Montana License Law
A Montana broker's trust account must be maintained at:
AAny financial institution in the United States
BA federally insured financial institution doing business in Montana✓ Correct
CThe Montana Department of Revenue
DThe Montana Board of Realty Regulation's designated bank
Explanation
Montana law requires that broker trust accounts be maintained at a federally insured financial institution doing business in Montana, ensuring the safety of client funds.
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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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
State-Specific Concepts
Trust Account Rules
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