Montana Real Estate Exam - State Portion Flashcards

Montana Real Estate Exam - State Portion Flashcards When is it permissible to communicate directly with a seller you don't represent who's represented by a different agent?If you've already made a diligent but unsuccessful effort to contact the other agent The Montana Board of Realty Regulation Members The Montana Board of Realty Regulation consists of seven people. Five members must be licensed real estate brokers, salespersons, or property managers who are active in the Montana real estate business. It is also required that they are Montana residents.Nominees are suggested by private associations and members of the public.The board members are appointed by the governor and serve four-year terms. They may not serve more than two terms or any portion of two terms.Negligent misrepresentationMaking a statement that should have been known to be false Which of the following exemplifies the Montana Board of Realty Regulation's efforts for professional advocacy?Set and enforce rules which are based on laws.Determine license requirements.Set and enforce fees.Broker Licensing Requirements2 years of sales experiencePoint values are assigned to each and can be combined for a total of 30 hours gained in the 36 months prior to applying for their broker license.Information Included on Agency Disclosure Statements- sellers agency disclosure The types of agency arrangements available, such as seller's broker, buyer's broker, dual agent, and facilitatorFiduciary responsibilities of the brokerRequirements for dual agency, including further disclosure to all parties dual agentboth clients must agree to consent to a dual agency agreement in writing before an agency relationship can legally continue.the board has the power to:Govern licenses (approve, deny, pause, or revoke).Set, enforce, and adopt professional standards (create expectations, hold hearings, impose disciplinary actions, and administer fees.).Determine license requirements (issue guidelines, continuing education requirements).Examination of RecordsA unique power that the Montana Board of Realty Regulation has is the examination of records. This investigative power allows the board to issue subpoenas, produce records, and depose witnesses in efforts to serve the public interest.The individual who's redeeming the property must notifythe sheriff and the county clerk in writing that a redemption will be taking place.If the redemptioner has to pay any excessive costs associated with taxes, assessments or liens, the same process of notification should be followed.

Montana's Rules and RegulationsThere are some instances when a sale may fall through. In this case, the broker cannot return the client's trust funds to the buyer without agreement from the seller.lawBegins as legislation proposed by and voted into effect by a state legislature.Required Elements in Montana's Listing Agreement Listing priceCommission (including all bonuses) to be paidDefinite beginning, expiration, or ending dateLicensee's duties and responsibilitiesA statement that permits or prohibits the designated broker and/or the broker's associated licensees from acting as disclosed dual agentsAuthorization as to whether the broker can cooperate with and compensate other brokers involved in the transaction (such as the buyer's broker or a transaction broker)A statement confirming that the seller/lessor received the appropriate disclosure formsSignatures of all owners and the listing broker (or listing agent with the broker's consent)The type of listingThe legal description or the complete street address of the property, which includes the city where the property is located (if neither exists, then it must include a clear description that unmistakably identifies the property)All other terms and conditions under which the property is to be sold, leased, or exchanged Who is usually protected by a surety bond? The mortgage loan officer Record of District Boundariesboards of county commissioners are responsible for maintaining records of all boundaries for each district within the county. Each record is permanent and provides a description of the boundary.The transcript of record is kept by the county superintendent, whose job it is to oversee the document.listing agreementis a binding contract between the seller of a property and you, as the seller's listing agent. However, a listing agreement serves as an employment contract between a broker (representing the brokerage company) and a seller-not between an individual licensee and a seller. All listings belong to the principal broker.Montana Human Rights ActThe federal Fair Housing Act protects people based on

their membership in the following protected classes: race,

color, religion, sex, national origin, disability, and familial status. In addition, the Montana Human Rights Act also makes it illegal to discriminate against anyone based on

their:CreedMarital statusAge

Points SystemTransaction points: 1 point for residential sale; 3 points for

aggricultural or commercial saleEducation Points: 3 points

for associates degree in real estate; 3 points for certified commercial investment member or council of real estate

broker managers; 5 points for bachelors or higher in real estate or business management; 5 points for juris

doctorateSupervision points: 1 point for supervisory

experience in real estate; 1 point for licensed real estate full time; 1 point every 5 transactions supervisedEducator

points: 1 point every 6 hour instructor day

Licensees must immediately turn over trust funds to their broker immediately so that the broker can deposit it in the trust account within 3 business days

How many days does a landlord have to return the security deposit if there are no outstanding charges?10 Easement AppurtenantPermanent right by a property owner to use a neighbors land for personal benefit The Montana Board of Realty Regulation's Purpose The board's official purpose is to regulate the licensing of applicants and the practice of licensees in order to safeguard the public interest and require knowledge, competency, accountability, and professional conduct by all licensees doing business in the state of Montana.Exemptions from LicensureProperty owner, lessor, or employed auctioneer conducting a public sale of propertyAny person acting as attorney under a duly executed power of attorneyAn attorney rendering services in the performance of lawful, professional dutiesA receiver, bankruptcy trustee, administrator, executor, other fiduciary, or any person selling or buying real estate under court order, trust agreement, deed of trust, or willPublic officials conducting their official dutiesPersons or entities performing activities related to hydrocarbons, hard minerals, or mining rightsPersons or entities managing subsidized housing for low-income peoplePersons or entities conducting transactions involving right-of-way transfers for utilities and public purposes Metes and boundsUses monuments, compass headings, and directions seller's agentWhen licensees represent the seller in a single agency relationship, the buyer is their customer and they must disclose to the buyer that they represent the seller and obtain the buyer's acknowledgment of this fact in writing using the mandatory disclosure form.Statute of Frauds in MontanaAny lease that is for less than a year or an estate at will cannot be subject to the statute of frauds.Other disciplinary actions that may be considered as

appropriate include:

Reprimand, either publicly or privatelyProbationA fine that does not exceed $1,000 per violationLicense application denialRefund of costs and fees billed to and collected from a consumer Open listing agreementsA listing agreement that allows the owner to work with multiple brokers, only paying a commission to the broker who procures the buyer What types of foreclosure occurs without court action in Montana?nonjudicial In Montana, if the board finds enough evidence that suggests a licensee committed a violation that warrants disciplinary action, the accused licensee will receive a written ______.Notice of Proposed Board Action and Opportunity for Hearing