Montana Real Estate Broker Exam — All Questions
2 questions
A distinctive feature of Montana real estate regulation is that it:
- a.Separately licenses property managers under Title 37, Chapter 51 MCA✓
- b.Prohibits all property management
- c.Requires every broker to also be an appraiser
- d.Licenses property managers through the Department of Revenue
Montana separately licenses property managers as a distinct credential under Title 37, Chapter 51 MCA, apart from the broker and salesperson licenses. Many states do not license property managers separately. Property management is permitted with the proper license, and the Board of Realty Regulation, not the Department of Revenue, administers it.
A Montana property manager license authorizes the licensee to:
- a.Sell real estate for others without a broker
- b.Lease and manage real property for others and collect rents✓
- c.Appraise property for lenders
- d.Practice law regarding leases
A Montana property manager license authorizes leasing and managing real property for others and collecting rents, but it does not authorize selling real estate for others, which requires a broker or salesperson license. It also does not authorize appraisal or the practice of law. The property manager must follow trust-account rules for rents and deposits.