Montana Real Estate Exam
1,498+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the Montana real estate salesperson exam.
Montana License Law
144 questions- Which state agency regulates real estate licenses in Montana?
- How many hours of pre-license education are required to sit for the Montana real estate salesperson exam?
- The Montana real estate salesperson licensing exam consists of how many questions?
- What is the minimum passing score required on the Montana real estate salesperson exam?
- In Montana, a real estate salesperson license must be held under:
- Montana real estate licenses must be renewed every:
- How many continuing education hours does a Montana salesperson need to renew their license each renewal period?
- Under Montana law, which of the following actions would require a real estate license?
- A Montana real estate broker wishing to operate their own brokerage must hold a:
- Which of the following is a requirement for a Montana real estate license applicant?
- The Montana Board of Realty Regulation has the authority to:
- Under Montana's license law, an inactive license:
- To obtain a Montana real estate broker license, an applicant must have at least how many years of active salesperson experience?
- In Montana, which of the following persons is EXEMPT from needing a real estate license?
- Montana's pre-license education for broker candidates requires completion of:
- If a Montana real estate licensee changes their employing broker, they must notify the Montana Board of Realty Regulation within:
- A Montana licensee who violates the license law may face which of the following disciplinary actions from the Board of Realty Regulation?
- Montana real estate continuing education requirements include a mandatory course in:
- Under Montana law, a real estate licensee who acts as an unlicensed person by allowing their license to lapse while continuing to practice:
- Which of the following best describes the role of the Montana Department of Labor and Industry in relation to real estate licensing?
- A Montana salesperson's license application is denied. The applicant may appeal the decision to:
- Montana law requires that all advertising by a real estate licensee must include:
- A Montana real estate licensee who pays a referral fee to an unlicensed person for finding a buyer has:
- The Montana Board of Realty Regulation meets to conduct regulatory business and consists of:
- A Montana real estate licensee convicted of a crime involving fraud or dishonesty:
- Under Montana law, a broker's trust account must be maintained:
- Montana law requires a real estate licensee to disclose to all parties to a transaction:
- Which of the following activities would constitute 'unlicensed practice' of real estate in Montana?
- Montana's license law defines 'salesperson' as a person who:
- A Montana broker who wishes to open a branch office must:
- A Montana real estate licensee's license is considered 'lapsed' when:
- The Montana Real Estate Recovery Account provides compensation to:
- If a Montana salesperson's broker dies, the salesperson:
- Non-resident applicants for a Montana real estate license must:
- Montana participates in license reciprocity agreements that allow licensees from certain states to:
- Which of the following actions is grounds for disciplinary action by the Montana Board of Realty Regulation?
- A Montana real estate license may be placed on 'inactive' status when:
- Under Montana law, a real estate broker must keep transaction records for a minimum of:
- A Montana real estate licensee who is also an appraiser must maintain:
- Montana requires the Seller's Property Disclosure form to be completed by:
- A Montana licensee who engages in 'net listings' where the broker keeps everything above a specified net to the seller is:
- What is the purpose of the Montana Subdivision and Platting Act review process?
- Under MCA Title 37 Chapter 51, how many hours of pre-license education must a salesperson candidate complete before sitting for the Montana real estate exam?
- Which state agency is responsible for regulating real estate licensees in Montana?
- A Montana real estate salesperson license must be held under the supervision of:
- How often must Montana real estate licensees renew their license?
- What is the required continuing education for a Montana real estate salesperson at each license renewal?
- Under Montana law, which of the following actions requires a real estate license?
- A Montana broker who wishes to operate as an independent sole proprietorship must:
- Which of the following persons is exempt from Montana real estate licensing requirements?
- Under Montana's MCA Title 37 Chapter 51, failing to disclose a material fact to a buyer is grounds for:
- When a Montana real estate broker changes their business address, they must notify the Board of Realty Regulation within:
- A Montana real estate licensee who engages in 'commingling' of client funds is:
- Under Montana law, an unlicensed person who performs real estate activities for compensation may face:
- A Montana broker's license allows them to:
- Montana requires real estate brokers to maintain trust account records for a minimum of:
- A Montana real estate salesperson who moves to a new broker must:
- A Montana licensee who advertises a property must include in the advertisement:
- Which of the following must a Montana licensee do when representing a seller and receiving an offer the seller has not yet seen?
- A Montana real estate licensee who accepts a referral fee from a home warranty company without disclosing it to their client has:
- A Montana broker is required to supervise salespersons under their license. Failure to adequately supervise may result in:
- A Montana real estate licensee who wishes to practice property management must:
- The Montana Board of Realty Regulation may discipline a licensee for all of the following EXCEPT:
- Under Montana law, a 'team name' used by a real estate team must:
- A Montana licensee who discovers after closing that they made a material misrepresentation to the buyer should:
- A Montana broker's trust account must be maintained at:
- The Montana Board of Realty Regulation is composed of members appointed by:
- Under Montana law, a real estate licensee must disclose to all parties in a transaction that they are a licensed real estate agent when they are buying or selling property for:
- A Montana licensee who fails to complete their continuing education requirements by the renewal deadline will:
- A Montana buyer's agent who receives a bonus from the seller for bringing a full-price offer must:
- A Montana real estate licensee who is convicted of a felony must notify the Board of Realty Regulation within:
- In Montana, a real estate license may be placed on 'inactive status' when the licensee:
- When a Montana broker receives a complaint from a consumer, the complaint is initially reviewed by:
- A Montana real estate broker who also acts as a mortgage broker must:
- Under Montana MCA Title 37 Chapter 51, the statute of limitations for filing a complaint against a licensee with the Board of Realty Regulation is:
- A Montana real estate broker must maintain an office. The broker's office address must be:
- Montana requires all real estate advertising to be truthful and not misleading. If a licensee advertises a 'guaranteed sale' program, they must:
- A Montana real estate licensee who wishes to practice in another state may be able to use a reciprocity agreement. Montana has reciprocity with:
- Under Montana law, which of the following is NOT a permissible activity for an unlicensed personal assistant working under a Montana broker?
- A Montana real estate broker who wishes to operate a branch office must:
- Under Montana law, what is the definition of 'real estate broker'?
- A Montana licensee who receives a complaint that they violated the Code of Ethics should understand that the Code of Ethics is enforced by:
- A Montana broker who wishes to collect a commission on a transaction involving property in another state must:
- A Montana real estate licensee who is also a party to a real estate transaction must:
- The Montana Board of Realty Regulation may impose which of the following penalties on a licensee found to have violated license law?
- In Montana, a 'property management company' must be structured so that:
- The Montana Unlicensed Assistants Act or Board policy allows unlicensed assistants to:
- Montana requires that the principal broker of a real estate brokerage be responsible for:
- A Montana real estate salesperson who receives a referral from a licensee in another state and pays a referral fee must ensure that:
- Montana's 'statute of limitations' for civil lawsuits against real estate licensees for fraud or misrepresentation is generally:
- A Montana real estate licensee who acts as a property manager must maintain trust accounts separately for each managed property OR may:
- A Montana broker's responsibility under 'reasonable supervision' means they must:
- In Montana, a licensee who wishes to become a broker must complete additional education beyond the salesperson curriculum. The broker's pre-license education requirement is:
- A Montana broker who discovers that a salesperson under their supervision has been commingling client funds must immediately:
- In Montana, a real estate licensee who is found guilty of a real estate-related crime such as fraud may face:
- A Montana real estate licensee who provides false information on their license application may have their license:
- Montana's 'Real Estate Recovery Fund' provides compensation to consumers who suffer financial losses due to the dishonest, fraudulent, or negligent conduct of a licensed real estate agent when:
- A Montana real estate salesperson who is also a licensed mortgage broker must disclose this fact to real estate clients because:
- In Montana, a 'designated broker' of a real estate company is responsible for:
- In Montana, a real estate licensee who moves to a different state but wants to keep their Montana license active must:
- Under Montana license law, a real estate broker who accepts compensation from more than one party in a transaction must:
- A Montana real estate licensee who is also an investor purchasing properties for their own portfolio must disclose to the seller:
- Under Montana law, a real estate broker who places trust funds in an interest-bearing account must:
- In Montana, a real estate licensee who is 'in good standing' means they have:
- A Montana broker's failure to make required trust account disclosures to the Board during an audit would constitute a violation of which rule?
- In Montana, a real estate licensee must use approved contract forms from the Montana Association of Realtors or legal counsel because:
- When Montana's Board of Realty Regulation suspends a real estate license, the licensee:
- In Montana, a real estate broker who enters into a 'pocket listing' arrangement—agreeing with a seller not to enter the property in the MLS—must ensure that:
- In Montana, a real estate licensee who acts as the principal (buyer or seller) in a real estate transaction must fully disclose their licensee status because:
- A Montana real estate licensee who practices 'churning' (encouraging clients to buy and sell repeatedly primarily to generate commissions) may be violating their duty of:
- Montana requires all real estate license applicants to pass both a national and a state examination. The state examination covers:
- A Montana real estate broker who decides to close their brokerage must:
- In Montana, a real estate company that operates as a property management firm for residential rentals must ensure that:
- Under MCA Title 37 Chapter 51, what is the maximum civil penalty the Montana Board of Realty Regulation can impose per violation?
- A Montana salesperson licensee who wishes to independently manage their own rental properties without a broker must:
- Under Montana law, a real estate licensee who is also a principal in a transaction (buying or selling their own property) must:
- Montana real estate licensees must complete how many hours of continuing education per license renewal period?
- Under Montana law, which of the following activities does NOT require a real estate license?
- A Montana real estate licensee who fails to maintain errors and omissions (E&O) insurance as required must:
- When a Montana real estate firm closes or a broker retires, active licensees affiliated with that broker must:
- Under Montana license law, a broker who has received earnest money must deposit it into the trust account:
- Under MCA Title 37 Chapter 51, the Montana Board of Realty Regulation consists of how many members?
- In Montana, which of the following best describes a 'broker associate'?
- A Montana real estate licensee convicted of a felony must report the conviction to the Board of Realty Regulation within:
- Under Montana law, a real estate advertisement must include:
- Under Montana law, a real estate licensee who acts as a principal and buys a listed property from their own seller-client must:
- Montana's real estate license law applies to which type of transaction?
- Under Montana law, what is the term length of a standard real estate salesperson license?
- A Montana real estate license may be placed on inactive status when a licensee:
- In Montana, a person who acts as a real estate broker without a license is subject to:
- In Montana, a broker who receives multiple offers on a listing must:
- In Montana, the statute of limitations for filing a complaint against a real estate licensee with the Board of Realty Regulation is:
- A Montana broker who allows an unlicensed assistant to independently negotiate the terms of a purchase contract is:
- In Montana, a real estate licensee's duties to a client under the agency relationship continue until:
- Under Montana license law, a licensee who becomes aware that their supervising broker is misappropriating client trust funds should:
- In Montana, the Board of Realty Regulation may deny a license application if the applicant:
- Under Montana law, a real estate licensee must keep client trust funds in a trust account that is:
- A Montana real estate license is required for which of the following activities when performed for compensation?
- In Montana, a salesperson license requires the applicant to be sponsored by a:
- Under Montana license law, a broker who supervises affiliated licensees must provide:
- A Montana real estate licensee who provides false or misleading information on their license application is subject to:
- Under Montana law, when the Montana Board of Realty Regulation issues a formal complaint against a licensee, the licensee has the right to:
- Under MCA Title 37 Chapter 51, which of the following best summarizes the primary purpose of Montana's real estate license law?
- The Montana Board of Realty Regulation requires salesperson applicants to complete how many hours of pre-license education?
Contracts
137 questions- For a real estate contract in Montana to be enforceable, it must be:
- A buyer submits an offer to purchase. The seller makes changes to the price and signs it. This creates:
- Earnest money in a Montana real estate transaction is best described as:
- Which contingency protects a buyer if they are unable to obtain financing?
- In a Montana real estate contract, 'time is of the essence' means:
- A buyer's offer is accepted and they have a signed purchase agreement. Before closing, the seller refuses to proceed. What remedy may be available to the buyer?
- Which of the following is NOT an essential element of a valid real estate contract in Montana?
- A purchase offer states that the seller must accept or reject within 48 hours. The seller does not respond within that period. The offer:
- A voidable contract is one that:
- An option contract in real estate gives the optionee the:
- In a land contract (contract for deed) in Montana:
- Which clause in a listing agreement allows a broker to earn a commission if the property is sold to a buyer introduced during the listing period, even after the listing expires?
- Under an exclusive right-to-sell listing in Montana, the broker is entitled to a commission if the property is sold:
- What is the legal effect of a contract addendum?
- If a buyer defaults under a Montana purchase contract and the seller retains the earnest money, this is known as:
- A Montana seller signs a listing agreement but the property is never marketed. The seller may have a claim against the broker for breach of:
- The Statute of Frauds requires which type of real estate agreement to be in writing?
- Mutual consent (meeting of the minds) in a contract requires:
- An offer to purchase is best revoked before acceptance by:
- In Montana, consideration in a real estate contract is typically:
- A lease agreement is a contract between a landlord and tenant that creates a:
- A bilateral contract requires:
- A unilateral contract in real estate is typically illustrated by:
- A contract entered into by a minor (under 18) in Montana is generally:
- An 'as-is' clause in a Montana purchase contract means:
- A novation in a real estate contract occurs when:
- The parol evidence rule in contract law means that:
- A 'right of first refusal' gives the holder the right to:
- Rescission of a real estate contract means:
- A contingency in a purchase contract allows a buyer to:
- Montana's Seller's Property Disclosure Act requires sellers to disclose:
- An offer becomes a binding contract when:
- An assignment of a real estate contract transfers:
- Under a listing contract, a broker earns a commission when they produce a buyer who is:
- If a seller accepts one offer and then receives a higher offer, the seller:
- A lease-purchase agreement differs from a standard lease because it:
- A contract that is 'void' is different from one that is 'voidable' because a void contract:
- Fraud in a real estate contract exists when a party makes:
- A real estate purchase contract typically specifies which party pays transfer taxes and recording fees. In the absence of a specific agreement in Montana:
- In Montana, an exclusive agency listing means:
- A 'contingent offer' subject to sale of the buyer's current home protects the buyer by:
- Under Montana law, a real estate purchase contract becomes binding when:
- Which of the following is NOT a required element of a valid real estate contract in Montana?
- Montana's Statute of Frauds requires that real estate contracts must be:
- In Montana, earnest money deposited with a real estate transaction must be:
- A Montana real estate purchase offer that is rejected by the seller and returned with different terms is legally considered:
- Under Montana law, a real estate contract entered into by a minor (under 18) is:
- The Montana Seller's Disclosure Act requires sellers to disclose:
- Under the Montana Seller's Disclosure Act, when must the seller's disclosure be provided to the buyer?
- If a seller in Montana fails to provide a required seller's disclosure, the buyer may:
- A 'time is of the essence' clause in a Montana real estate contract means:
- In Montana, an option contract in real estate gives the optionee (buyer):
- A Montana lease for more than one year must be in writing to be enforceable under the Statute of Frauds. A verbal month-to-month lease is:
- In a Montana real estate transaction, 'liquidated damages' in a purchase contract refers to:
- A Montana purchase agreement states the property is being sold 'as-is.' This means:
- In Montana, 'specific performance' as a remedy in a real estate contract dispute means:
- A 'novation' in a Montana real estate contract means:
- Under Montana law, which of the following would make a contract void (not merely voidable)?
- In a Montana lease agreement, a 'holdover tenancy' arises when:
- An 'addendum' to a Montana real estate purchase agreement is:
- In Montana, 'earnest money' in a real estate transaction serves primarily as:
- In Montana, a buyer who makes an offer with a financing contingency and is denied a loan should:
- A Montana purchase agreement for residential property typically includes an inspection contingency that allows the buyer to:
- A Montana seller who accepts a backup offer on their property should understand that the backup offer:
- In Montana, a 'lease-option' agreement combines:
- Under Montana law, a real estate broker's commission is earned when:
- In Montana, a 'right of rescission' under TILA gives a borrower refinancing or taking out a home equity loan (non-purchase) the right to cancel within:
- In Montana, 'mutual rescission' of a real estate contract means:
- In a Montana real estate transaction, 'closing costs' for the buyer typically include all of the following EXCEPT:
- A Montana seller's counteroffer that changes the price from $310,000 to $295,000 must be:
- Under Montana law, a 'merger doctrine' in real estate contracts means that:
- Under Montana law, if a buyer's earnest money is held in the broker's trust account and the transaction falls through, the broker may release the earnest money to one party only when:
- Under Montana law, 'anticipatory repudiation' of a real estate contract occurs when:
- In Montana, a buyer who wants to back out of a signed contract without a valid contractual reason will likely:
- In Montana, a 'release clause' in a blanket mortgage allows the borrower to:
- In Montana, an 'acceleration clause' in a deed of trust allows the lender to:
- In Montana, an 'assignment' of a real estate purchase contract allows:
- In Montana, a buyer discovers after signing a purchase agreement that the property is located in a FEMA-designated floodplain. If the contract includes no flood-related contingency, the buyer:
- In Montana, an 'appraisal contingency' in a purchase agreement protects the buyer if:
- Under Montana law, an oral lease for a residential property for a period of two years is:
- A Montana seller accepts a full-price offer but the transaction later fails because the buyer's lender requires repairs the seller refuses to make. If the contract has a financing contingency, the buyer:
- Under Montana law, a 'right of first refusal' that is included in a deed:
- In Montana, a 'lead-based paint contingency' in a purchase agreement for a pre-1978 home allows the buyer to:
- Under Montana law, if a party to a real estate contract dies before closing, the contract:
- In Montana, a 'purchase agreement' and a 'sales contract' for real estate are:
- In Montana, a 'possession prior to closing' agreement (allowing the buyer to move in before closing) creates risks for the seller because:
- In Montana, a 'lis pendens' notation on a real estate purchase agreement or title is significant because it:
- A Montana purchase agreement allows the buyer to conduct a 'due diligence' period. During this time, the buyer typically may:
- In Montana, which type of listing agreement offers the seller the most flexibility, allowing multiple brokers to attempt to sell the property with a commission only to the one who produces a buyer?
- In Montana, a contract is 'discharged by performance' when:
- In Montana, a 'force majeure' clause in a commercial real estate contract may excuse performance when:
- Under Montana law, a 'material breach' of a real estate contract by the seller entitles the buyer to:
- Under Montana law, a real estate purchase contract that was obtained through fraud by one party is:
- In Montana, a real estate broker who has an exclusive right-to-sell listing is entitled to a commission when their client later sells the property during the protection period to a buyer the broker registered. For this protection period to apply, the broker typically must:
- In Montana, 'integration clause' (also called 'entire agreement' or 'merger clause') in a real estate contract states that:
- In Montana, an 'exculpatory clause' in a commercial lease that releases the landlord from liability for negligence is:
- In Montana, a 'net sheet' prepared by a real estate agent for the seller shows:
- In Montana, a 'kick-out clause' (bump clause) in a purchase contract allows the seller to:
- In Montana, a 'residential purchase agreement' typically includes specific provisions for what happens if the property does not appraise at the purchase price. A standard appraisal contingency allows the buyer to:
- In Montana, a lease agreement that allows the tenant to 'sublease with landlord approval' means:
- In Montana, a real estate contract that includes a 'survival clause' ensures that certain representations and warranties:
- Under Montana law, an agent who fills in blanks on a preprinted real estate form is:
- Under Montana law, a real estate purchase contract may be rescinded for 'mutual mistake' when:
- In Montana, when a buyer makes an offer and the seller signs back a counteroffer, the original buyer's offer is:
- In Montana, a buyer who signs a purchase agreement 'under duress' or 'undue influence' can have the contract:
- In Montana, 'closing costs' associated with a real estate transaction are typically allocated between buyer and seller in accordance with:
- In Montana, an 'assignment clause' prohibiting assignment in a commercial lease means the tenant:
- In Montana, a 'notice to perform' or 'demand to perform' in a real estate transaction gives the defaulting party:
- In Montana, a 'hold harmless agreement' in a real estate transaction typically protects one party from:
- In Montana, an earnest money deposit held in a broker's trust account becomes:
- In Montana, the Statute of Frauds requires real estate contracts to be:
- In Montana real estate contracts, 'time is of the essence' language means:
- In Montana, a contract for deed (land contract) gives the buyer:
- A Montana purchase agreement includes a home inspection contingency. If the inspector finds significant defects, the buyer may:
- In Montana, a buyer's right of first refusal gives the buyer the right to:
- A Montana purchase contract's inspection contingency deadline passes without the buyer taking action. Under most standard contract forms, this means:
- In Montana, a liquidated damages clause in a purchase agreement specifies that if the buyer defaults:
- In Montana real estate, a counter-offer by the seller legally:
- In Montana, which of the following would make a real estate contract voidable rather than void?
- In Montana real estate, 'as-is' language in a purchase contract means the buyer:
- In Montana, when a seller provides seller financing through a promissory note and deed of trust, the seller retains which security interest?
- In Montana, an option contract gives the optionee (buyer) the right to:
- In Montana, a contract for the purchase of real estate that is contingent on the sale of the buyer's existing home is:
- In Montana, a purchase contract provision stating that the offer expires at 5:00 PM on a specific date means:
- In Montana, a purchase agreement may be voided by mutual consent of both parties through a:
- In Montana, an addendum to a purchase contract must:
- In Montana, a property sold at a tax deed sale means that:
- In Montana, a real estate purchase contract may include a 'kick-out clause' which allows the seller to:
- In Montana, a real estate contract that includes a contingency for financing 'at current market rates' with no further specification could be problematic because:
- In Montana, a release of liability (hold harmless agreement) in a real estate contract:
- In Montana, a real estate purchase contract is considered an executory contract until:
- In Montana, when a seller accepts a buyer's offer to purchase, the moment acceptance is communicated to the buyer creates:
- In Montana, a 'specific performance' lawsuit in real estate allows a party to:
- In Montana, a 'net listing' agreement, where the broker keeps everything above a specified net amount to the seller, is:
- In Montana, a buyer who wishes to withdraw an offer before the seller accepts it may:
- In Montana, a real estate broker who is not a licensed attorney should not:
- In Montana, a buyer who makes multiple offers on different properties simultaneously and receives acceptances from more than one seller would be:
Agency
133 questions- In Montana, which document must be provided to a buyer or seller at first substantive contact with a licensee?
- A Montana licensee who represents both buyer and seller in the same transaction with both parties' written consent is practicing:
- Under Montana agency law, an agent owes the duty of confidentiality to their client. This means the agent must NOT disclose:
- A Montana seller's agent discovers a material defect during a showing. The agent's duty to the buyer is to:
- In Montana, designated agency allows:
- An agent's fiduciary duty of loyalty requires the agent to:
- Under Montana law, a buyer's agent owes which of the following duties to the buyer client?
- The Montana Broker Disclosure Form must be provided at first substantive contact. 'First substantive contact' in Montana typically means:
- A listing agent who tells a prospective buyer that the seller will accept $10,000 less than the list price without the seller's permission has violated the duty of:
- In Montana, a transaction broker:
- Agency by ratification occurs when:
- A real estate agent who purchases a listed property for themselves without disclosing their licensee status to the seller has violated their duty of:
- Subagency in real estate means:
- The duty of accounting in a real estate agency relationship requires the agent to:
- When does a listing agency agreement typically terminate?
- A Montana licensee working with a buyer in a transaction where their firm also holds the listing must:
- A seller's agent who discovers the buyer is unrepresented must:
- An agency relationship can be created by all of the following EXCEPT:
- The duty of obedience in a real estate agency requires the agent to:
- Implied agency is created when:
- A real estate agent who acquires a property they were hired to purchase for a client for their own benefit has committed:
- What is the primary purpose of the Montana Broker Disclosure Form?
- A buyer's agent who reveals to the seller that the buyer must purchase a home within 30 days or lose relocation benefits has violated which duty?
- A cooperating broker who works with a buyer but is a subagent of the listing broker owes fiduciary duties to:
- In Montana, when a licensee represents a seller but tells the buyer that the seller will take $20,000 less than the list price to close quickly, this is a violation of:
- What distinguishes a general agent from a special agent in real estate?
- Termination of a listing agreement by mutual consent requires:
- A Montana licensee who represents a buyer in a transaction has the duty to:
- A dual agent may NOT do which of the following without violating their duties?
- Under Montana law, designated agency allows the designating broker to:
- An agent who has authority to act for a principal as granted by a written agency agreement has:
- A buyer's representation agreement (buyer brokerage agreement) is important because it:
- In Montana, a seller who signs a listing agreement with Broker A and then lists the same property with Broker B without terminating the first agreement may be liable for:
- An agent's duty of reasonable care and diligence in a real estate transaction includes:
- The Montana Broker Disclosure Form is NOT required to be provided when:
- What must a dual agent disclose to both parties in a Montana transaction?
- In Montana, which document must be presented to a buyer or seller at the time of first substantial contact to explain agency relationships?
- Under Montana agency law, a seller's agent owes which of the following duties to the buyer?
- Dual agency in Montana occurs when:
- What is a 'designated agency' arrangement in Montana real estate?
- A buyer's agent in Montana has a fiduciary duty to:
- If a Montana seller's agent discovers that a property has undisclosed foundation problems, they must:
- Under Montana law, confidential information learned during a buyer agency relationship:
- A Montana licensee acting as a transaction broker (non-agent) owes the parties:
- When must dual agency consent be obtained in a Montana real estate transaction?
- A subagent in Montana real estate is an agent who:
- A Montana listing broker discovers after signing the listing agreement that the property has an unpermitted addition. They should:
- In Montana, a listing agreement is a contract between the seller and the:
- Under Montana agency law, the duty of 'obedience' requires an agent to:
- In Montana, if a buyer's agent writes an offer for their client on a property listed by the same brokerage firm, and the firm chooses to practice dual agency, both parties must provide:
- A Montana buyer's agent has a duty of 'full disclosure.' This means the agent must disclose to the buyer:
- Under Montana law, an agent's fiduciary duty of 'loyalty' means the agent must:
- A Montana seller's agent who discovers that the seller is concealing a known septic system failure should:
- A Montana real estate team operates within a brokerage. The individual agents on the team are licensed as:
- A Montana buyer's agent who learns that their buyer client will pay up to $350,000 for a property listed at $320,000 must:
- In Montana, a 'net listing' (where the seller receives a set amount and the broker keeps everything above that) is:
- When a Montana listing expires without a sale, the listing broker:
- In Montana, a broker's 'policy on agency' must be disclosed to consumers because:
- In Montana, when a buyer's agent also receives compensation from the seller (through a cooperative commission arrangement), the buyer's agent must:
- A Montana listing broker who is approached by a potential buyer inquiring about the property should at first contact:
- A Montana listing agent may share which of the following information about the seller with a potential buyer?
- In Montana, a seller's broker is NOT obligated to disclose to buyers which of the following?
- A Montana buyer asks their buyer's agent if a neighborhood has a high crime rate. The agent should:
- A Montana real estate salesperson who receives an offer on a listing must deliver the offer to:
- Under Montana law, a real estate agent who makes a false statement about a property to induce a buyer to purchase may be liable for:
- In Montana, a 'cooperating broker' in an MLS transaction is the broker who:
- In Montana, a salesperson who leaves their employing broker to work for another broker:
- A Montana buyer's agent who discovers that the property their client wants to purchase has a known defect the seller has not disclosed should:
- In Montana, what happens to the listing agreement if the listing broker dies during the listing period?
- A Montana listing agent's duty to preserve the seller's confidential information continues:
- In Montana, if a buyer purchases property and later discovers the listing agent concealed a known material defect, the buyer's potential remedies include:
- In Montana, when a listing agent represents the seller and receives an unsolicited offer from an unrepresented buyer, the agent should:
- In Montana, if an agent represents neither the buyer nor the seller but facilitates the transaction, they are acting as a:
- In Montana, a listing agreement that provides compensation to the broker if the property is sold 'by anyone' during the listing period is called a(n):
- In Montana, the term 'procuring cause' is significant in determining which broker earns a commission because it refers to:
- A Montana buyer's agent who discovers during a showing that the property has a cracked foundation should:
- In Montana, a real estate agent who has a family member interested in buying a property listed by the agent's firm must:
- In Montana, when a listing agreement is terminated by the seller before the expiration date, the broker may still be entitled to a commission if:
- In Montana, a buyer's agent writing a purchase offer should consult with their buyer about all material terms including price, contingencies, and closing date, because the agent has a duty of:
- In Montana, a seller's listing agent must present all offers from buyers regardless of:
- In Montana, when a buyer wishes to make an offer on a property listed by the buyer's own agent's brokerage, the most common solutions to the potential conflict are:
- A Montana buyer's agent discovers that their client's offer was rejected and the property sold to another buyer. The agent should:
- In Montana, the term 'special agent' in real estate describes an agent who:
- In Montana, when a listing broker is dealing with an unrepresented buyer, the broker should provide a written explanation of:
- In Montana, 'constructive notice' through MLS listings means that:
- In Montana, a real estate broker who 'farms' a specific geographic area for new listings should understand that cold-calling 'do not call' registered numbers to solicit listings may violate:
- In Montana, a real estate agent who represents the buyer in a transaction must NOT do which of the following without the buyer's consent?
- In Montana, a licensed real estate agent who forms a team and markets under a team name must ensure that:
- In Montana, when a seller instructs the listing agent to conceal a material defect (such as a leaking roof) from buyers, the agent must:
- In Montana, a listing agent who receives an offer from an unrepresented buyer and the seller accepts, the listing agent may provide ministerial acts to the unrepresented buyer such as:
- When a Montana buyer's agent writes a purchase offer that includes a home inspection contingency, they are acting in the buyer's best interest because:
- In Montana, a real estate agent's 'fiduciary' duty is owed to:
- In Montana, a real estate broker who owns a property management company and manages properties they list for sale must disclose this to potential buyers because:
- A Montana buyer's agent whose buyer client decides to purchase a property for sale by the buyer's agent's own immediate family member must:
- In Montana, a real estate agent acting as an 'exclusive buyer's agent' (EBA) should:
- In Montana, 'vicarious liability' in real estate means that a broker may be legally responsible for:
- A Montana listing agent who knows the seller is facing foreclosure and must sell quickly has a duty to:
- In Montana, a buyer's agent who is also showing their buyer a property that they personally have a financial interest in must:
- In Montana, a 'general agent' has authority to:
- In Montana, 'apparent authority' in real estate agency means that a broker could be bound by the acts of a person who:
- In Montana, a buyer who works with an agent for an extended period and makes multiple offers that are all rejected may argue an 'implied agency' relationship exists if the agent has:
- In Montana, a listing broker who represents the seller must handle multiple offers by:
- In Montana, an agent who overstates a property's features or potential to a buyer to motivate a purchase may be liable for:
- A Montana listing agent is required to use 'reasonable care and diligence' in performing their duties. This means they must:
- In a Montana transaction where a buyer's broker discovers a material defect not disclosed by the seller, the buyer's broker must:
- When a Montana broker represents both the buyer and seller in the same transaction (dual agency), this must be:
- A Montana listing agent who receives an offer significantly below list price must:
- A Montana broker who represents a seller in a listing agreement is the seller's:
- In a Montana transaction, a cooperating broker (buyer's agent) who procures a ready, willing, and able buyer earns their commission:
- In Montana, a seller's agent who learns that the seller is going through a difficult divorce and is desperate to sell quickly has a duty to:
- A Montana transaction broker (limited agent) owes which duties to both parties?
- In Montana, the written brokerage disclosure form informing buyers and sellers of the broker's agency relationship must be provided:
- A Montana buyer's agent who negotiates aggressively on behalf of the buyer is fulfilling their duty of:
- Under Montana law, a salesperson licensee's agency relationship is with:
- A Montana buyer's broker who discovers that the property the buyer wants to purchase has a serious undisclosed foundation problem must:
- A Montana listing agent who knows the seller will accept less than the listed price has a duty to:
- In Montana, a real estate broker who operates under multiple agency relationships within the same firm (representing both buyers and sellers) must have written company policies addressing:
- When a Montana seller terminates a listing agreement without cause before the expiration date, the broker may be entitled to:
- In Montana, a seller's agent must disclose which of the following to the buyer?
- The concept of 'respondeat superior' in Montana real estate agency means that:
- In Montana, a licensee who is found to have made misrepresentations to a buyer about a property's condition may face:
- A Montana real estate licensee who represents both buyer and seller as a disclosed dual agent must obtain consent from both parties:
- A Montana buyer's agent who has a personal friendship with the seller's agent should disclose this relationship to their buyer-client because:
- In Montana, the term 'fiduciary' in real estate agency means the licensee must act:
- In Montana, when a listing broker and buyer's broker cooperate in a transaction through the MLS, the buyer's broker is typically:
- In Montana, 'puffing' by a real estate agent (exaggerated praise of the property) becomes actionable misrepresentation when:
- A Montana real estate agent who represents a buyer in purchasing a property also owned by the agent's spouse must:
- In Montana, a buyer's agent who fails to explain the full implications of a purchase contract to their buyer-client may have breached the duty of:
- In Montana, a seller's agent who receives confidential information from the buyer during negotiations (such as the buyer's maximum price) must:
- In Montana, a broker who represents a seller under an exclusive right-to-sell listing is entitled to a commission if the property sells:
- In Montana, when an agent represents a buyer in a transaction, the seller's agent knows which party the buyer's agent represents. This arrangement is called:
- In Montana, when a buyer's agent submits an offer at a price higher than the buyer's stated maximum budget due to a misunderstanding, the agent has potentially breached the duty of:
- A Montana buyer's agent who has personal knowledge that a listed property has flooding issues not disclosed by the seller should:
Finance
132 questions- A buyer obtains a mortgage loan where the interest rate can change periodically based on a market index. This is known as a:
- Under the Truth in Lending Act (TILA), what must lenders disclose to borrowers?
- A loan-to-value ratio (LTV) of 80% on a $300,000 purchase means the borrower is financing:
- Private mortgage insurance (PMI) is typically required when:
- A 'due-on-sale' clause in a mortgage requires:
- A fully amortizing mortgage loan is one in which:
- FHA loans are insured by:
- The secondary mortgage market primarily serves to:
- A balloon mortgage typically requires:
- Under RESPA (Real Estate Settlement Procedures Act), kickbacks between settlement service providers are:
- A conventional loan is best described as a mortgage loan that is:
- The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating based on:
- A borrower's debt-to-income (DTI) ratio is calculated as:
- A VA loan benefit is available to:
- Discount points paid at loan origination are used to:
- When interest rates rise, demand for real estate typically:
- A mortgage is a lien on real property that:
- Amortization refers to the:
- The Good Faith Estimate (GFE) was replaced under the TRID rule by the:
- Negative amortization occurs when:
- The Federal Reserve's monetary policy affects real estate by:
- A participation mortgage allows the lender to:
- A construction loan in Montana typically:
- A borrower has a monthly gross income of $6,500. A lender's housing expense ratio guideline is 28%. What is the maximum allowable monthly housing payment?
- An interest-only loan requires the borrower to pay:
- A purchase money mortgage is one in which:
- Points paid on a mortgage loan are tax deductible for the borrower because they represent:
- A reverse mortgage allows senior homeowners to:
- The Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB) to:
- Freddie Mac (FHLMC) and Fannie Mae (FNMA) operate in the:
- A USDA Rural Development loan is designed for:
- A wraparound mortgage is an arrangement where:
- When a lender requires the borrower to pay a portion of annual property taxes each month into an escrow account, this practice is called:
- A conforming loan is one that:
- A jumbo loan is one that:
- In Montana, a deed of trust is used instead of a mortgage because it allows for:
- Under Montana law, what is the statutory redemption period after a non-judicial foreclosure sale on a deed of trust?
- In a Montana deed of trust, the three parties are:
- When a Montana buyer obtains a conventional loan, the lender typically requires private mortgage insurance (PMI) when the loan-to-value ratio exceeds:
- A Montana ranch buyer is assuming an existing loan. Which statement is true about a loan assumption?
- Under federal RESPA, the Closing Disclosure must be provided to the buyer at least how many business days before closing?
- An adjustable-rate mortgage (ARM) in Montana is characterized by:
- A Montana agricultural land buyer is purchasing 320 acres with seller financing. This arrangement is commonly called a:
- Which federal law prohibits lenders from discriminating in lending based on race, color, national origin, sex, religion, familial status, or disability?
- In Montana, a buyer using a VA-guaranteed loan must:
- A Montana homeowner with a deed of trust defaults on their loan. The trustee initiates a non-judicial foreclosure. What is the first step the trustee must take?
- A Montana buyer obtained a $200,000 loan at 6.5% interest for 30 years. The monthly principal and interest payment is approximately $1,264. Over the life of the loan, how much total interest will be paid?
- A Montana home buyer is pre-approved for a mortgage. This means the lender has:
- A Montana buyer is using an FHA loan. What is the minimum required down payment as a percentage of the purchase price?
- A Montana lender requires a title insurance commitment (binder) before funding a loan because:
- Under Montana law, a 'due-on-sale clause' (acceleration clause) in a deed of trust allows the lender to:
- In Montana, 'points' paid on a mortgage loan represent:
- A Montana lender who charges 'prepayment penalties' is charging the borrower for:
- A Montana borrower applying for a loan must receive a Loan Estimate within how many business days of submitting a complete loan application?
- Under the Truth in Lending Act (TILA), the Annual Percentage Rate (APR) disclosed to Montana borrowers:
- A 'wraparound mortgage' or 'all-inclusive trust deed' in Montana is a form of seller financing where:
- A Montana lender who engages in 'predatory lending' practices may violate which laws?
- A Montana bank that practices 'redlining' in mortgage lending is violating:
- Under Montana law, a 'balloon mortgage' requires the borrower to:
- In Montana, a 'construction loan' differs from a permanent mortgage in that:
- The 'secondary mortgage market' in Montana real estate refers to:
- A Montana home buyer is considering a 15-year versus a 30-year mortgage for the same loan amount. The 15-year mortgage will have:
- Under the Dodd-Frank Act, a 'qualified mortgage' (QM) in Montana must comply with ability-to-repay requirements, including a maximum debt-to-income ratio of approximately:
- A Montana homeowner wants to borrow against the equity in their home using a 'home equity line of credit' (HELOC). This differs from a home equity loan in that a HELOC:
- In Montana, 'impounds' (or 'escrow accounts') required by lenders hold monthly reserves for:
- In Montana, a 'hard money loan' is characterized by:
- A Montana lender who requires an appraisal before making a mortgage loan does so primarily to:
- A Montana reverse mortgage allows elderly homeowners (generally 62+) to:
- In Montana, USDA Rural Development loans are targeted to:
- In Montana, the 'note' in a mortgage transaction is the:
- Montana's 'homestead exemption' protects a portion of a homeowner's equity from certain creditors. In Montana, the homestead exemption amount is:
- In Montana, a 'bridge loan' is a type of financing that:
- Under Montana law, a 'subordination, non-disturbance, and attornment agreement' (SNDA) in commercial real estate protects:
- In Montana, a 'commercial real estate loan' typically has what key difference from a residential mortgage in terms of qualifying?
- A Montana borrower's 'debt-to-income ratio' (DTI) for loan qualification purposes is calculated as:
- In Montana, 'private placement' financing for commercial real estate involves:
- Under RESPA, a 'kickback' arrangement between a Montana real estate agent and a title company—where the title company pays the agent for referrals—is:
- A Montana borrower is considering a 'interest-only mortgage' for the first 10 years. They should understand that during the interest-only period:
- Under Montana law, what is the purpose of a 'beneficiary statement' in a deed of trust transaction?
- In Montana, a 'cash-out refinance' allows a homeowner to:
- A Montana lender is considering a loan for a property in a designated Special Flood Hazard Area (SFHA). The lender must notify the borrower and require:
- In Montana, 'seller carry-back financing' (purchase money mortgage) is particularly common for:
- In Montana, a 'seasoned funds' requirement for a mortgage down payment means the buyer must show:
- A Montana borrower considering a 'negative amortization' loan should understand that:
- A Montana borrower who takes out a home equity loan to fund a business investment should understand that:
- In Montana, 'participatory financing' for large commercial real estate developments may involve a lender who:
- In Montana, a 'participation mortgage' differs from a standard mortgage in that the lender receives:
- A Montana borrower who has a 'conforming loan' has a loan that:
- A Montana borrower has a 'land contract' (contract for deed) to purchase agricultural property. They should understand that under a land contract:
- In Montana, a 'buy-down' mortgage program (where the seller or developer pays points to reduce the buyer's interest rate) is structured so that:
- In Montana, a 'release price' in a blanket mortgage is the amount that must be paid to the lender to release a specific parcel from the blanket lien. This is important for developers because it allows them to:
- In Montana, 'mortgage insurance premium' (MIP) on FHA loans differs from PMI on conventional loans in that MIP:
- In Montana, 'land banking' in real estate investment refers to:
- In Montana, the 'annual percentage yield' (APY) on a savings account differs from the interest rate because APY:
- A Montana lender who offers a 'portfolio loan' is providing financing where:
- In Montana, 'seller concessions' in a real estate transaction refer to:
- In Montana, a 'bi-weekly mortgage payment' program allows a borrower to:
- In Montana, a 'deed in lieu of foreclosure' from a borrower benefits the lender because:
- In Montana, a borrower who has had a foreclosure must typically wait before being eligible for a new conventional mortgage. The standard waiting period is:
- In Montana, a 'mortgage servicer' is the entity that:
- In Montana, 'points' paid on a mortgage as 'origination fees' are characterized as:
- In Montana, a buyer who obtains 'gap financing' is:
- In Montana, a 'cap rate' and a 'discount rate' are both used in income property analysis but differ in that:
- A Montana rancher seeks a USDA Farm Service Agency (FSA) loan to purchase agricultural land. These loans differ from conventional mortgages primarily because:
- A Montana buyer's adjustable-rate mortgage (ARM) has an initial rate of 4.5% with a 2/6 cap structure. This means the rate can adjust:
- In Montana, a wraparound mortgage (all-inclusive trust deed) involves a seller who:
- A Montana buyer uses an FHA loan with a 3.5% down payment on a $250,000 home. What is the required down payment?
- A Montana homeowner has a home equity line of credit (HELOC). This type of financing is characterized by:
- A Montana buyer's loan-to-value ratio is 85% on a $300,000 purchase. What is the loan amount and what is the down payment?
- Montana's non-judicial foreclosure process under a deed of trust requires a minimum of approximately how many days from notice of default to trustee's sale?
- A Montana buyer comparing a 15-year mortgage vs. a 30-year mortgage at the same interest rate would find that the 15-year mortgage has:
- Private mortgage insurance (PMI) is typically required by lenders when a Montana buyer's down payment is:
- A Montana veteran using a VA loan benefit would be entitled to which of the following advantages not available with conventional financing?
- A Montana borrower's front-end (housing) debt-to-income ratio is calculated by dividing:
- The Truth in Lending Act (TILA) requires lenders to disclose the Annual Percentage Rate (APR) to Montana borrowers because:
- A Montana buyer's mortgage payment is $1,450/month, and their gross monthly income is $5,800. What is their housing debt-to-income ratio?
- In Montana, a borrower seeking a rural home loan might benefit from a USDA Rural Development (Section 502) loan because it offers:
- In Montana, the escrow account for property taxes and insurance maintained by a mortgage lender (impound account) must comply with RESPA requirements, which limit the lender's cushion to:
- A Montana buyer who uses seller financing structured as a contract for deed (land contract) should be aware that:
- A Montana borrower's loan application is denied due to information in their credit report. Under the Equal Credit Opportunity Act (ECOA), the lender must:
- A Montana homebuyer who obtains a fixed-rate mortgage at today's rates and then rates rise significantly will:
- Under the Home Mortgage Disclosure Act (HMDA), Montana lenders must collect and report data on mortgage applications including:
- Under Regulation Z (TILA), Montana lenders must provide the loan estimate to a borrower within how many business days of receiving a completed loan application?
- A Montana buyer who receives a 'good faith estimate' from a lender dated before October 3, 2015 should know that this document has been replaced by:
- A Montana borrower with a reverse mortgage must continue to:
- In Montana, a 'participation mortgage' is one where the lender:
- A Montana buyer who is quoted an annual percentage rate (APR) higher than the note rate on their mortgage should understand that:
- A Montana homeowner who refinances their home to pull out equity is performing a:
- A Montana buyer who makes a down payment of less than 20% on an FHA loan pays mortgage insurance premium (MIP) that:
- A Montana property sells for $325,000 with a 20% down payment and a 30-year mortgage at 6.5% interest. Using the rule of thumb that a $1,000 mortgage payment factor at 6.5%/30 years is approximately $6.32/month per $1,000 borrowed, what is the approximate monthly P&I payment?
- In Montana, a 'bridge loan' (swing loan) is commonly used when:
- A Montana lender who retains a mortgage loan in their portfolio rather than selling it on the secondary market is called a:
Real Estate Math
130 questions- A home sells for $285,000. The listing agent's brokerage charges a 6% commission, split equally between listing and selling brokerages. What does each brokerage receive?
- A rectangular lot measures 150 feet by 200 feet. What is the lot's area in acres? (1 acre = 43,560 sq ft)
- A property sells for $320,000. The seller's net after paying a 5.5% commission is:
- A buyer purchases a home for $250,000 with a 10% down payment. The lender charges 2 discount points. How much will the buyer pay in discount points?
- A property has a gross monthly rent of $2,400. Using a GRM of 110, what is the estimated property value?
- A salesperson earns 60% of the commission from a sale. The total commission was $15,600. How much did the salesperson earn?
- A property sells for $410,000. The county transfer tax is $1 per $500 of the sale price. What is the transfer tax due?
- An investor buys a property for $180,000 and sells it 3 years later for $225,000. What is the percentage gain?
- A listing agent charges a 6% commission on the first $200,000 and 4% on any amount above $200,000. A property sells for $350,000. What is the total commission?
- A property has an annual NOI of $36,000 and a cap rate of 8%. What is its estimated value using the income approach?
- A buyer makes a 20% down payment on a $375,000 home. What is the loan amount?
- An apartment building generates $8,500 per month in gross rent. Annual operating expenses are $42,000. What is the annual NOI?
- A property owner wants to net $275,000 after paying a 5% commission. What must the property sell for?
- A section of land contains how many acres?
- A property's assessed value is $240,000. The assessment ratio is 60% of market value. What is the estimated market value?
- Annual property taxes are $4,200 on a home with a market value of $350,000. What is the effective tax rate?
- A building has 8 units each renting for $900/month. Vacancy is 5%. What is the effective gross income (EGI) per year?
- A half section of land is how many acres?
- A salesperson earns a commission of $9,000 on a sale. This represents 3% of the sale price. What did the property sell for?
- A property's NOI is $48,000 and it has a value of $600,000. What is the cap rate?
- A buyer borrows $240,000 at 5% annual interest. What is the first month's interest payment?
- A property is purchased for $185,000 and sold 5 years later for $240,500. What is the total appreciation?
- A rectangular parcel measures 330 feet × 660 feet. How many acres is this?
- A home was appraised at $425,000. The lender will lend 80% LTV. The purchase price is $435,000. What is the maximum loan amount?
- A property is assessed at $280,000. The mill levy is 80 mills. What are the annual property taxes?
- A home sold for $325,000 and was listed at $340,000. What was the sale price as a percentage of list price?
- A buyer's agent receives 3% of the sale price on a $412,000 transaction. After splitting with the broker (70/30 split in the agent's favor), how much does the agent earn?
- A commercial property has 5,000 square feet of leasable space at $18/sq ft per year. What is the annual gross rent?
- An investment property was purchased for $400,000. After 4 years, it sold for $470,000 and the investor paid $32,000 in improvements. What is the net profit?
- A quarter section of land contains:
- Seller's closing costs include a 6% commission on a $290,000 sale and title insurance of $1,200. What are the total seller closing costs shown?
- A property management company charges 8% of collected rents. If the building collected $148,000 in rent for the year, what is the management fee?
- A mortgage balance is $195,000 at 6% annual interest. What is the monthly interest charge?
- A property's price per square foot is $185. If the home is 1,800 square feet, what is the estimated value?
- A Montana broker charges a 6% commission on a property that sells for $325,000. What is the total commission?
- A Missoula property sold for $280,000. The listing broker receives 60% of a 5.5% commission. How much does the listing broker receive?
- A Montana property has a taxable value of $45,000 and the local mill levy is 200 mills. What is the annual property tax?
- A buyer in Great Falls puts 20% down on a $240,000 home. What is the loan amount?
- A Montana property manager charges 8% of collected rents. If monthly gross rents total $12,500, what is the monthly management fee?
- A Bozeman investment property generates $96,000 in annual gross rents with a vacancy rate of 5%. What is the effective gross income?
- A seller wants to net $200,000 after paying a 6% commission and $4,000 in other closing costs. What must the property sell for (approximately)?
- A Montana lot is 150 feet wide and 200 feet deep. Approximately how many acres is this lot?
- A buyer's loan of $180,000 is at 7% annual interest. What is the first month's interest portion of the payment?
- A property sold for $350,000. The buyer paid $35,000 down and financed the balance. What is the loan-to-value (LTV) ratio?
- A Montana property has an assessed value of $220,000. The state applies a 100% assessment ratio. If the mill levy is 150 mills, what is the annual property tax?
- A Montana investor purchases a rental property for $180,000 and sells it three years later for $225,000. What is the percentage appreciation?
- A Montana property has an NOI of $42,000 per year and a cap rate of 7%. What is the estimated market value using the income approach?
- A Montana broker listed a property at $175,000 and it sold for $168,000. The commission rate is 6%. What is the total commission paid?
- A Montana ranch is listed at $1,200 per acre. The ranch is 2 sections. How much is the asking price?
- A Montana buyer closes on a home on October 1. The annual property taxes are $2,400. At closing, the seller will pay the buyer a prorated tax credit for how many days (using a 365-day year)?
- A buyer takes out a $250,000 mortgage at 6% interest for 30 years. The monthly payment for principal and interest is approximately $1,499. How much of the first payment goes to interest?
- A Montana commercial property leases 5,000 square feet at $18 per square foot per year (NNN lease). What is the monthly base rent?
- A Montana buyer negotiates a purchase price of $285,000 on a home listed at $299,500. What percentage discount did they negotiate from the list price (rounded)?
- A Montana property is assessed at 100% of market value. The market value is $175,000 and the mill levy is 120 mills. What is the annual property tax?
- A Montana buyer assumes a $150,000 mortgage with 20 years remaining at 5.5% interest. The current monthly payment is $1,032. How much total will the buyer pay over the remaining 20 years?
- A Montana property manager collects $8,500 in monthly rents. The management fee is 9%. How much does the manager retain each month?
- A Montana seller receives $242,000 after paying a 5% commission and $3,500 in other closing costs. What was the original sale price?
- A 160-acre quarter section in rural Montana is described as the NW 1/4 of Section 14, Township 3 North, Range 5 East. If it sells for $2,500 per acre, what is the total sale price?
- A Montana investor buys a 4-plex for $320,000. Each unit rents for $850/month. The annual gross rent multiplier (GRM) of comparable properties is 8. Is this a good purchase based on GRM?
- A Montana property has gross rents of $48,000/year, vacancy and credit losses of $2,400, operating expenses of $18,000, and annual debt service of $16,800. What is the Net Operating Income (NOI)?
- A Montana agent lists a home for $279,000. It sells for 96% of list price. The commission is 5.5% of the sale price. What does the listing brokerage receive if they keep 55% of the commission?
- A Montana homebuyer is qualifying for a mortgage. Their gross monthly income is $6,200. The lender's maximum front-end (housing) ratio is 28%. What is the maximum monthly housing payment?
- A Montana investor bought a commercial property for $500,000 and depreciates the improvements (valued at $400,000) over 39 years for tax purposes. What is the annual depreciation deduction?
- A Montana property has a listing price of $399,000. After 45 days on the market, the seller agrees to a 3% price reduction. What is the new listing price?
- A Montana farmer wants to irrigate a circular field with a radius of 500 feet. Approximately how many acres will be irrigated? (Area = pi x r^2; 43,560 sq ft per acre)
- A Montana broker manages a property with monthly gross rents of $6,800, vacancy of 5%, operating expenses of $2,200/month, and debt service of $2,100/month. What is the monthly cash flow after debt service?
- A Montana home was purchased for $185,000 five years ago. It has appreciated at an average rate of 4% per year. What is the approximate current value?
- A Montana ranch sells for $840,000. The listing broker and buyer's broker split the 5% commission equally. If each brokerage then pays their agent a 60/40 split (agent gets 60%), how much does the buyer's agent receive?
- A Montana property has a market value of $300,000. The lender will loan 80% LTV. The buyer has $45,000 for a down payment. Can the buyer qualify for this property?
- A Montana lender charges 2 origination points on a $195,000 loan. What is the dollar amount of the origination fee?
- A Missoula rental property has $85,000 gross annual income, 8% vacancy, $32,000 operating expenses, and a 7.5% cap rate. What is the estimated property value?
- A Montana real estate investor uses a 1031 exchange to defer capital gains taxes. They sell a property for $450,000 with an adjusted basis of $200,000. What capital gain would be deferred?
- A Montana property's gross rent multiplier (GRM) is 10. Monthly gross rent is $1,800. What is the estimated property value?
- A Montana homeowner's property is assessed at $85,000 (taxable value) and the mill levy is 180 mills. What is the annual property tax?
- A Montana seller is in the 20% long-term capital gains tax bracket. They sell an investment property for $480,000 with an adjusted basis of $280,000. What is their federal capital gains tax (excluding state taxes and depreciation recapture)?
- A Montana broker has 15 agents each producing an average of $2.5 million in annual sales volume. At a 3% average commission rate with the broker retaining 30% of all commissions, what is the broker's annual gross income from commissions?
- A Montana homeowner refinances their $175,000 mortgage at a lower rate, reducing their monthly payment from $1,250 to $1,100. Their closing costs were $3,500. How many months until they break even on the refinance?
- A Montana buyer is purchasing a property using an FHA loan (3.5% down). The purchase price is $260,000. What is the down payment and loan amount?
- A Montana commercial property produces $120,000 NOI. A buyer wants a 9% return. What is the maximum purchase price they would pay?
- A Montana investor has gross rent of $36,000 and operating expenses (excluding debt service) of $14,400. The property cost $280,000. What is the capitalization rate?
- A Missoula home buyer is applying for a 30-year mortgage. Principal and interest payment is $1,450/month. First month's interest is $1,200. How much principal is paid in the first month?
- A Montana buyer purchases a $320,000 home with a 10% down payment. The lender charges 1.5 origination points. What is the total origination fee?
- A Montana property has been on the market for 90 days. The market average days-on-market is 45 days. The absorption rate for this price range is 5 homes per month sold. There are currently 25 homes for sale in the price range. What is the months' supply of inventory?
- A Montana investor's property generates $48,000 annual NOI and they want a 6.5% cap rate return. What is the indicated value?
- A Montana rental property has potential gross income of $54,000, vacancy of 6%, operating expenses of $18,000, and debt service of $14,400. What is the debt service coverage ratio (DSCR)?
- A Montana real estate investor buys a property for $400,000, puts $50,000 in improvements, and sells it for $520,000, paying $31,200 in commissions and $5,000 in other closing costs. What is the net profit?
- A Montana homeowner's property tax bill shows: Market Value $280,000, Assessment Rate 100%, Taxable Value $280,000, Mill Levy 145 mills. What is the annual tax?
- A Montana property manager collects $10,200 in monthly rents. Vacancy is 4%. Management fee is 8% of collected rents. What is the monthly management fee?
- A Montana seller takes back a purchase money mortgage for $125,000 at 6% interest, with monthly payments of $750, and a balloon payment due in 7 years. What is the monthly interest on the original balance?
- A Montana single-family home sold for $312,000. The buyer's agent received 2.5% and the listing agent received 3% of the sale price. What was the total commission paid by the seller?
- A Montana property manager charges a leasing fee of one month's rent for placing a new tenant. The monthly rent is $1,350. If the property is vacant for 6 weeks before the new tenant moves in, what is the total cost of the vacancy (including leasing fee)?
- A Montana buyer makes an offer of $265,000 with $5,000 earnest money on a home listed at $279,000. If the offer is accepted, what percentage of the purchase price is the earnest money?
- A Montana property owner wants to refinance their home valued at $380,000. Their current mortgage balance is $210,000. A lender will allow up to 80% LTV cash-out refinance. How much cash can the owner receive (before closing costs)?
- A Montana seller is netting $185,000 from the sale of their home. They paid $120,000 for the home 8 years ago and made $15,000 in improvements. They qualify for the $250,000 single taxpayer capital gains exclusion. What is the taxable capital gain?
- A Montana investor uses leverage to purchase a $500,000 property with 25% down ($125,000). If the property appreciates 5% in one year, what is the return on the investor's equity (cash-on-cash for appreciation only)?
- A Montana ranch sells for $1.8 million. The listing broker receives 3% of the sale price. The listing agent on their team receives 40% of the listing side. What does the listing agent receive?
- A Montana property is listed for $425,000 and a buyer offers $400,000. What percentage below list price is the offer?
- A Montana homeowner's monthly mortgage payment (PITI) is $1,850. Their gross monthly income is $6,200. What is their front-end (housing) ratio?
- A Montana property has a monthly rent of $2,200. The landlord wants to increase the rent by 4%. What is the new monthly rent?
- A Montana property owner borrows $50,000 against their home equity at 8% simple annual interest for 18 months. What is the total interest owed?
- A Billings duplex generates $1,800/month per unit. Annual operating expenses total $12,000. What is the annual net operating income?
- A Great Falls property sells for $185,000. The listing broker charges 6% commission, split equally between listing and buyer's broker. What does each broker earn?
- A Missoula property has an assessed value of $220,000 and the local mill levy is 180 mills. What is the annual property tax?
- A Bozeman seller nets $315,000 after paying a 5.5% commission. What was the original sale price?
- A Montana investment property was purchased for $400,000 and sold 5 years later for $480,000. What is the percentage appreciation over the holding period?
- A Great Falls rental property has a monthly gross rent of $1,400 and annual operating expenses of $7,200. What is the annual NOI?
- A Montana broker charges 6% commission on the first $100,000 and 4% on the remainder. A property sells for $280,000. What is the total commission?
- A Montana investor purchases a property for $320,000 with a 25% down payment. What is the mortgage amount?
- A Montana property manager charges 8% of collected rents. If monthly rents collected are $12,500, what is the monthly management fee?
- A Montana commercial property has an NOI of $85,000 and is appraised at a cap rate of 6.5%. What is the indicated value?
- A Billings home was listed at $295,000 and sold for $283,200. What percentage below list price did it sell for?
- A Missoula rental home has a gross rent multiplier (GRM) of 14 and generates $24,000 in annual gross rent. What is the estimated value?
- A Montana investor bought a property for $175,000, made $25,000 in improvements, and sold it for $235,000. What was the return on total investment?
- A Montana property with a purchase price of $375,000 requires a loan fee (point) equal to 1% of the loan amount. If the buyer puts 20% down, what is the dollar amount of the loan fee?
- A Bozeman property manager manages 8 units at $1,100/month rent each. The management fee is 9% of collected rents. If all units are occupied, what is the annual management fee?
- A Montana home appreciated from $215,000 to $258,000 over 4 years. What was the average annual appreciation rate?
- A Montana broker sold 24 properties in a year averaging $210,000 per sale with an average commission of 5.5%. What was the broker's total commission income?
- A Montana seller received $342,000 net after paying a 6% commission. What was the sale price?
- A Great Falls investment property generates monthly gross income of $3,200 and has monthly operating expenses of $950 (excluding debt service). The monthly NOI is:
- A Montana home's monthly mortgage payment is $1,750 (PITI). The borrower's gross annual income is $84,000. Does the housing debt ratio meet the conventional 28% guideline?
- A Montana buyer assumes a $195,000 mortgage at 5.5% interest. What is the first month's interest portion of the payment?
- A Billings commercial property has a potential gross income of $120,000, vacancy of 8%, and operating expenses of $42,000. What is the net operating income?
- A Montana investment property costs $450,000 and generates $36,000 annual NOI. What is the cap rate?
- A Montana property was listed at $389,000 and sold after receiving a 3% reduction. What was the final sale price?
- A Montana property's assessed value is $185,000 and the residential assessment ratio is 1.35% of market value. What is the estimated market value?
- A Montana property is assessed at $248,000 with a mill levy of 195 mills. What is the annual property tax?
- A Missoula commercial property has a NOI of $55,000 and a cap rate of 7.5%. What is the indicated value?
- A Montana buyer puts 10% down on a $275,000 home and pays a 0.5% origination fee. What is the origination fee in dollars?
- A Bozeman property worth $520,000 is mortgaged for $390,000. What is the homeowner's equity and LTV ratio?
- A Montana seller nets $427,500 after paying a 5% commission. What was the original sale price?
Property Ownership
121 questions- Water rights in Montana are governed by the doctrine of:
- Two people own property as joint tenants. One owner dies. The surviving owner:
- A property owner grants an easement to a utility company to run power lines across their land. This is an example of a(n):
- Fee simple absolute is best described as:
- In Montana, a deed must be recorded in:
- In Montana, mineral rights can be:
- A large percentage of Montana land is federally owned public land managed by the Bureau of Land Management (BLM). A property that borders BLM land:
- Tenancy in common differs from joint tenancy primarily because:
- An encroachment occurs when:
- A life estate gives the life tenant the right to:
- An appurtenant easement benefits:
- In Montana, adverse possession requires continuous, open, hostile, actual, and exclusive use for a period of:
- A deed restriction is an example of a:
- Which type of deed provides NO warranties to the grantee?
- Under Montana law, a water right based on prior appropriation is considered:
- A prescriptive easement in Montana is acquired through:
- Montana's coal and mineral-rich areas mean buyers should be aware that:
- A deed must contain which of the following to be valid in Montana?
- Riparian rights (in states that recognize them) give landowners adjacent to water the right to:
- A lis pendens is a recorded document that provides notice that:
- In Montana, intestate succession refers to:
- Which form of co-ownership is the ONLY one available to married couples that creates a special presumption in some states?
- Montana does NOT recognize community property laws, meaning:
- The Public Land Survey System (PLSS) used in Montana divides land using:
- An abstract of title is:
- Montana recognizes which form of co-ownership that includes the right of survivorship?
- In Montana, tenancy in common differs from joint tenancy primarily because:
- Under Montana law, which type of deed provides the greatest protection to the grantee?
- A quitclaim deed in Montana conveys:
- In Montana, mineral rights that are separated from surface rights are considered:
- Montana ranch land may be subject to a grazing lease with the Bureau of Land Management (BLM). This arrangement means:
- An easement appurtenant in Montana benefits:
- In Montana, timber rights may be severed from the underlying land. A buyer of land with previously severed timber rights should understand that:
- Under Montana law, adverse possession requires continuous, open, notorious, hostile, and exclusive use for a period of:
- A Montana property owner grants a utility company the right to run power lines across their land. This is an example of:
- In Montana, a deed must be delivered and accepted to be effective. 'Delivery' of a deed means:
- In Montana, a 'life estate' is a form of ownership that:
- In Montana, the government's power to regulate private property through zoning is based on the legal concept of:
- In Montana, a property owner who 'dedicates' land to the public for a road is transferring:
- In Montana, a 'riparian right' historically gave landowners adjacent to a stream the right to use water. Montana now follows prior appropriation. What does this mean for riparian landowners?
- In Montana, 'escheat' refers to the process by which:
- Montana recognizes which of the following as a way title to real property may be acquired by operation of law?
- In Montana, 'fee simple absolute' is:
- In Montana, a 'leasehold estate' gives the tenant:
- In Montana, a 'prescriptive easement' is similar to adverse possession in that it requires use that is:
- In Montana, a 'right of first refusal' on real property means:
- In Montana, a 'covenant running with the land' is binding on:
- In Montana, a homeowner's association (HOA) has the authority to enforce 'CC&Rs' (Covenants, Conditions, and Restrictions) that:
- In Montana, 'bundle of rights' in real estate refers to:
- In Montana, 'riparian rights' have been replaced by prior appropriation for water use, but surface water rights are still administered by the:
- In Montana, 'surface rights' and 'subsurface rights' can be owned by different parties. When a mineral owner wishes to extract minerals from beneath another's surface, they typically must:
- In Montana, a 'partition action' is a legal proceeding that allows:
- In Montana, when personal property becomes permanently attached to real property it is called:
- A Montana property owner who grants a 'license' (not an easement) to a neighbor to cross their land should understand that the license:
- In Montana, which of the following is an example of an 'encumbrance' on real property?
- In Montana, a 'deed restriction' (private restriction/covenant) differs from zoning in that:
- In Montana, 'community property' as a form of marital ownership is:
- In Montana, the legal description 'Township 5 North, Range 4 East, Section 12' refers to a system called:
- Under Montana law, 'fixtures' that are included in the sale of a home would typically include:
- In Montana, a 'condominium' ownership form means the unit owner has:
- In Montana, 'intestate succession' means that a deceased person's property passes:
- In Montana, 'tenancy by the entirety' as a form of joint ownership for married couples is:
- In Montana, 'air rights' are the rights to the space above a property. A Montana landowner's air rights:
- In Montana, property that is held in a 'revocable living trust' is:
- In Montana, 'riparian lands' along designated 'navigable waters' may be subject to public access rights because:
- In Montana, a 'conservation easement' held by a land trust or government entity is a legal interest in land that:
- In Montana, the 'plat act' exemption allows agricultural land to be divided and conveyed without full subdivision review when:
- In Montana, 'tacking' in adverse possession claims allows an adverse possessor to:
- In Montana, a 'cooperating ownership' or 'cooperative' housing arrangement differs from a condominium in that:
- In Montana, a 'perpetual conservation easement' recorded in the county records is binding on:
- In Montana, a 'right-of-way' deed differs from a warranty deed in that a right-of-way deed conveys:
- In Montana, a 'blanket mortgage' or 'blanket deed of trust' is typically used when:
- In Montana, a homestead declaration must be filed by the homeowner to claim the homestead exemption. This declaration should be filed with the:
- In Montana, a 'fee simple defeasible' estate is an ownership interest that:
- In Montana, 'title by descent' (inheritance) occurs when:
- In Montana, 'unity of title' is one of the four unities required to create a valid joint tenancy. The four unities are:
- In Montana, a 'timber deed' is used to:
- In Montana, 'water rights' are personal property rights separate from real property. To transfer water rights when selling agricultural land, the seller should:
- In Montana, 'escheat' could occur with respect to abandoned mineral rights when:
- In Montana, 'solar rights' associated with a property can be protected through:
- In Montana, a 'deed restriction' that prohibits commercial use of residential property is an example of a:
- In Montana, when multiple persons acquire property as 'tenants in common' but the deed is silent about the ownership shares, each tenant is presumed to own:
- In Montana, a buyer's title examination should include checking for 'clouds on title.' A 'cloud on title' refers to:
- In Montana, a 'condominium conversion' occurs when:
- In Montana, a 'remainder interest' in real property is held by the person who:
- In Montana, a property owner's 'bundle of rights' is limited by all of the following governmental powers EXCEPT:
- In Montana, when mineral rights are 'reserved' by the grantor in a deed, this means the grantor:
- In Montana, a 'shared well agreement' for a property that shares a well with neighboring properties should be:
- In Montana, 'fee simple subject to a condition subsequent' is a form of ownership where:
- In Montana, a 'timeshare' ownership interest in a resort property is regulated under:
- In Montana, 'subsurface rights' purchased from a landowner include rights to:
- In Montana, a property owner can challenge an unfair property tax assessment by filing an appeal with the:
- When Montana public land is transferred to private ownership through a Bureau of Land Management (BLM) land patent, the new owner receives:
- In Montana, a prescriptive easement is established by use that is:
- Montana recognizes 'surface water rights' under the prior appropriation doctrine, which means:
- In Montana, a life estate grants the life tenant the right to:
- In Montana, a tenancy by the entirety is:
- In Montana, a covenant running with the land is enforceable by and against:
- In Montana, mineral rights can be severed from surface rights, meaning that:
- In Montana, a lis pendens recorded against a property gives notice that:
- In Montana, joint tenancy with right of survivorship requires that all joint tenants:
- In Montana, adverse possession requires continuous, open, notorious, exclusive, and hostile use of another's land for a period of:
- In Montana, an easement by necessity is created when:
- In Montana, a homeowners association (HOA) may enforce covenants, conditions, and restrictions (CC&Rs) against a new owner because:
- In Montana, property held in a revocable living trust can be sold or refinanced by:
- In Montana, when a co-owner in a tenancy in common wishes to end the co-ownership, they may seek:
- In Montana, property acquired by one spouse during marriage through gift or inheritance is generally classified as:
- In Montana, a deed must be executed with which elements to be valid for conveyance?
- In Montana, the doctrine of 'after-acquired title' (estoppel by deed) means that if a grantor conveys property they don't yet own and later acquires title, the title:
- In Montana, a property owner's riparian right to use water from a stream bordering their land is limited by:
- In Montana, the recording of a document in the county clerk and recorder's office provides:
- In Montana, a buyer who purchases property subject to an existing mortgage is:
- In Montana, a buyer who purchases property at a sheriff's sale following judicial foreclosure on a judgment lien receives:
- In Montana, a property owner who grants a utility easement across their land retains:
- In Montana, a 'scenic overlay zone' or 'scenic corridor' may restrict the height and appearance of structures because:
- In Montana, a 'plat' recorded with the county clerk and recorder for a new subdivision shows:
- In Montana, a 'boundary line agreement' between neighboring property owners establishes:
- In Montana, an 'appurtenant easement' is an easement that:
- In Montana, a 'monument' in a metes and bounds legal description is:
- In Montana, a 'leasehold estate' gives the tenant the right to:
- In Montana, a 'timeshare' ownership in a vacation property gives the buyer:
Property Valuation
119 questions- The sales comparison approach to value is MOST appropriate for appraising:
- When performing a comparative market analysis (CMA), an agent adjusts comparable sale prices to account for differences from the subject property. If a comparable has a feature the subject lacks, the agent should:
- Functional obsolescence in real estate refers to:
- The principle of substitution states that:
- The income approach to value is most commonly used for:
- Gross rent multiplier (GRM) is calculated as:
- An appraiser is performing a cost approach analysis. The replacement cost of the improvements is $350,000, and total depreciation is $75,000. The land value is $80,000. What is the estimated property value?
- External obsolescence differs from functional obsolescence because external obsolescence is caused by:
- The capitalization rate (cap rate) is used in the income approach to value and is calculated as:
- When appraising a property using the sales comparison approach, an appraiser should use comparables that:
- Highest and best use in appraisal is defined as the use that is:
- An appraiser's reconciliation process involves:
- Appreciation in real estate value is most directly influenced by:
- Which principle of value states that the value of a property is influenced by the values of surrounding properties?
- The principle of progression holds that:
- Effective age in real estate appraisal refers to:
- A property has an effective gross income of $95,000 and operating expenses of $38,000. What is the NOI?
- The cost approach is MOST reliable for valuing:
- Plottage value is created when:
- The principle of anticipation holds that value is based on:
- In Montana, a comparative market analysis (CMA) performed by a real estate agent is NOT the same as:
- Curable depreciation in the cost approach refers to:
- The gross rent multiplier for a comparable property that sold for $180,000 with a monthly rent of $1,500 is:
- An appraiser's value opinion represents:
- In the Billings, Montana real estate market, an appraiser using the sales comparison approach would primarily:
- An appraiser values a Missoula apartment building using the income approach. The net operating income (NOI) is $60,000 and the capitalization rate is 6%. What is the estimated value?
- The cost approach to appraisal is most useful for:
- In Montana property valuation, 'economic obsolescence' refers to:
- When appraising a Bozeman single-family home, an appraiser makes a positive adjustment to a comparable sale because the comparable has a smaller lot than the subject. This is because:
- A Montana property's assessed value for property tax purposes is determined by the:
- Montana property taxes are calculated by multiplying the taxable (assessed) value by:
- The principle of 'highest and best use' in Montana appraisal means:
- In Montana, a competitive market analysis (CMA) performed by a real estate licensee is:
- Depreciation in real estate appraisal refers to:
- The principle of substitution in real estate appraisal holds that:
- In Montana ranch appraisals, which unit of comparison is commonly used for large agricultural properties?
- The 'gross rent multiplier' (GRM) method for valuing a Montana rental property involves:
- An appraiser performing a drive-by or desktop appraisal for a Montana lender is providing a:
- When appraising a historic building in downtown Bozeman, the appraiser must consider:
- In Montana, an appraiser's use of 'paired sales analysis' in the sales comparison approach involves:
- When an appraiser in Billings, Montana observes that comparable sales in the area have been selling faster than 6 months ago, this indicates:
- An appraiser in Montana calculating 'effective age' of a building considers:
- In the income approach to appraising a Great Falls, Montana apartment building, which expense is NOT deducted to arrive at Net Operating Income (NOI)?
- In Montana, an appraiser is required to follow the Uniform Standards of Professional Appraisal Practice (USPAP), which are:
- A Montana appraiser uses a 'capitalization rate' that is higher than that used for a comparable property in a more desirable Bozeman neighborhood. This higher cap rate reflects:
- In Montana, 'functional obsolescence' in a property appraisal refers to:
- A Montana appraiser is reconciling the three approaches to value for a Missoula single-family home and gives the most weight to the sales comparison approach because:
- In Montana, the 'land residual technique' in appraisal is used to:
- When appraising Montana agricultural land, which factor is MOST important?
- In Montana, 'market value' for appraisal purposes is defined as:
- The 'principle of conformity' in Montana real estate appraisal suggests that property values are maximized when:
- In Montana, 'plottage value' (assemblage premium) refers to:
- A Montana appraiser must retain their appraisal workfile for a minimum of:
- In Montana, an 'as-is' appraisal for a property requiring significant repairs values the property:
- A Montana ranch appraiser identifies that a comparable ranch sold for $1.8 million and included water rights valued at $200,000. When using this comparable for a subject ranch without those water rights, the appraiser should:
- An appraiser in Helena, Montana evaluates a mixed-use building (retail below, apartments above). Which appraisal approach best applies?
- In Montana, when an appraiser uses 'external comparable sales' from outside the immediate market area, they must:
- In Montana real estate appraisal, 'regression' describes a situation where:
- When appraising a Billings commercial property, 'gross leasable area' (GLA) refers to:
- The 'principle of anticipation' in Montana real estate appraisal means that value is:
- In the cost approach to value in Montana, 'reproduction cost' differs from 'replacement cost' in that:
- In Montana, when an appraiser concludes a property's value is $325,000 'as-is' but $380,000 'subject to completion of planned renovation,' the difference reflects:
- In Montana, a 'reconciliation' in an appraisal report is the process by which the appraiser:
- When appraising a Bozeman luxury home in a market with limited luxury comparables, an appraiser may need to:
- In Montana, 'comparable rent analysis' is used by property managers and appraisers to:
- A Montana appraiser must be state-certified to perform appraisals for federally related transactions. Which level of certification is required for complex residential appraisals over $400,000?
- A Montana appraiser inspecting a residential property notes a 'non-permitted addition.' In the appraisal report, the appraiser should:
- In Montana, 'market conditions adjustments' in the sales comparison approach account for:
- In Montana, the 'income capitalization approach' to appraisal converts expected future income into:
- In Montana, an appraiser appraising a complex that includes both commercial and residential uses would most likely use:
- In Montana, when an appraiser finds that a property's actual rent is below market rent, this may be called a:
- Montana timber land appraisals require the appraiser to consider:
- In Montana, 'site value' in an appraisal refers to:
- In Montana, when an appraiser identifies that a neighborhood is in the 'decline' phase of the neighborhood life cycle, they would expect property values to:
- In Montana, when appraising a property with significant environmental contamination, the appraiser must:
- In Montana, 'functional utility' of a residential property in the sales comparison approach relates to:
- When an appraiser in Montana uses 'regression analysis' in the sales comparison approach, they are:
- In Montana, the 'direct capitalization method' of the income approach differs from the 'discounted cash flow' (DCF) method in that:
- In Montana, a 'before-and-after' appraisal technique is used primarily in:
- In Montana, the 'Assessor's classification' for residential property (Class 4) affects property taxes because:
- In Montana, when appraising a property that is encumbered by a long-term below-market lease, the appraiser distinguishes between:
- In Montana, a 'drive-by appraisal' (exterior-only inspection) may be appropriate for:
- In Montana, 'yield capitalization' (discounted cash flow analysis) is most appropriate for:
- In Montana, 'Automated Valuation Models' (AVMs) such as online home value estimators are:
- In Montana, the concept of 'progression' in real estate value means that:
- In Montana, a 'market rent' appraisal for a rental property determines the rent that the property would command:
- In Montana, when a commercial appraiser must estimate value for a 'leased fee' interest versus a 'leasehold' interest, they are valuing:
- In Montana, the 'income residual technique' in appraisal is used to estimate the value of either the land or improvements when only the other component's value is known. Which statement best describes this technique?
- In Montana, when an appraiser states that their appraisal is an 'as-improved' value 'subject to' specific conditions, this means:
- In Montana, a 'retroactive appraisal' (appraisal for a past effective date) may be required for:
- In the income approach to valuing a Missoula apartment complex, the gross rent multiplier (GRM) is calculated by:
- An appraiser using the cost approach for a Bozeman single-family home calculates that the improvements have 20% physical depreciation. If the structure's reproduction cost is $250,000, what is the depreciated value of the improvements?
- A commercial appraiser in Billings uses the direct capitalization method and determines that a retail strip center has an NOI of $120,000 and comparable cap rates are 7%. What is the indicated value?
- In the sales comparison approach, a Montana appraiser makes a downward adjustment to a comparable sale when the comparable has a feature that the subject property lacks. This is because:
- Functional obsolescence in a Billings property might include which of the following examples?
- In the income approach, effective gross income (EGI) is calculated as:
- In the sales comparison approach, a Montana appraiser finds that the subject property lacks a garage that all comparable sales have. If comparable garages contribute $15,000 to value, the appraiser should make:
- Economic obsolescence (external obsolescence) in a Montana property context would best be illustrated by:
- When a Montana appraiser reconciles the three approaches to value, they are:
- In Montana, market value is defined as the most probable price a property would bring in a competitive and open market under all conditions requisite to a fair sale. This assumes:
- In Montana, the replacement cost (as distinguished from reproduction cost) in the cost approach uses:
- A Montana home has a land value of $60,000 and improvements estimated at $180,000 using the cost approach. If the land represents what percentage of total value?
- Highest and best use analysis in Montana must consider which four criteria?
- A Montana appraiser determines that a property's highest and best use as vacant would be commercial development, but the existing use is single-family residential. This is an example of:
- In a buyer's market in Montana (excess supply relative to demand), an appraiser would typically find that comparable sales prices are:
- When a Montana appraiser performs an appraisal for a federally regulated transaction (FDIC-insured lender), they must adhere to:
- A Montana appraiser must disclose all hypothetical conditions used in an appraisal because:
- In valuing a Montana ranch, an appraiser must consider which unique factors not typically present in urban residential appraisals?
- A Montana property appraiser who is asked to appraise a property by an agent who will only refer future business if the appraiser 'hits the number' should:
- In Montana, the gross building area (GBA) of a commercial property includes:
- A Montana appraiser evaluating a lakefront property on Flathead Lake must give special consideration to which value-influencing factor unique to that property?
- In the income approach to value, a higher capitalization rate applied to a Montana income property would result in:
- In the sales comparison approach, an appraiser makes a 'net adjustment' that represents:
- A Montana appraiser who uses paired sales analysis is trying to:
- A Montana appraiser completing a form appraisal report for a lender (such as the Fannie Mae Form 1004 for single-family homes) is providing a:
- In the cost approach, accrued depreciation represents:
- A Montana real estate agent performing a comparative market analysis (CMA) for a seller is providing:
- When a Montana appraiser finds that the subject property has a detached garage while all available comparables have attached garages, the appraiser should:
- In Montana, a buyer's broker price opinion (BPO) differs from a formal appraisal in that a BPO:
Fair Housing
119 questions- The federal Fair Housing Act of 1968 prohibits discrimination based on which protected classes?
- Steering is a fair housing violation that involves:
- Under the Fair Housing Act, which of the following is an example of a reasonable accommodation for a tenant with a disability?
- A real estate agent tells a prospective buyer that a particular neighborhood 'is changing' and suggests they look elsewhere. This is most likely an example of:
- Under the Fair Housing Act, 'familial status' protects:
- Redlining is the illegal practice of:
- A landlord may legally refuse to rent to a prospective tenant for which of the following reasons?
- The Americans with Disabilities Act (ADA) primarily affects:
- An owner of a single-family home who sells it without using a broker or discriminatory advertising:
- Which advertising practice would most likely constitute a Fair Housing violation?
- Montana's Human Rights Act provides additional protected classes beyond the federal Fair Housing Act. Which class does Montana add?
- A real estate agent who refuses to show properties in certain neighborhoods to a buyer based on the buyer's national origin is guilty of:
- Under the Fair Housing Act, a person who believes they have been discriminated against must file a complaint with HUD within:
- The Civil Rights Act of 1866 is significant in real estate because it:
- The Fair Housing Act exemption for owner-occupied buildings with four or fewer units is known as the:
- Which of the following is NOT a protected class under the federal Fair Housing Act?
- Disparate impact in fair housing occurs when:
- Which of the following is permissible under the Fair Housing Act?
- A landlord who requires a higher security deposit from a tenant with a disability compared to other tenants without a disability has likely:
- HUD's role in the Fair Housing Act includes:
- A real estate agent who tells white clients only about properties in certain neighborhoods and shows Black clients only properties in different neighborhoods is committing:
- Under the Fair Housing Act, a reasonable modification allows a person with a disability to:
- The maximum civil penalty for a first-time fair housing violation imposed by an Administrative Law Judge is approximately:
- Which organization is primarily responsible for establishing the Code of Ethics that prohibits discrimination by REALTORS?
- The Montana Human Rights Act prohibits discrimination in housing based on which protected class NOT covered by the federal Fair Housing Act?
- Under the federal Fair Housing Act, 'familial status' as a protected class covers:
- A Billings landlord refuses to rent to a qualified applicant because of their national origin. This is:
- Steering in real estate is defined as:
- Blockbusting (panic selling) in Montana real estate is:
- Under the Fair Housing Act, a reasonable accommodation for a person with a disability in a Montana apartment complex may include:
- A Montana property manager who advertises a rental as 'perfect for young professionals' may be violating fair housing laws because:
- Which of the following is generally exempt from the federal Fair Housing Act?
- Under Montana law, a person who believes they have been a victim of housing discrimination may file a complaint with:
- Redlining in real estate refers to:
- A Montana apartment owner has 4 units and lives in one of them. They refuse to rent to a family with children. Which statement is correct?
- Under the Americans with Disabilities Act (ADA), which Montana property type is most directly affected by accessibility requirements?
- A Montana seller tells their listing agent they do not want to sell to any buyers from a specific ethnic background. The agent must:
- A Montana housing development is advertised as an 'adults-only' community. This is generally:
- Under the Fair Housing Act, which of the following is an example of a 'reasonable modification' that a Montana landlord must allow?
- Montana prohibits source of income discrimination in housing, meaning landlords in covered jurisdictions may not refuse to rent to tenants because they:
- Under the Fair Housing Act, 'disability' as a protected class includes:
- A Montana real estate agent who only shows minority buyers homes in certain neighborhoods, while showing white buyers homes throughout the city, is engaging in:
- A Montana homeowners association (HOA) rule that prohibits 'for sale' signs in the community:
- The Montana Human Rights Act covers which type of housing discrimination that the federal Fair Housing Act may not cover?
- Under the Fair Housing Act, a Montana lender who requires a higher down payment from minority applicants compared to similarly qualified non-minority applicants is engaging in:
- A Montana property manager who charges higher security deposits to tenants with young children than to childless tenants of similar financial qualifications is:
- Under the Fair Housing Act, 'disparate impact' means that a facially neutral policy:
- A Montana property manager who has a 'no criminal background' policy that automatically disqualifies all applicants with any criminal history should be aware that:
- A Montana apartment manager who asks an applicant 'are you married?' during the rental interview is:
- A Montana seller who refuses to accept an offer because of the buyer's religion is violating the:
- The 1968 Supreme Court case Jones v. Alfred H. Mayer Co. interpreted which law to prohibit all racial discrimination in housing without exception?
- A Montana landlord who refuses to make a reasonable accommodation for a tenant's disability, citing cost as the only reason, may be violating the Fair Housing Act unless:
- A Montana motel operator who refuses accommodation to a person because of their race is violating:
- Under the Fair Housing Act, a landlord may require an assistance animal user to provide:
- A Montana housing provider may ask about an applicant's disability only to:
- A Montana property manager posts a notice in the lobby that reads 'No Mexicans.' This constitutes:
- Under Montana law, a property management company that applies stricter income qualification standards to applicants from a particular country of origin is engaging in:
- The Montana Fair Housing Act's additional protections beyond federal law reflect the state's commitment to broader civil rights. Montana's protected classes in housing include all federal classes PLUS:
- A Montana real estate licensee who receives an instruction from a seller to 'only find me a Christian buyer' must:
- A Montana real estate agent who refuses to show a client homes in a neighborhood because of the agent's personal views about that neighborhood's demographics is committing:
- A Montana property owner who wants to sell their property independently (FSBO) must:
- A Montana senior apartment community that qualifies as 'housing for older persons' under the Fair Housing Act (HOPA) must have what percentage of units occupied by at least one person 55 or older?
- A Montana lender who charges a higher interest rate to a minority borrower compared to a similarly qualified white borrower is committing:
- The 'testing' or 'audit' method used by fair housing organizations involves:
- In Montana, a homeowner who regularly rents out a single room in their primary residence is:
- A Montana homeowner who puts up a 'For Sale by Owner' sign but tells their neighbor 'I won't sell to any Black families' has:
- Under the Fair Housing Act, a property manager in Montana who implements a 'no criminal history' policy must ensure the policy does not have an unjustified disparate impact. What does this mean?
- A Montana lender who uses an automated underwriting system that has a disparate impact on minority applicants may be:
- A Montana condominium association that prohibits owners from renting their units to Section 8 voucher holders may be violating fair housing if:
- A Montana property manager who has a rule requiring all adults in the household to be listed on the lease may be discriminating against:
- In Montana, a landlord who implements a 'no children under 5' policy for safety reasons (to prevent lead paint exposure in a pre-1978 building) is:
- Under the Fair Housing Act, a Montana apartment complex that requires a minimum income of 3.5 times monthly rent:
- A Montana property manager who provides different information about available units to applicants of different races—for example, telling minority applicants that no units are available when in fact units are available—is engaging in:
- Under the Fair Housing Act, a Montana developer who advertises luxury condominiums only in publications read primarily by white affluent residents—deliberately excluding minority publications—is engaging in:
- A Montana housing authority administering a Section 8 Housing Choice Voucher program must ensure their administrative plan:
- A Montana property manager posting rental advertising on social media must ensure that:
- The Mortgage Disclosure Improvement Act (MDIA) and TRID together require lenders in Montana to:
- The Montana Human Rights Commission handles discrimination complaints under which of the following laws?
- A Montana real estate agent who discovers that a comparable sale used in their CMA involved a discriminatory 'gentlemen's agreement' (where minority buyers were steered away) should:
- A Montana real estate investor who acquires multiple rental properties must establish consistent written tenant selection criteria to:
- A Montana property manager who requires credit scores above 700 for all applicants should be aware that:
- A Montana property manager who requires all tenants to provide emergency contacts must ensure that this requirement:
- In Montana, which of the following would be a permissible reason for a landlord to reject a rental application?
- A Montana real estate broker who trains their agents about fair housing compliance should emphasize that the prohibition on steering means agents must:
- Under the Fair Housing Act, a Montana landlord who has a policy of 'no social housing vouchers' for an entire building must be aware that:
- A Montana lender uses a credit scoring model that systematically assigns lower scores to applicants who speak English as a second language due to data input practices. This practice may violate:
- Under Montana's Human Rights Act, the 'right to privacy' protection in housing is relevant to:
- A Montana real estate agent who is asked by a buyer 'what's the ethnic makeup of this neighborhood?' should respond by:
- A Montana apartment complex that has a policy requiring all tenants to have a 'guarantor' when they have no rental history most likely discriminates against:
- In Montana, a landlord who establishes a maximum occupancy standard of 2 people per bedroom must ensure the standard:
- Under federal Fair Housing Act guidelines, a Montana landlord who refuses to rent to a family because they have three children would be engaging in discrimination based on:
- A Montana condominium association rule that prohibits residents from speaking languages other than English in common areas would most likely violate fair housing laws based on:
- Under the Fair Housing Act, a Montana landlord who requires a higher security deposit from tenants with mental health disabilities compared to other tenants is:
- A Montana property management company that steers minority applicants away from certain neighborhoods and toward others would be violating fair housing laws through a practice known as:
- The Americans with Disabilities Act (ADA) applies primarily to which type of Montana real estate?
- A Montana property owner who rents out a single room in their personal residence where they also live is exempt from certain fair housing laws under the:
- Under the Fair Housing Act, blockbusting refers to the illegal practice of:
- A Montana landlord who has a 'no pets' policy but refuses to make an exception for a tenant's medically prescribed emotional support animal (ESA) would likely be:
- Under the Fair Housing Act, advertising a property for sale with language such as 'ideal for Christian families' would constitute unlawful discrimination based on:
- A Montana property manager who imposes stricter qualification requirements on applicants of a certain national origin compared to other applicants would be engaging in:
- Under the Fair Housing Act, 'reasonable accommodation' for a person with a disability means:
- The federal Fair Housing Act exempts which of the following from its requirements?
- In Montana, a housing provider who has a policy against renting to any person with a criminal record may face fair housing liability if:
- A Montana landlord whose property is near a school refuses to rent to families with children to 'maintain a quiet environment.' This violates the Fair Housing Act's protection of:
- The federal Fair Housing Act was amended in 1988 to add which protected classes?
- A Montana apartment complex with 100 units must provide accessible units under the Fair Housing Act's design and construction requirements if the building was built:
- A Montana property manager who charges higher rent to Asian tenants than to white tenants for identical units is guilty of discrimination based on:
- Under the Fair Housing Act, a Montana lender who charges higher interest rates to minority borrowers with equivalent creditworthiness compared to white borrowers would be engaged in:
- A Montana condo association that refuses to sell a unit to a buyer because of the buyer's race would be violating the Fair Housing Act as well as:
- In Montana, a fair housing complaint must be filed with HUD within:
- A Montana apartment manager who tells a prospective tenant that 'this neighborhood might not be comfortable for your family' based on the applicant's race or national origin is guilty of:
- A Montana housing complex with 100+ units is exempt from the familial status protection for 'housing for older persons' if:
- A Montana lender who refuses to make mortgage loans in a specific geographic area of the city, regardless of individual applicant qualifications, is engaging in the illegal practice known as:
- Under the Fair Housing Act, 'reasonable modifications' to a rental unit for a person with a disability are:
- Under the Fair Housing Act, a Montana property owner who self-manages their single-family rental home and refuses to rent to an applicant based solely on race would:
- A Montana property owner who verbally advertises a rental unit as 'perfect for young professionals' could be accused of discrimination based on:
- Under Montana fair housing protections, which group is specifically protected that may not be covered by federal law in all jurisdictions?
- In Montana, an online housing advertisement using algorithms to show listings primarily to people of a specific race based on browsing history would be:
- Montana's Human Rights Act protects against housing discrimination based on all of the following EXCEPT:
Escrow & Title
118 questions- A general warranty deed provides the greatest protection to the buyer because it:
- Title insurance protects the policyholder against:
- In a Montana real estate closing, the escrow agent's primary responsibility is to:
- A 'cloud on title' refers to:
- A special warranty deed differs from a general warranty deed because a special warranty deed:
- Constructive notice is provided by:
- Actual notice means:
- Which of the following liens has the highest priority in Montana?
- A mechanic's lien in Montana is filed by:
- The purpose of a title search is to:
- In Montana, real estate closing typically involves:
- ALTA title insurance policies differ from standard coverage policies because ALTA policies:
- A judgment lien attaches to:
- The proration of property taxes at closing is based on:
- A preliminary title report (or title commitment) is issued to:
- A deed of trust differs from a mortgage because with a deed of trust:
- When a buyer purchases a property and receives a title insurance policy, the one-time premium covers:
- In Montana, the most common method of holding title for a married couple is:
- A satisfaction of mortgage (mortgage release) is recorded when:
- What is the chain of title?
- When a property sells at a foreclosure sale in Montana, the successful bidder typically receives a:
- Prorations at closing are used to ensure that:
- Which of the following is typically a buyer's closing cost in Montana?
- A Closing Disclosure (CD) must be provided to the buyer no later than how many business days before closing?
- A title search in Montana is conducted to:
- An owner's title insurance policy in Montana protects:
- Montana does NOT impose a state real estate transfer tax. This means:
- A lis pendens recorded against a Montana property notifies potential buyers that:
- In Montana, recording a deed with the county clerk and recorder provides:
- A mechanic's lien in Montana may be filed by:
- ALTA (American Land Title Association) title insurance policies are significant because they:
- When a Montana seller has an existing mortgage, who is responsible for paying it off at closing?
- The HUD-1 Settlement Statement has been replaced for most residential mortgage transactions by the:
- A 'chain of title' in Montana refers to:
- A 'deed in lieu of foreclosure' in Montana means that:
- In Montana, a 'subordination clause' in a mortgage or deed of trust allows:
- A 'short sale' in Montana occurs when:
- In Montana, property taxes are paid in:
- In Montana, 'proration' at closing refers to:
- In Montana, 'actual notice' of a prior interest in property means:
- A 'warranty forever' clause in a Montana general warranty deed means the grantor:
- In Montana, a 'survey' of a property is conducted to:
- In Montana, 'constructive eviction' occurs when:
- In Montana, a 'satisfaction of mortgage' (deed of reconveyance for a trust deed) should be recorded within how many days after the loan is paid off?
- In Montana, a 'preliminary title report' or 'title commitment' is issued by a title company to:
- In Montana, the 'closing' or 'settlement' of a real estate transaction involves:
- In Montana, 'title insurance' is different from a title search in that it:
- In Montana, a 'certificate of title' differs from title insurance in that it:
- In Montana, which of the following liens has the highest priority regardless of when it was recorded?
- In Montana, a 'trust deed sale' (non-judicial foreclosure auction) must be publicly noticed. What is the minimum notice period before the sale?
- In Montana, an 'abstract of title' is a compiled summary of:
- In Montana, a 'trustee's deed' issued at a foreclosure sale conveys title to the:
- In Montana, 'gap insurance' in title insurance protects the buyer against title defects that arise in the 'gap' between:
- In Montana, a 'judgment lien' attaches to real property when:
- In Montana, 'subrogation' in title insurance allows the title insurer, after paying a claim to the insured, to:
- In Montana, a 'quiet title action' is a court proceeding used to:
- In Montana, 'prorated' property taxes at closing appear on the Closing Disclosure as:
- In Montana, a 'release of earnest money' dispute between buyer and seller requires the broker to:
- In Montana, a 'commitment for title insurance' will list specific 'Schedule B' exceptions, which are:
- In Montana, a 'deed of reconveyance' is recorded when:
- In Montana, a 'title plant' maintained by a title company is:
- In Montana, 'possession' of a property at closing is typically transferred:
- In Montana, when a closing is conducted by mail or remotely (as is common in rural areas), the escrow agent ensures:
- In Montana, a 'title search going back to original patent' means the search:
- In Montana, 'joint escrow instructions' are signed by both buyer and seller to:
- In Montana, a 'grant deed' (sometimes used in place of a warranty deed) provides the grantee with the implied warranty that:
- In Montana, 'title by adverse possession' differs from title obtained by deed in that the adverse possessor:
- In Montana, 'constructive fraud' in a real estate transaction may occur when:
- In Montana, recording a deed 'with the county' means recording it with the:
- A Montana title company issues a title insurance policy 'subject to survey.' This means the policy:
- In Montana, which party typically pays for the owner's title insurance policy?
- In Montana, a 'mortgagee's title insurance' (lender's title insurance) policy protects:
- In Montana, a 'closing protection letter' (CPL) from a title company provides assurance to:
- In Montana, a 'one-action rule' in mortgage foreclosure law means:
- In Montana, when a buyer requests a 'holdback' of sale proceeds at closing to cover potential undisclosed defects, this is typically:
- In Montana, a 'title plant' search versus a 'county records' search for title insurance purposes differs in that:
- In Montana, title 'exceptions to coverage' in a title insurance policy typically include all of the following EXCEPT:
- In Montana, a 'deficiency judgment' after a non-judicial foreclosure (trustee's sale) on a deed of trust is generally:
- In Montana, a 'subordination agreement' in real estate means that:
- In Montana, a 'hazard insurance' requirement by a mortgage lender means the borrower must maintain:
- In Montana, a 'closing disclosure' reflects the final, actual costs of a transaction. If the actual costs vary significantly from the Loan Estimate provided at application, the lender may need to:
- In Montana, 'actual fraud' in a real estate title transaction involves:
- In Montana, a title insurance company that discovers a covered title defect after the policy is issued is obligated to:
- In Montana, which of the following would NOT constitute a cloud on title requiring resolution before closing?
- In Montana, 'ALTA extended coverage' (ALTA 2006 or later) policies for lenders typically include additional coverage beyond standard policies for things such as:
- In Montana, 'special warranty deed' (also called a limited warranty deed) differs from a general warranty deed in that the grantor warrants title only against:
- In Montana, a title insurance policy insures against loss from defects in title that 'first arise after the policy date' only in limited circumstances such as:
- In Montana, a 'quitclaim deed' is most commonly used in real estate transactions to:
- In Montana, when a real estate closing is delayed by a title problem discovered by the title company, the proper course of action is typically to:
- In Montana, a title insurance commitment issued before closing serves to:
- In Montana, a deed must be recorded in the county where the property is located to:
- In Montana, a mechanic's lien filed by a contractor must be filed within what timeframe after completing work on a property?
- In Montana, a general warranty deed provides which level of protection to the buyer?
- In Montana, a deed of trust used in residential financing involves three parties. They are the:
- In a Montana real estate closing, prorations are calculated to allocate costs so that:
- In Montana, a title search typically traces ownership back how many years?
- In Montana, a satisfaction of mortgage (or deed of reconveyance for a deed of trust) should be recorded after loan payoff to:
- In Montana, a special warranty deed differs from a general warranty deed in that the special warranty deed:
- In Montana, a buyer who purchases property without title insurance and later discovers an undisclosed lien has:
- In Montana, a quitclaim deed conveys:
- In Montana, the closing disclosure (CD) provided under RESPA/TRID must be delivered to the buyer at least how many business days before consummation?
- In Montana, a buyer's escrow deposit is held by a neutral third party to:
- In Montana, a preliminary title report (title commitment) typically identifies which of the following?
- In Montana, the county clerk and recorder's office maintains records of:
- In Montana, a homestead declaration protects a portion of a primary residence's equity from:
- In Montana, a title insurance policy for the lender (loan policy) differs from an owner's policy in that the loan policy:
- In Montana, a FIRPTA withholding may apply when:
- In Montana, the grantor in a deed is the:
- In Montana, a buyer's lender typically requires title insurance for which primary reason?
- In Montana, a buyer's right to review the closing disclosure must be respected by ensuring:
- In Montana, a 'chain of title' refers to:
- In Montana, a 'gap' in title refers to:
- In Montana, an abstract of title is a compilation of:
- In Montana, a 'settlement statement' (HUD-1 or Closing Disclosure) shows all parties to a transaction:
- In Montana, the duty to record a deed after closing typically falls on:
- In Montana, a 'discharge of mortgage' or 'deed of reconveyance' must be recorded after loan payoff within:
- In Montana, a buyer's 'due diligence period' after contract acceptance is important because it provides time to:
- In Montana, a buyer's title insurance owner's policy should be obtained for an amount equal to:
Property Management
117 questions- A property manager's primary duty is to:
- A Montana property manager who collects rent on behalf of a property owner for a fee must hold:
- A property management agreement should include:
- A gross lease requires the tenant to pay:
- A net lease differs from a gross lease because in a net lease:
- Montana's landlord-tenant law requires landlords to provide rental units that are:
- Under Montana's Residential Landlord and Tenant Act, a landlord must return a tenant's security deposit within how many days after the tenant vacates?
- A percentage lease is commonly used in retail properties and requires the tenant to pay:
- The capitalization rate approach to evaluating an income property shows that if cap rates in a market increase, property values will:
- When a commercial tenant fails to pay rent, the landlord's first legal step in Montana is typically to:
- Common area maintenance (CAM) charges in a commercial lease are fees paid by tenants to cover:
- A property manager receives a repair request from a tenant. The manager's best course of action is to:
- Constructive eviction occurs when:
- A property manager's fiduciary duty of accounting to the owner requires:
- When a tenant abandons a rental property in Montana, the landlord should:
- Rent control ordinances in Montana:
- In a commercial triple net (NNN) lease, the tenant is responsible for paying:
- Preventive maintenance in property management refers to:
- Operating expenses used to calculate NOI in property management include:
- The purpose of a rental application in property management is to:
- A property manager who comingles client funds with their own personal funds has:
- A property manager in Montana who manages residential properties must comply with:
- An estoppel certificate in a commercial lease context is used to:
- A Montana property manager who collects rents and security deposits must:
- Under Montana's Residential Landlord and Tenant Act, the maximum security deposit a landlord may charge for an unfurnished unit is:
- After a Montana tenant moves out, the landlord must return the security deposit or provide an itemized written statement of deductions within:
- A property management agreement in Montana is a contract between the property owner and the manager that should specify:
- In Montana, a tenant who has given proper notice to terminate a month-to-month tenancy but vacates before the last day of the notice period:
- A Montana landlord's failure to maintain a rental unit in a habitable condition may allow the tenant to:
- When managing a Billings apartment complex, a property manager must comply with fair housing laws by:
- A Montana property manager who acts outside the scope of authority granted in the management agreement may expose the property owner to liability because:
- A property manager in Montana is responsible for managing a commercial strip mall. Their management fee is typically based on:
- Under Montana law, a landlord must provide a tenant with proper written notice before entering the rental unit for non-emergency purposes. The required notice period is:
- A Montana property manager receives a fair housing complaint from a tenant alleging discrimination. The manager should first:
- In Montana, an eviction (unlawful detainer) action begins when the landlord serves the tenant with a:
- In Montana, which of the following is a lawful reason for a landlord to reject a rental application?
- A Montana property manager is responsible for a large apartment building's annual budget. They should include in the operating expense estimate all of the following EXCEPT:
- A Montana property manager who is also a licensed broker receives a referral fee for referring a tenant to a moving company. The manager must:
- When managing a ranch in rural Montana, a property manager must understand that agricultural leases often include terms relating to:
- A Montana residential lease that includes a 'pet addendum' should specify:
- In Montana, a 'triple net lease' (NNN) for commercial property means the tenant pays:
- A Montana property manager must conduct a move-in inspection with the tenant because:
- A Montana landlord wants to terminate a month-to-month residential tenancy without cause. How much notice must they generally provide?
- In Montana, a property manager who discovers a water leak that is causing damage to the rental property should:
- A Montana property manager preparing an annual statement for the property owner should include:
- A Montana property manager receiving a notice of code violation on a managed property must:
- In Montana, a residential tenant has the right to 'quiet enjoyment' of their rental unit, meaning the landlord:
- A Montana commercial lease for retail space in a Billings shopping center may include a 'percentage rent' clause requiring the tenant to pay:
- A Montana property manager who is terminated by the property owner before the management agreement expires:
- A Montana commercial tenant under a 'gross lease' structure pays:
- A Montana property owner wants to evict a tenant who has violated the lease by having unauthorized pets. The first step in the eviction process is to serve the tenant with a:
- A Montana property manager who witnesses a tenant engaging in illegal drug manufacturing on the property should:
- A Montana property manager who manages vacation rentals must comply with:
- In Montana, 'Section 8' Housing Choice Vouchers administered by local housing authorities allow eligible low-income tenants to:
- A Montana property manager who receives maintenance requests from tenants should:
- A Montana residential lease includes a 'no sublease' clause. If a tenant subleases without the landlord's permission:
- A Montana property manager handling a tenant's security deposit must document any deductions by providing:
- A Montana commercial property manager is responsible for a multi-tenant office building. Their management duties include all EXCEPT:
- Under Montana's Residential Landlord and Tenant Act, 'retaliatory eviction'—evicting a tenant because they exercised a legal right such as requesting repairs—is:
- A Montana property manager must prepare a 'reserve fund analysis' for a homeowners association property management client because:
- A Montana property manager responsible for a commercial building's common area maintenance (CAM) charges must:
- In Montana, a commercial 'cam reconciliation' at year-end may result in:
- A Montana property manager who manages homeowner association (HOA) common areas must ensure that:
- A Montana property manager who prepares a 'rent roll' for the owner provides:
- A Montana property manager learning that a tenant's lease will expire in 60 days should proactively:
- A Montana property manager who discovers a carbon monoxide detector is missing from a rental property should:
- A Montana property manager who experiences a tenant emergency (fire, flood, major structural failure) at 2 AM must:
- A Montana property manager managing multiple single-family rentals for an investor should provide the investor with periodic reports that include:
- A Montana property manager receives a habitability complaint from a tenant about an infestation of rodents. The manager's response should be to:
- In Montana, a commercial property manager dealing with a tenant who is consistently late with rent should first:
- A Montana property manager overseeing a commercial office building should establish a 'preventive maintenance program' to:
- A Montana property manager who is asked by a tenant for a reasonable modification to allow wheelchair access should advise the tenant that:
- A Montana property manager must understand that a 'constructive eviction' claim by a tenant allows the tenant to:
- A Montana property manager who manages a property for an LLC must establish the agency relationship with:
- A Montana commercial property manager negotiating a new lease renewal should consider all of the following factors EXCEPT:
- A Montana residential property manager who discovers that a tenant has illegally sublet a portion of their unit should:
- A Montana property manager who suspects that a unit has been used for methamphetamine manufacturing must:
- A Montana property manager overseeing a residential development's HOA must ensure that the association maintains adequate reserves for major capital repairs. This is important because:
- In Montana, a residential lease renewal that does not specify new terms is typically treated as:
- A Montana landlord who wishes to enter a tenant's unit to make repairs must generally provide at least:
- A Montana property manager managing a multi-unit complex must develop a 'tenant handbook' that:
- A Montana property manager who manages a property subject to a recorded conservation easement must ensure that:
- A Montana commercial property manager who is negotiating a new lease for a client's retail space should understand that 'rent abatement' provisions:
- A Montana commercial property manager managing a medical office building has additional considerations including:
- A Montana property manager facing increasing operating costs must evaluate which costs can be 'passed through' to commercial tenants under their leases. This requires careful review of:
- A Montana property manager who collects application fees from prospective tenants must:
- A Montana property manager who receives a notice that a tenant's utility service will be shut off for non-payment should:
- A Montana property manager overseeing a building with aging infrastructure must advise the property owner about capital improvement planning because:
- Under Montana's Residential Landlord and Tenant Act, when must a landlord return a security deposit after a tenant vacates?
- A Montana property manager who collects rents must maintain a trust account that:
- A Montana property manager handling commercial leases should understand that a triple net (NNN) lease requires the tenant to pay:
- In Montana, a residential tenant has the right to terminate a lease without penalty if the landlord fails to maintain habitable conditions after receiving written notice and a reasonable time to repair. This is called:
- A Montana residential property manager discovers that a long-term tenant has been subletting part of the unit without permission. The manager should first:
- When a Montana commercial tenant exercises a lease renewal option, the property manager should ensure:
- Under Montana's Residential Landlord and Tenant Act, a landlord who enters a tenant's unit without proper notice (except in genuine emergencies) may be liable for:
- A Bozeman commercial property manager must understand that common area maintenance (CAM) charges in a lease allow the landlord to:
- A Montana property manager handling a vacation rental near Glacier National Park must be aware that short-term rental regulations in Montana:
- A Montana property manager receives a service animal accommodation request from a prospective tenant with a disability. The manager's appropriate response is to:
- A Montana property manager who discovers a habitability problem (such as a broken heating system in winter) must:
- In Montana, an unlawful detainer (eviction) action is appropriate when:
- A Montana property manager using a written management agreement is important because it:
- A Montana property manager who collects a placement fee from a vendor (such as a plumber or landscaper) without disclosing it to the property owner is engaged in:
- In Montana, a property manager's annual report to the property owner should typically include:
- A Montana property manager who receives a security deposit must provide the tenant with:
- A Montana property manager who fails to properly screen tenants and rents to a tenant who subsequently causes significant damage to the property may be liable to the property owner for:
- When a Montana commercial tenant's lease expires and the tenant continues to occupy the premises with the landlord's consent but without a new lease agreement, the tenancy becomes:
- In Montana, a commercial property manager who wants to terminate a month-to-month lease must generally provide:
- A Montana property manager must maintain accurate records of all trust account transactions for a minimum of:
- A Montana landlord who retaliates against a tenant by raising rent or threatening eviction after the tenant filed a health and safety complaint with the local government is engaging in:
- A Montana property manager handling a mixed-use commercial and residential property must be aware that leasing the residential units requires compliance with:
- A Montana property manager who manages HOA common areas for a condominium association has duties to:
- A Montana property manager who wishes to evict a tenant for non-payment of rent must first serve:
- A Montana property manager who discovers a tenant has installed unauthorized modifications to the unit (such as built-in shelving that damages walls) should:
- A Montana residential landlord who wants to increase the rent for a month-to-month tenant must provide:
- A Montana property manager handling a commercial lease renewal should review the existing lease for automatic renewal clauses because:
- A Montana property manager preparing to transition management of a large apartment complex to a new management company should ensure:
- A Montana property manager who discovers evidence of illegal drug activity in a rental unit should:
Land Use & Zoning
115 questions- Zoning regulations in Montana are enacted by:
- A nonconforming use is one that:
- A property owner requests permission to build a fence taller than allowed by current zoning. This request would require a:
- A special use permit (conditional use permit) in Montana allows:
- Eminent domain allows the government to:
- In Montana, the Subdivision and Platting Act requires that the subdivision of land be reviewed for:
- Spot zoning refers to:
- Buffer zones in land use planning are designed to:
- A comprehensive plan in Montana is best described as:
- Police power allows Montana local governments to:
- Montana's agricultural preservation concerns relate to zoning because:
- A takings (regulatory taking) occurs when government regulation:
- Inverse condemnation occurs when:
- Inclusionary zoning in Montana requires developers to:
- Agricultural exempt subdivisions in Montana refer to:
- A planned unit development (PUD) typically allows:
- Montana's growth policy requirements encourage local governments to:
- Building codes differ from zoning ordinances because building codes:
- In Montana, a development that proposes to disturb more than one acre of land generally requires:
- A certificate of occupancy (CO) is issued by:
- Density zoning controls:
- Montana's streamside management zones (SMZs) are designed to:
- The Montana Subdivision and Platting Act requires that any division of land into how many or more parcels triggers subdivision review?
- A nonconforming use in Montana zoning law refers to:
- A variance in Montana zoning allows a property owner to:
- In Missoula, Montana, a property owner wants to operate a home daycare center in a residential zone. They would likely need to apply for a:
- Spot zoning in Montana is generally considered:
- Montana's comprehensive (master) plan serves as:
- An agricultural property in rural Montana is protected under the Montana Agricultural Exemption from subdivision review when:
- Building codes in Montana are primarily enforced by:
- A Bozeman developer wants to build a mixed-use development with retail on the ground floor and residential above. This would require zoning that permits:
- Under Montana law, eminent domain allows the government to:
- A Montana rancher whose property is adjacent to BLM land wants to cross federal land to access their property. They would typically need a:
- Under the Montana Subdivision and Platting Act, a developer who divides land into parcels for sale must prepare a plat that is reviewed and approved by:
- A Montana city's 'setback requirements' in zoning regulations specify:
- A Montana county's 'conditional use permit' (CUP) is required for uses that:
- A 'planned unit development' (PUD) in Montana allows:
- Montana's 'growth policy' (comprehensive plan) requirement under MCA 76-1 requires counties and cities to:
- A 'takings' claim in Montana arises when a government regulation:
- A Montana county may regulate the subdivision and development of agricultural land under the Montana Subdivision and Platting Act to:
- In Montana, 'annexation' refers to:
- Montana's 'agricultural exemption' from subdivision review does NOT apply when:
- In Montana, 'density' in zoning typically refers to:
- Montana's 'large lot zoning' in rural areas is sometimes used to:
- A Montana developer seeking to build a large subdivision near Bozeman must submit an Environmental Impact Statement (EIS) when:
- In Montana, a 'riparian buffer zone' requirement in local regulations means:
- In Montana, 'inclusionary zoning' refers to policies that:
- In Montana, a 'recorded plat' is a legal document that:
- In Montana, a 'floodplain overlay zone' in a local zoning ordinance typically:
- A Montana city that wants to restrict the sale of alcohol within a certain distance of schools or churches is exercising its:
- In Montana, 'transfer of development rights' (TDR) programs are designed to:
- In Montana, 'impact fees' charged by cities and counties to developers are used to:
- A Montana city's 'historic preservation ordinance' may require property owners in designated historic districts to:
- In Montana, a 'certificate of occupancy' (CO) is issued by the local building department to certify that:
- In Montana, 'agricultural preservation easements' (conservation easements on farmland) can be used to:
- Montana's 'Big Sky Country' brand reflects its vast open spaces, which in land use planning terms are often preserved through:
- A Montana rancher selling parcels of their land to multiple buyers over a two-year period to avoid subdivision review could be subject to:
- Montana's 'wind energy' development on private land may require:
- In Montana, the Gallatin County area around Bozeman has experienced rapid growth, requiring land use planners to balance:
- In Montana, a 'short-term rental' ordinance enacted by cities like Bozeman or Whitefish may require short-term rental operators to:
- In Montana, 'dark sky' ordinances in some communities regulate:
- In Montana, a 'wireless telecommunications facility' (cell tower) on private land typically requires:
- In Montana, 'cluster development' as a land use technique allows developers to:
- In Montana, 'Agricultural Land Characterization' by the state helps protect farmland by:
- In Montana, a 'variance' requires the applicant to demonstrate 'undue hardship.' This means:
- In Montana, a 'downzone' refers to changing zoning to allow:
- Montana's 'growth management' challenges in resort communities like Whitefish or Big Sky include:
- Under the Montana Environmental Policy Act (MEPA), state agencies must:
- In Montana, 'gateway community' planning (for towns near national parks such as Glacier or Yellowstone) must address:
- In Montana, a county's 'subdivision regulations' can require developers to provide which of the following as a condition of plat approval?
- Montana's 'Big Sky Zoning District' approach for resort communities allows for:
- In Montana, a 'transit-oriented development' (TOD) around a Missoula bus rapid transit corridor would typically include:
- In Montana, 'solar access protection' provisions in local zoning codes are designed to:
- Under Montana's subdivision review process, a 'preliminary plat' approval is typically followed by:
- In Montana, a 'scenic corridor overlay zone' along a state highway protects:
- In Montana, 'adequate public facilities' ordinances (also called concurrency requirements) require that:
- Montana's 'Streamside Management Zone' (SMZ) regulations for timber harvesting protect waterways by:
- In Montana, 'zoning estoppel' may prevent a local government from enforcing a zoning ordinance when:
- In Montana, 'height restrictions' in zoning are measured from:
- A Montana city that enacts a 'form-based code' instead of traditional use-based zoning focuses on:
- In Montana, 'open space' zoning or open space reservations in subdivisions serve to:
- In Montana, a 'sensitive lands overlay zone' may restrict development in areas such as:
- In Montana, a county may require a 'fiscal impact analysis' for a large proposed development to:
- In Montana, 'bonus density' provisions in zoning allow developers to build at higher than standard density if they:
- In Montana, 'interim zoning' may be applied while a local government is updating its zoning code in order to:
- In Montana, 'conditional zoning' allows a property to be rezoned subject to conditions voluntarily imposed by the developer, such as:
- Montana's Subdivision and Platting Act requires environmental impact review for subdivisions that:
- A Bozeman property owner whose land is zoned residential wants to operate a small home-based accounting office. The most appropriate approval to seek would be:
- Montana's Agricultural Exemption from subdivision review applies when land divisions:
- A Missoula County zoning board grants a variance allowing a property owner to build closer to the property line than normally permitted. This variance is typically granted when:
- In Montana, a developer seeking to build a mixed-use project in an area zoned single-family residential would most likely need to apply for:
- In Montana, a 'cluster development' subdivision design approach allows:
- A Montana city's comprehensive plan (master plan) serves as:
- A Montana municipality can use eminent domain to acquire private property for public use, but must pay the owner:
- In Montana, impact fees charged by a municipality to a developer are intended to:
- A 'buffer zone' in Montana zoning typically serves to:
- In Montana, a 'conservation easement' on agricultural land typically:
- A Montana rancher who divides their 1,000-acre ranch into parcels of 160 acres each should first check whether:
- In Montana, a 'scenic easement' along a highway might restrict property owners from:
- A Montana county's growth policy (comprehensive plan) must be updated at least every:
- Montana's Floodplain and Floodway Management Act requires that new construction in a designated floodplain:
- In Montana's municipal planning, a 'transit-oriented development' (TOD) zone would be most appropriate in:
- Under Montana law, a landowner may bring a 'takings' claim against the government when:
- In Montana, a property's nonconforming use status is typically lost when:
- A Montana municipality that annexes adjacent county land must provide municipal services to the annexed area:
- In Montana, a 'planned unit development' (PUD) allows greater flexibility than standard zoning by:
- In Montana, a 'deed restriction' (restrictive covenant) differs from a zoning ordinance in that:
- In Montana, a 'density bonus' in zoning allows developers to build at higher densities than normally permitted in exchange for:
- In Montana, a property in an agricultural zone used for a small rural subdivision would need to comply with:
- In Montana, a 'right-to-farm' law protects agricultural operations from:
- In Montana, a 'design review' requirement in a historic district is intended to:
- In Montana, a 'nonconforming structure' (one that doesn't meet current setback, height, or other dimensional standards due to a subsequent zoning change) is:
- In Montana, a 'special use permit' (conditional use permit) for a church in a residential zone would be granted when the use:
- Montana's 'certificate of survey' (COS) process is required when:
- In Montana, an 'agricultural water user facility' exemption from subdivision review may apply when:
Environmental
113 questions- Radon is a naturally occurring radioactive gas that enters buildings from:
- Under Montana law, disclosure of known environmental hazards such as underground storage tanks is:
- Asbestos-containing materials (ACM) in older homes are most hazardous when they are:
- CERCLA (Superfund) legislation holds which parties potentially liable for cleanup of contaminated sites?
- Lead-based paint disclosure is required for residential properties built before:
- A Phase I Environmental Site Assessment (ESA) is designed to:
- Montana has significant agricultural activity. A property previously used as a cattle feedlot may have environmental concerns related to:
- Wetlands in Montana are significant because they:
- A property with a known underground storage tank (UST) leak should be:
- Mold in a property becomes a significant health concern and disclosure issue when:
- The EPA's action level for radon in homes is:
- An environmental site assessment is typically ordered for which type of transaction?
- In Montana, properties near former mining operations may have environmental concerns related to:
- Carbon monoxide is a dangerous gas because it is:
- Underground storage tanks (USTs) must be registered and regulated under:
- A seller in Montana fails to disclose a known hazardous waste dump on their property. The buyer discovers it after closing and may pursue:
- Polychlorinated biphenyls (PCBs) are most likely found in:
- A floodplain designation affects real estate primarily because:
- Montana has significant concerns about invasive species in water bodies affecting:
- An innocent landowner defense under CERCLA can protect a buyer who:
- In Montana, the Montana Department of Environmental Quality (DEQ) is responsible for:
- CERCLA (Superfund) liability in Montana means a property owner may be responsible for cleanup costs even if:
- A Montana home built before 1978 must have a lead-based paint disclosure because:
- Radon gas is a concern in Montana real estate because:
- Underground storage tanks (USTs) on Montana properties are regulated because:
- Asbestos found in a Montana commercial building built before 1980 must be:
- A Montana agricultural property near a former mining operation may have concerns about:
- A Phase I Environmental Site Assessment (ESA) is conducted to:
- Wetlands on a Montana property may restrict development because:
- Montana's prior appropriation doctrine for water rights means that in times of drought:
- Polychlorinated biphenyls (PCBs) found in electrical transformers on a Montana commercial property are regulated under:
- A buyer in Helena, Montana wants to purchase a property that was previously used as a dry-cleaning business. The buyer should be most concerned about:
- A Montana property owner suspects their well water is contaminated by a neighboring agricultural operation. They should first contact:
- Mold in a Montana rental property is a concern because:
- In Montana, an 'innocent purchaser' defense under CERCLA requires the buyer to demonstrate that at the time of purchase they:
- In Montana, the presence of old mining tailings (waste rock) near a residential property is a concern primarily because:
- Montana's Natural Streambed and Land Preservation Act (310 Permit) regulates:
- The federal Superfund (CERCLA) National Priorities List (NPL) sites in Montana include the Anaconda Smelter complex. A property near an NPL site may be affected by:
- A Montana property owner near Billings discovers that their property has been contaminated by a neighboring petroleum storage facility. Under CERCLA, who may be liable?
- A Montana seller of a commercial property used for dry cleaning must disclose the dry cleaning history because:
- A Montana real estate agent listing a property with a private well should recommend the seller:
- In Montana, a 'brownfield' site is best defined as:
- In Montana, the 'Right to Farm' law protects agricultural operations from nuisance complaints filed by new neighbors if:
- Montana's 'Abandoned Mine Lands' (AML) program uses funds from the federal Surface Mining Control and Reclamation Act (SMCRA) to:
- A Montana buyer purchasing property in the Yellowstone River corridor should be aware of:
- In Montana, 'methamphetamine contamination' in a rental property is treated as:
- A Montana property near Anaconda may have elevated arsenic levels in the soil due to:
- Montana requires sellers of residential properties to disclose the presence of a septic system. Buyers should understand that:
- In Montana, a commercial property seller's disclosure regarding environmental conditions should include information about:
- In Montana, a property adjacent to a former manufactured gas plant (MGP) site may contain:
- Under the Montana Hazardous Waste Act, businesses that generate hazardous waste must:
- Lead-based paint hazards in a pre-1978 Montana home create a legal obligation for sellers to:
- In Montana, the presence of Chinese drywall (defective imported drywall) in a home is a concern because:
- In Montana, a buyer purchasing property near a 'former agricultural site' should be aware of potential soil contamination from:
- Montana's 'noxious weed' control laws require landowners to:
- In Montana, a buyer of a property within a designated 'Superfund zone' (NPL site buffer area) may find that:
- In Montana, 'electromagnetic fields' (EMF) from high-voltage power lines near residential property:
- Montana's 'Metal Mine Reclamation Act' requires active mining operations to:
- A Montana property buyer in the Flathead Valley should be aware that the Flathead River and Lake system is part of:
- In Montana, 'voluntary cleanup' programs administered by DEQ allow property owners to:
- Montana's regulations on 'hydraulic fracturing' (fracking) for oil and gas development include oversight by:
- In Montana, a buyer purchasing property adjacent to a state or national forest should be aware that:
- In Montana, 'naturally occurring asbestos' (NOA) may be found near:
- In Montana, 'stormwater runoff' from developed properties is regulated because:
- In Montana, 'brownfield redevelopment' incentives may include:
- In Montana, 'oil field brine' or 'produced water' from oil and gas operations poses an environmental risk because:
- In Montana, 'polycyclic aromatic hydrocarbons (PAHs)' found in soil near former gas stations or asphalt plants are:
- A Montana property owner near the Clark Fork River should be aware that the Clark Fork is part of the nation's largest Superfund cleanup due to:
- In Montana, 'chlorinated solvents' such as trichloroethylene (TCE) found in groundwater near industrial properties:
- In Montana, 'selenium contamination' from coal mining and irrigation drainage in the eastern part of the state is a concern because:
- In Montana, 'indoor air quality' concerns in commercial buildings may include all of the following EXCEPT:
- In Montana, the 'Reclamation and Development Grants Program' helps fund:
- In Montana, the presence of 'polyfluoroalkyl substances' (PFAS) contamination near military installations or airports is a concern because:
- In Montana, 'Weed Seeds' on agricultural property may create a material fact issue because:
- In Montana, 'vapor intrusion' is a pathway by which contaminated groundwater or soil contamination can affect indoor air quality when:
- A Montana commercial buyer conducting due diligence on an industrial property should request all of the following environmental documents EXCEPT:
- In Montana, 'mine tailings ponds' near metal mines are a concern because they:
- In Montana, 'environmental liens' may be filed against properties under CERCLA when:
- In Montana, 'emerging contaminants' such as microplastics and pharmaceuticals in water sources are:
- In Montana, 'beneficial use' is a fundamental requirement of a valid water right claim under prior appropriation. This means water rights must be:
- In Montana, the 'Libby Vermiculite Superfund' site is significant because it demonstrates that:
- In Montana, a new residential subdivision proposed on land that was previously used as a railroad yard should undergo:
- In Montana, 'groundwater contamination' from a leaking underground storage tank is significant for real estate because:
- Montana's 'Reclamation and Development Grants Act' provides funding for which type of environmental restoration?
- Montana's Clark Fork River Superfund complex is significant in real estate because:
- Radon gas is a significant environmental concern in Montana real estate because:
- A Montana property owner near a former mining site should be concerned about acid mine drainage because it can:
- Montana's former uranium mining areas present which specific environmental and real estate concern?
- Montana's Comprehensive Environmental Cleanup and Responsibility Act (CECRA) is the state equivalent of the federal CERCLA and creates liability for:
- A Montana property owner discovers an underground storage tank (UST) on their land that previously held petroleum products. Their primary obligation is to:
- In Montana, a property owner near Flathead Lake must consider riparian rights, which typically include:
- In Montana, a seller must disclose on the Seller's Disclosure form whether the property is located in a floodplain because:
- In Montana, which type of soil condition is particularly important to identify before building because it expands when wet and can cause significant structural damage to foundations?
- Montana's hardrock mining legacy has resulted in numerous sites where:
- Montana's Voluntary Cleanup and Redevelopment Act (VCRA) encourages the cleanup of contaminated ('brownfield') properties by:
- Asbestos found in a Montana property built before 1980 is most dangerous when it is:
- Methamphetamine contamination in a Montana property is a growing concern because:
- In Montana, the presence of naturally occurring asbestos (NOA) in soil or rock near a property must be disclosed because:
- In Montana, a leaking underground fuel storage tank at a former gas station site would require the property owner to:
- A Montana seller who has installed a radon mitigation system in the home should:
- In Montana, a property owner adjacent to a coal mine should be aware that coal combustion residuals (CCR) from nearby facilities can:
- Montana's prior appropriation water law means that in a drought year, a rancher with a water right senior to their neighbor's right:
- In Montana, wildfire risk is a material fact requiring disclosure because it:
- In Montana, when a seller knows that a property is located on or near contaminated soil but fails to disclose it, they may be liable for:
- A Montana property owner who discovers that their well water is contaminated by a neighbor's agricultural chemical application should:
- In Montana, the Clean Air Act permits Montana DEQ to regulate air quality, which can affect real estate because:
- In Montana, a Phase I Environmental Site Assessment (ESA) involves which type of activities?
- In Montana, an environmental impact statement (EIS) under NEPA is required for:
- In Montana, a buyer considering a property that was used as a dry cleaning facility should be most concerned about contamination from:
- Lead-based paint disclosure requirements under federal law apply to Montana residential properties built before:
- In Montana, the Comprehensive Environmental Cleanup and Responsibility Act (CECRA) allows the state to recover cleanup costs from responsible parties through:
- In Montana, a property owner planning to build near a wetland must comply with Section 404 of the Clean Water Act, which regulates:
- In Montana, a seller's obligation to complete a Seller's Disclosure Act form is triggered by:
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