Create your account to access this entire worksheet, A Premium account gives you access to all lesson, practice exams, quizzes & worksheets, Montana Real Estate Broker Exam: Study Guide & Practice. Per Montana Unlicensed Assistant Guidelines an unlicensed real estate assistant cannot show properties, either rentals or sales. - contact of sale Additional extension of either 30 days ($29.00) or 90 days ($49.00) may be purchased to extend your study time. Automatically waived after 3 days, Return deposit within 10 days to last known address or forwarding address given by tenant Quiz: Are You A Lion, A Tiger, Or A Bear? The purpose of the examination is to test your knowledge of the general insurance concepts, insurance policies, provisions and contract law. If you would rather register by phone, call us toll-free at (800) 845-7491, or in Missoula call (406) 543-3269. Read More Here. Plus, get practice tests, quizzes, and personalized coaching to help you succeed. Amount allowed in PM ledger for personal funds, Amount of time trust account needed before shredding, All monies belonging to others received by PM must be deposited in the trust account, Extraordinary occurrence beyond tenant control (changes tie frame throughout law), Person staying with tenant for temporary period, All agreements written or oral embodying terms concerning the use or occupancy of a dwelling unit, Someone occupying a unit without toilet, bath, shower, etc. According to Montana state law (37-51-102 definitions), define the following: a broker or salesperson who assists one or more parties to a real estate transaction without acting as an agent or representative of any party to the real estate transaction. Introduction To Property Insurance, Conflict Management Quiz To Test Your Knowledge, Time Management Quiz Questions And Answers, Project Management Processes Quiz Questions And Answers, Event Management Quiz Questions And Answers. - electricity Must complete required state approved pre-licensing courses (60 credit hours). Pearson VUE offers online life, health, property, and casualty insurance practice tests for $19.95. Trusted by over 2,000 real estate professionals in Montana. When you have completed the practice exam, a green submit button will To apply using the online application Online Application The following is general licensing information for Property Managers: Licensing Requirements & Application Submission Checklist Application Fee: $50.00 Approved Pre-licensing Courses Exam Scheduling with Testing Company Renewal Period: September 1 through October 31 Renewal Fee: $50.00 How many members are there in the Board of Realty Regulation? If a tenant who requires special accommodations requests to have a pet in a 'no pet' community or apartment building, the property manager must tell him _____. - attorneys, trustees, court order, state employee in a official capacity. Montana developed the _____, which added creed, marital status and age to the protected classes already addressed in the federal Fair Housing Act. What lease provision was most likely used? Good luck! replacing air conditioner filters at a cost of $100, regular landscape maintenance at a cost of $400 per month, Sending the tenant a letter demanding immediate payment. What paperwork does a landlord serve a tenant with after they have filed for eviction proceedings in court? Is Montana a non-disclosure state and if so, what does that mean? The federal Fair Housing Act as Amended in 1988 and the Montana Human Rights Act prohibit discrimination in housing based on someone's protected class status. - Familial status, In addition to the federal laws, the state of Montana also considers the following protected classes, salient visual traits, cranial or facial fearures, The country in which a person was born, or from which the persons ancestors came, A sincere or meaningful belief that occupies in the life of its possessor, Physical or mental impairment that substantially limits one or more of a persons major life activities, Having a child or who life or will live with a person under 18, or anyone who is pregnant, To induce or attempt to induce a person to sell or rent a housing accommodation or property by representations regarding the entry or prospective entry into the neighborhoods by 1 or more members of a protected class, The practice in which property managers guide prospective tenants towards or away from certain properties on basis of protected class, A discriminatory practice in which you refuse to offer services in a certain geographic location which predominantly consists of a protected class, A property owner who is renting out their own property of 3 sleeping rooms or less - Cleaning charges cannot be imposed for normal maintenance (wear and tear), Cleaning must cinlude an itemized list and tenant must be allowed to go back for 24 hours to clean. MT Real Estate Salesperson - National (120 minutes) MT Real Estate Salesperson - State (90 minutes) Other Information You can take this test on Computer. Effective November 1, 2020, all Montana licensed real estate brokers and salespersons are required to maintain continuous professional liability insurance coverage, commonly known as errors and omissions insurance. When you have completed the practice exam, a green submit button will Filing an eviction against a tenant for reporting the property manager to the Health inspector for violating the building code is an example of illegal retaliation. Premium members get access to this practice exam along with our entire library of lessons taught by subject matter experts. Members may not serve more than two consecutive terms or any portion of two consecutive terms. Per Montana Code Section 2-15-1757. The tenant paints a room a new color and withholds the cost of paint and supplies. - Landlord is not responsible after lien written notice, Cannot sublet unless allowed in writing by Landlord, - Given notice either 7 days for week to week or 30 days for month to month. to them later with the "Go To First Skipped Question" button. The Board of Realty Regulation is sometimes shortened to: The Board. - cert. No one would face penalties, property owners and managers are free to discriminate. We can confirm at this time there are 113 total points to be scored for salespersonson the real estate exam, those questions are divided into 80 national questions and 33 state-specific. Quiz & Worksheet - Montana Property Management Laws & Regulations, Montana Property Management Laws & Regulations, Montana Real Estate Broker Exam: Study Guide & Practice Course Practice, Montana Property Management Laws & Regulations Quiz, Montana Residential Landlord & Tenant Act: Definition & Overview, Montana Residential Landlord & Tenant Act: Definition & Overview Quiz, Americans with Disabilities Act & Montana Property Management Quiz, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Air, Mineral & Water Rights in Real Estate, Real Estate Land Use Controls & Regulations, Basic Real Estate Financing Terms & Concepts, Montana Real Estate Licensing & Statutory Requirements, Working Scholars Bringing Tuition-Free College to the Community, Documents required in Montana with property management contracts, Something that is not a requirement to become a property manager, Contents of a property management contract, Where deposits must be deposited by property managers in Montana, Active property manager license requirements in Montana, Requirements to have a property manager license, Leasing principles regarding disclosures in Montana, Timeframe for making necessary fixes to a property. Have a question about the real estate exam? However, she is breaching her lease by hanging clothes to dry on the balcony for the second time in three months. Exam as well as insure the below is accurate. - requires Kindly note that this is not an open book test. What must the tenant pay in a gross lease? In dwelling unit, NOT in building, Transfer of Premises or Termination of Management, - Relief from liability The main difference between a rental and a lease is: Which of the following is NOT a factor for increased rent? It has extra information and can help you learn more about: 19 chapters | Provisions for the extension of the agreement past the initial period D. A property generates annual net (operating) income of $6,600. Under agency law in Montana dual agency is, Under agency law in Montana dual agency is legal with the consent of all parties. Per Montana license law, trust account records and real estate related documents must be kept for a certain time period. Per Montana Code Section 24.210.646. Regardless of any factor, property managers and landlords in Montana must: Richie is moving out of his apartment in Montana. The landlord shows the property to prospective tenants during the last month of the lease. What type of tenancy does Frank have? In addition to the federal protected classes, the Montana Human Rights Act includes additional protected classes: Creed, Marital Status and Age. What are the three types of property that are protected by the government? This course has a seat-time tracking system to let the student know much time they have spent on the course. The minimum amount that Alabama law requires that may be maintained in the Real Estate Recovery Account: The board shall maintain a minimum balance of $100,000 in the account. Please note: The online access period for your insurance licensing course is 90 days. Can we can assume that you do understand the best way to pass any test is to fully understand the material? The act contains all the laws covering timeshare activity in the state. Ultimate Property Management Quiz: Trivia! BHS Street Law quiz on intentional torts on property. Montana Property & Casualty Insurance Exam. Project Integration Management Quiz Questions And Answers, Wildlife Trivia: Ultimate Questions! Department of Housing and Urban Development Law, Accessible doorways and all routes to the restaurant entryway, Kitchens that can accommodate a wheelchair, he cannot have a pet and remind the tenant the building is a no pet community, he is permitted to have a pet is he wants one, only service animals, who are trained to perform specific services for a person with a disability are permitted, he can only have a dog that meets weight requirements, that he will change the apartment to accommodate the tenant, he can only change the public areas to meet his needs, that the tenant is permitted to make necessary changes to accommodate his needs, but that the apartment must be restored to its original condition when he moves. Register for your next exam, find test information, or download handbooks/applications/forms from this page. appear. The quiz and worksheet help check your knowledge of the role of property management in real estate. The property manager acts as an agent, therefore only the owner could face penalties. If a property manager commits a fair housing violation, who could face government penalties? - 62+ communities So yes, inactive licenses must be renewed. Rent, real estate taxes, insurance and maintenance. property management agreement? - Double Net: Taxes and insurance Your satisfaction is important to us, which is why we offer a no-questions-asked 30-day money-back guarantee. 163 quizzes. product of high-skilled workers at each employment level is twice the value Take the test and find out what you remember about: Take a look at the accompanying lesson to this worksheet, Montana Property Management Laws & Regulations. copyright 2003-2023 Study.com. - if agreement is terminated, SD must return to tenant Sam needs to approach the new owner, and see if they will negotiate. The quiz must be answered with 80% accuracy before that session can be marked complete. The property manager acts as an agent, therefore only the owner could face penalties. The property owners name and address b. In a private housing development, there may be provisions in a deed that limits the use of the property and bans other uses. Two members must be representatives of the public who are not state government officers or employees and who are not engaged in business as a real estate broker, a salesperson, or a property manager. The federally protected classes are: Race, Color, National Origin, Religion, Sex, Familial Status, Disability. the equilibrium wage rate of low-skilled labor and the number of lowskilled workers employed? Estimated cost of total fees and license: $210, The Real Estate Licensing Agencys Powers, Requirements Governing the Activities of Licensees, Marketing Regulations (purchase and rental). In Montana, you can miss 20 questions on the national and 9 on the state and still pass the real estate exam. - Don't ask, don't tell, - Age and familial The CMCA is an entrylevel credential that recognizes individuals who have demonstrated the fundamental knowledge required to manage community associations. Montana Real Estate Broker Exam: Study Guide & Practice. Take this property manager assessment test to see your level of knowledge about this field. Walt and Joanna are co-owners of a bagel shop. - Offering concessions to attract tenants. This course is completely online and on-demand, so the student can work through the course at their convenience. - Centralized place to deposit, track, and protect money belonging to others Unlike some states, in Montana there is no state law that dictates what a broker may charge for a commission. Which of the following is NOT a responsibility of the owner? appear. Figure 1 shows the market for low-skilled workers. She's responsible for paying rent as well as her share of the property taxes and insurance on the building. Who is considered a named insured on the policy? The State Property Management exam is a 70 question test that can be scheduled at various cities around Montana. - If changes margin, wait until end of lease, Must give a 24 hour notice to enter The allotted time is 2 hours. - real estate broker, or sales person working under broker, - regulate licensing of applicants and the practice of licensees to safe guard public You can skip questions if you would like and come Good luck! It is required that you pass this exam prior to being issued a Montana property manager license. - commercial Both the property manager and owner are responsible and could face penalties. With on-the-job training, You will receive your score and. Trust account records and real estate related documents, including sales contracts, leases and options, agency agreements, closing statements, and all other real estate related documents shall be maintained for eight years from the latter of the date of receipt or the date the transaction was completed. Per Montana Code Section 24.210.601. - Write out breach and give 30 day notice if not fixed in 14 days or 3 days if really bad This should be common sense, but make flashcards and just go over them until you know them all. In some states, the exams are combined (Property & Casualty). For brokers, there are 75 national questions and 40 state-specific questions for a total of 115 questions. How much money can a broker keep in the trust account of his/her own personal funds? The tenant had to pay for an emergency furnace repair in the winter. What does a property management contract consist of in Montana? - emailed with read receipt generated There is no maximum number of attempts for the Montana Real Estate Exam, which means you can take it as many times as you need in case you fail the first try. All other trademarks and copyrights are the property of their respective owners. Contact us by phone at (877)266-4919, or by mail at 100ViewStreet#202, MountainView, CA94041. Project Cost Management Principles Quiz With Questions And Answers! Property and water rights for the real estate exam. Anyone withjust a Pennsylvania Real Estate Salesperson License can be a property manager. There could be a number of reasons why you should know certain things about this type of management. All other trademarks and copyrights are the property of their respective owners. How many days notice does the landlord have to give Sarah to cure the breach before the lease is terminated? Hence you can not start it again. The allotted time is 2 hours. Any application for compensation from the Real Estate Recovery Account must be brought within ____ from the final judgment. Residents of Montana who feel that they may have been a victim of illegal discrimination in the housing market can file a complaint with the Department of Housing and Urban Development (HUD), Montana Fair Housing or _____. All of these answers are the responsibility of the tenant. Which of the following may be an acceptable case for a tenant to withhold part of the rent payment? In 2008, the Americans with Disabilities Act was amended to clarify the meaning of what is considered a disability and expanded the definition to include the inability to _____. As a member, you'll also get unlimited access to over 88,000 lessons in math, back You will receive your score and answers at the end. This course is a 30-hour course requiring 1,500 minutes. The time spent will be counted toward the total time required. The duties of a property manager include: - Preparing the budget. Good Luck! - keep unit clean and safe Property managers are prohibited from entering a tenant's premises without 24 hours notice in a non-emergency situation. An HOA community can be a group of similar homes, condominiums, single family homes or _____. All rights reserved. Taking money directly from a buyer or seller is against Montana license law. - employee of landlord as part of payment A revoked license is inactive indefinitely. Montana Property Education is a . The property manager would be the only one to face government penalties. A suspension is for one year or 12 months, while a revocation is permanent. Click it to see your results. Cancel 2 days in advance before 5:00 PM Pacific Standard Time. - managing for family. Regardless of any factor, property managers and landlords in Montana must: keep the premises in lawful compliance maintain common areas all of these answers are correct furnish smoke. required to disclose sexual offender This is considered a: This transaction would be considered a net listing and is legal in Montana. It is very important that this information is correct, as it will appear as it was entered on the documentation provided to you after you have completed the exam, as well as on any reports to your licensing agency. Per Montana Code Section 2-15-1757. The board consists of seven members. Take your Montana Insurance exam conveniently from home through OnVUE online proctoring. What is the percentage range of the home or rental's value used for pricing a rental or lease unit? - Cannot put silly things in the lease, 5 days after hearing Schedule 1 day in advance before 4:00 PM Pacific Standard Time. Both Walt and Joanna are listed in the declarations of the policy that insures the business, with Joanna's name appearing first. - Signed by landlord - or demand rental agreement and take action upon old tenant The property manager would be the only one to face government penalties. You can skip questions if you would like. - attorneys, trustees, court order, state employee in a official capacity - manage only 4 units or less - Etc. Quiz & Worksheet - Property Management & Real Estate, The Role of Property Management in Real Estate, Nonfreehold Estates: Definition & Considerations Quiz, Preexisting Leases: Definition & Implications Quiz, Sale-Leaseback: Definition, Advantages & Disadvantages Quiz, Residential & Commercial Lease Provisions Quiz, Landlord & Tenant Rights After a Breach of Lease Quiz, Property Management: Overview & Role Quiz, Property Management: Setting Rents & Lease Rates Quiz, Property Owner Associations: Functions & Membership, Property Owner Associations: Functions & Membership Quiz, The Role of Property Management in Real Estate Quiz, Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses, Different Types of Estates in Real Estate, Fair Housing & Consumer Protection Laws in Real Estate, Property Condition Disclosure Statements in Real Estate, Real Estate Closing & Settlement Procedures, Real Estate Taxes, Warranties & Insurance, Real Estate Ethics & Professional Responsibility, Working Scholars Bringing Tuition-Free College to the Community, Types of repairs or maintenance that would require owner approval, The relationship between owners and property managers. - at request premises inspected within 1 week prior to termination Which of the following is NOT a requirement to becoming a property manager in the state of Montana? The Role of Property Management in Real Estate - Quiz & Worksheet Video Quiz Course Try it risk-free for 30 days Instructions: Choose an answer and hit 'next'. Read More Here. Psychological Research & Experimental Design, All Teacher Certification Test Prep Courses. A Statutory broker is a broker or salesperson who assists one or more parties to a real estate transaction without acting as an agent or representative of any party to the real estate transaction. - make are the owner is the owner - identification Read More Here. What type of tenancy does Nathan have? It's important to be familiar with the abbreviations and applicable terminology in your state. - Termainate rental agreement upon at least 5 days written notice and landlord must return all prepaid rent and security - Need separate one for every owner, tenant, account etc. A live proctor will monitor you through the webcam on your workstation to provide a secure exam experience. What is the purpose of the insurance? - incidental management for property owner Any purchaser holds the right to cancel a timeshare contract in Montana within seven days. We teach live continuing education courses across Montana. SitemapCopyright 2005 - 2023 ProProfs.com. - outside city limits for hunting, Supplementary Principles of Law Applicable, All other general principals of laws apply, - person has actual knowledge . Read More Here. 1. americasprofessor.com/blog/how-to-prepare-for-the-montana-property-casualty-exam/, Mozilla/5.0 (iPhone; CPU iPhone OS 15_5 like Mac OS X) AppleWebKit/605.1.15 (KHTML, like Gecko) Version/15.5 Mobile/15E148 Safari/604.1. With a total of 133 questions (100 national and 33 state), that means the score to pass is 80 for the national and 24 for the state. He was offered a job in another state, and he wants to see if he has a right to break his lease and move. MT Property Manager (120 minutes) Other Information You can take this test on Computer. - Selecting quality tenants, which involves being familiar with the market rent versus the contract rent. Designed to monitor what you know about property management laws and regulations in Montana, access these questions now. You can skip questions if you would like and come The _____ is typically responsible for the cost of making reasonable modifications such as adding an accessible parking spot near an apartment where a tenant requiring accommodation resides. The lease agreement should specify when the rent is due. - other essential services, Leave abandoned property for 48 hours and then Landlord can remove - Color You can skip questions if you would like and come Chapter 5. You may schedule yourexam onlineor over the phone by contactingcustomer service. - pretending to be an attorney Click it to see your results. It is very hard. You may think you know a lot about property management. We recommend using Mozilla Firefox as your Web Browser: Call TOLL FREE (800)943-9993 Monday through Friday 8:30 A. M. to 5:00 P.M. EST. Sign up for the newsletter to get exclusive real estate exam tips that I don't share anywhere else. The board may require the applicant to take and pass a qualifying examination, or course, or both as determined by the board for suspensions as well. - Dorms at uni For more information on fingerprinting please visit https://csimt.gov/insurance/licensing. Learn more. Upon conviction of a second or subsequent violation, the person shall be punished by a fine of not less than $500 or more than $2,000 or by imprisonment for a term not to exceed 6 months, or both. Per Montana Rule: 37-51-323 Read More Here. Because often in Montana law The Board of Realty Regulation is referred to as the Board. The board may in its discretion transfer any money in excess of that amount from the account to the state special revenue fund for the use of the board in accordance with the purposes provided in 37-51-204. Per Montana Rule: 37-51-501.
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