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Chapter 1 Montana License Law fully solved & verified for accuracy 2025(GUARANTEED SUCCESS).
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Chapter 1 Montana License Law fully solved & verified for accuracy 2025(GUARANTEED SUCCESS).
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Chapter 1: Montana License Lawfully solved & verified for
accuracy 2025(GUARANTEED
SUCCESS)
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
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