Maria has been managing residential rental properties for compensation in Billings for the past year without holding any real estate license. Under Montana law, which of the following best describes Maria's situation?
Correct Answer
C) Maria is violating Montana law because property management for compensation requires a separate property manager license.
Montana requires a separate property manager license under MCA Title 37, Chapter 51 for anyone who manages rental properties for compensation. This is a Montana-specific license category distinct from the salesperson or broker license. Maria has no license at all, so she is clearly in violation of Montana licensing law.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
A trust account, also called an escrow account, is a separate bank account maintained by a broker to hold funds belonging to others, such as earnest money deposits, security deposits, or other client funds.
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 responsible broker in Wyoming asks about a nonresident applicant provides home-state evidence. Which answer follows Wyoming law?
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