State of Montana property
management pre-licensing course,
Montana property management
regulations test
A separate trust account must be kept for each property managed by a licensed
property manager. True or false - answer False. You may if you'd like, but you don't
have to
A property manager must keep an individual accounting ledger for each owner and
tenant. True or false - answer True
Property managers never keep personal funds in a company. Trust account. True or
false - answerFalse. They may, but they don't have to. They can put up to $1000 of their
own money into the account.
Trust accounts need more than one authorized person to sign on the account. True or
false - answerFalse
Property managers must have a CPA audit their trust accounts on a quarterly basis.
True or false - answerFalse. No regulations on WHO audits, doesn't have to be a CPA.
Any type of account can be used as a trust account - it doesn't have to be designated as
one. True or false - answerFalse. Must have trust in the name, and/or on all documents.
Each month, all rents must be deposited into the trust account. True or false -
answerFalse every three business days
Money to be deposited into the trust account at a place of business must be deposited
by the third business day after receipt. True or false - answerTrue
As long as monies are deposited into the trust account by the 10th of each month, no
regulations have been broken. True or false. - answerFalse must be deposited within
three business days
Trust account money can be used to pay for the property, managers costs involving the
management of the property, such as license, renewal fees. True or false -
answerFalse. Not trust accounts, but operational accounts.
management pre-licensing course,
Montana property management
regulations test
A separate trust account must be kept for each property managed by a licensed
property manager. True or false - answer False. You may if you'd like, but you don't
have to
A property manager must keep an individual accounting ledger for each owner and
tenant. True or false - answer True
Property managers never keep personal funds in a company. Trust account. True or
false - answerFalse. They may, but they don't have to. They can put up to $1000 of their
own money into the account.
Trust accounts need more than one authorized person to sign on the account. True or
false - answerFalse
Property managers must have a CPA audit their trust accounts on a quarterly basis.
True or false - answerFalse. No regulations on WHO audits, doesn't have to be a CPA.
Any type of account can be used as a trust account - it doesn't have to be designated as
one. True or false - answerFalse. Must have trust in the name, and/or on all documents.
Each month, all rents must be deposited into the trust account. True or false -
answerFalse every three business days
Money to be deposited into the trust account at a place of business must be deposited
by the third business day after receipt. True or false - answerTrue
As long as monies are deposited into the trust account by the 10th of each month, no
regulations have been broken. True or false. - answerFalse must be deposited within
three business days
Trust account money can be used to pay for the property, managers costs involving the
management of the property, such as license, renewal fees. True or false -
answerFalse. Not trust accounts, but operational accounts.
