Under the Montana Real Estate Licensing Act, the Montana Board of Realty Regulation (MBRR) has broad authority to regulate the real estate industry. Which of the following is NOT an action the MBRR is authorized to take?
Correct Answer
C) Setting maximum commission rates that brokers may charge consumers for real estate services
The MBRR is NOT authorized to set maximum commission rates. Commission rates in Montana are freely negotiable between brokers and their clients, and no state regulatory body may establish maximum or minimum commission rates. Such rate-fixing would violate antitrust principles, including the Sherman Antitrust Act. The MBRR's authority is limited to licensing, education, and disciplinary matters — not price regulation of real estate services.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Advertising regulations govern how real estate licensees may market properties and services, requiring truthful, non-deceptive advertising that includes proper identification of the brokerage.
Antitrust violations in real estate occur when competing brokerages or agents engage in practices that restrain trade, reduce competition, or harm consumers through collusion. These violations are governed by the Sherman Antitrust Act and can result in severe penalties.
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
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?
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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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- → Which Wyoming rule applies when a licensee does not timely submit the complete renewal application, proof of CE, and renewal fees?
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- → A Wyoming licensee is reviewing a first-time salesperson applicant asks which prelicense courses are required. What is the best answer?
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