balance of $100,000. New licensees pay a fee of $35 for the account.



4. Claims Against the Recovery Account:

- ✔️ Claims must be made within 2 years of final judgment, cannot exceed $25,000, and a hearing will
be conducted within 30 days of application.



5. Continuing Education Requirements:

- New salespersons must complete a 12-hour rookie course within 120 days after obtaining an interim
license.

- All active licensees must complete board-mandated core education and 12 hours of continuing real
estate education each year.



6. Inactive License Status:

- ✔️ To place a license on inactive status, a licensee must:

1. Pay the required fee;

2. Forward the license to the Board for cancellation;

3. Submit a written request for inactive status.

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