Montana Real Estate Exam questions
well answered graded A+
Who is not Required to have a Real Estate License - correct answer ✔✔ An auctioneer
employed by owner
an executor of an estate (acting under court order)
government employee
owners or lessors of their own property
Who is Required to have a Real Estate License - correct answer ✔✔ broker of salesperson to
negotiate sale or lease
(without or without the expectation of getting paid)
anyone showing someone else's property
The Board - correct answer ✔✔ Consists of seven people appointed by the governor
does not involve itself with commission disputes
does give advice regarding trust accounting rules
The Boards rules - correct answer ✔✔ The Boards rules are laws; violations are misdemeanors
The Board has the power to - correct answer ✔✔ subpoena documents
issue and injunction against any licensee
place a licensee on probation
suspend a license for one year
permanently revoke a license
, If a broker's license is suspended - correct answer ✔✔ The board sends a stop order, cease and
desist
Property Manager is - correct answer ✔✔ a person who will only lease property but not
represent sellers of buyers
may obtain a restricted Property Manager license and operate without a Supervising Broker
A licensed property manager cannot - correct answer ✔✔ represent sellers or buyers
collect a referral fee for sending sellers or buyers to a broker
A Property Manager's license - correct answer ✔✔ is not needed buy a close relative of a
property owner
a manager who works for only one owner
a person who managers not more than four residential units
a resident manager who is compensated with reduced rent
Brokers and Salespeople - correct answer ✔✔ may manage property without a property
manager license
Brokers may - correct answer ✔✔ represent a seller or buyer by obtaining a written (listing or
buyer agency) agreement
represent the statutes of Montana
Broker is statutory if - correct answer ✔✔ person has no listing from the seller and no buyer
agency agreement from the buyer
well answered graded A+
Who is not Required to have a Real Estate License - correct answer ✔✔ An auctioneer
employed by owner
an executor of an estate (acting under court order)
government employee
owners or lessors of their own property
Who is Required to have a Real Estate License - correct answer ✔✔ broker of salesperson to
negotiate sale or lease
(without or without the expectation of getting paid)
anyone showing someone else's property
The Board - correct answer ✔✔ Consists of seven people appointed by the governor
does not involve itself with commission disputes
does give advice regarding trust accounting rules
The Boards rules - correct answer ✔✔ The Boards rules are laws; violations are misdemeanors
The Board has the power to - correct answer ✔✔ subpoena documents
issue and injunction against any licensee
place a licensee on probation
suspend a license for one year
permanently revoke a license
, If a broker's license is suspended - correct answer ✔✔ The board sends a stop order, cease and
desist
Property Manager is - correct answer ✔✔ a person who will only lease property but not
represent sellers of buyers
may obtain a restricted Property Manager license and operate without a Supervising Broker
A licensed property manager cannot - correct answer ✔✔ represent sellers or buyers
collect a referral fee for sending sellers or buyers to a broker
A Property Manager's license - correct answer ✔✔ is not needed buy a close relative of a
property owner
a manager who works for only one owner
a person who managers not more than four residential units
a resident manager who is compensated with reduced rent
Brokers and Salespeople - correct answer ✔✔ may manage property without a property
manager license
Brokers may - correct answer ✔✔ represent a seller or buyer by obtaining a written (listing or
buyer agency) agreement
represent the statutes of Montana
Broker is statutory if - correct answer ✔✔ person has no listing from the seller and no buyer
agency agreement from the buyer
