Chapter 1 Unit 2 (Montana Property
Management) fully solved
Broker - correct answer ✔✔ a wholesaler who does not take title to goods and whose function
is to bring buyers and sellers together and assist in negotiation
Salesperson - correct answer ✔✔ an individual who, for compensation of any kind, is
associated, either directly, indirectly, regularly, or occasionally, with a real estate broker to sell,
purchase, or negotiate for the sale, purchase, exchange, or renting of real estate
Property Manager - correct answer ✔✔ a person who for a salary, commission, or
compensation of any kind engages in the business of leasing, renting, subleasing, or other
transfer of possession of real estate belonging to others without transfer of the title to the
property.
What will an individual engaging in noted real estate activities be charged with if they violate
Montana license law? - correct answer ✔✔ Misdemeanor
First Offense (license law) - correct answer ✔✔ 100<=fine<=500 or prison up to 90 days or both
Second Offense (license law) - correct answer ✔✔ 500<=fine<=2000 or prison up to 6 months or
both
List 3 people who are exempt from needing a real estate license. - correct answer ✔✔ 1.
Someone selling their house as "for sale by owner"
2. A trustee carrying out instructions of a will
3. Auctioneer selling real estate to satisfy a court order
Management) fully solved
Broker - correct answer ✔✔ a wholesaler who does not take title to goods and whose function
is to bring buyers and sellers together and assist in negotiation
Salesperson - correct answer ✔✔ an individual who, for compensation of any kind, is
associated, either directly, indirectly, regularly, or occasionally, with a real estate broker to sell,
purchase, or negotiate for the sale, purchase, exchange, or renting of real estate
Property Manager - correct answer ✔✔ a person who for a salary, commission, or
compensation of any kind engages in the business of leasing, renting, subleasing, or other
transfer of possession of real estate belonging to others without transfer of the title to the
property.
What will an individual engaging in noted real estate activities be charged with if they violate
Montana license law? - correct answer ✔✔ Misdemeanor
First Offense (license law) - correct answer ✔✔ 100<=fine<=500 or prison up to 90 days or both
Second Offense (license law) - correct answer ✔✔ 500<=fine<=2000 or prison up to 6 months or
both
List 3 people who are exempt from needing a real estate license. - correct answer ✔✔ 1.
Someone selling their house as "for sale by owner"
2. A trustee carrying out instructions of a will
3. Auctioneer selling real estate to satisfy a court order
