Property Management
A Montana property manager receiving a notice of code violation on a managed property must:
AIgnore it as the owner's responsibility only
BNotify the property owner promptly and work to address the violation within the required timeframe✓ Correct
CImmediately transfer management of the property
DPay the fine from the trust account without notifying the owner
Explanation
Upon receiving a code violation notice, the property manager must promptly notify the property owner and take appropriate action to address the violation within the required time. Failure to act can result in escalating penalties.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Trust Account RulesDRE Regulation
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