Montana Law Exam Questions and Answers 100% Correct

Montana Law Exam Questions and Answers 100% Correct A salesperson who discovers defects on a listed property should advise: - Answer- Both the buyer and seller. A salesperson should: - Answer- Give earnest money to the broker. License revocations or suspensions may be appealed to: - Answer- The district court. The principal broker's license is revoked. The other broker and salesperson's licenses in the office are: - Answer- Suspended. The amount of the sales commission is contained in the: - Answer- Listing. A salesperson with a suspended license receives a commission split: - Answer- Misdemeanor. The buyer must be given a written radon gas disclosure statement: - Answer- Prior to signing a contract of sale. A landlord wishes to terminate a month-to-month residential lease. When is the earliest the lease may be terminated? - Answer- In 30 days. A broker who represents neither the seller nor the buyer is a: - Answer- Statutory broker. A broker maybe the agent of: - Answer- Either party if there is a written agreement with that party. Earnest money must be deposited within 72 hours (3 business days) of receipt of the: - Answer- Earnest money. When may a broker wait longer than 72 hours to deposit earnest money? - Answer- If the purchase agreement so specifies. Water Transfer Certificates are filed with: - Answer- Water Rights Bureau at the Department of Natural Resources and Conservation May a broker run a real estate office and appraisal office from the same location? - Answer- Yes The buyer must be given a radon disclosure statement and: - Answer- Evidence of any mitigation or radon tests performed on the property. Upon termination of a lease, a landlord holding a security deposit must provide the tenant with a list of deductions and then return the balance of the money within: - Answer- 30 days. Continuing education must be completed each year by: - Answer- October 31st. In Montana, dual agency is: - Answer- Allowable if the parties have given their informed consent. Who holds the salesperson's license? - Answer- The supervising b