A licensed Montana real estate salesperson wishes to transfer her license from Broker A's firm to Broker B's firm. Under Montana law, what must happen before the salesperson may legally begin working for Broker B?
Correct Answer
B) The salesperson must notify the MBRR of the transfer and have her license officially transferred to Broker B before conducting any licensed activities under Broker B.
Under MCA Title 37, Chapter 51 and MBRR regulations, a salesperson's license must be officially transferred to the new employing broker through the MBRR before the salesperson may conduct any licensed activities under the new broker. The transfer requires proper notification to and processing by the MBRR. Conducting real estate activities under a broker before the transfer is officially completed constitutes unlicensed activity.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
More Practice Of Real Estate Questions
In Wyoming real estate practice, an associate broker or salesperson is not associated with a responsible broker at renewal. What should the licensee remember?
In Wyoming real estate practice, a first-time salesperson applicant completes coursework. What should the licensee remember?
A Wyoming licensee is reviewing an out-of-state salesperson applicant prepares for testing. What is the best answer?
In Wyoming real estate practice, a salesperson applicant age is reviewed. What should the licensee remember?
A responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
- → A responsible broker in Wyoming asks about a first-time salesperson applicant prepares for Wyoming-specific licensing. Which answer follows Wyoming law?
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- → For the Wyoming salesperson state portion, a licensee asks how long Wyoming renewal periods are. Which statement is correct?
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