Montana License Law
A Montana broker who discovers that a salesperson under their supervision has been commingling client funds must immediately:
AFire the salesperson without reporting to the Board
BNotify the Montana Board of Realty Regulation, correct the commingling, and take appropriate disciplinary action against the salesperson✓ Correct
CAllow 30 days for the salesperson to self-correct
DOnly notify the affected clients
Explanation
Commingling is a serious license law violation. The supervising broker must take immediate corrective action and report the violation to the Board of Realty Regulation.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
State-Specific Concepts
License Law
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