Property Management
A Montana property manager who experiences a tenant emergency (fire, flood, major structural failure) at 2 AM must:
AWait until normal business hours to address the issue
BTake immediate action to protect the property and tenants, contact emergency services as needed, and notify the property owner as soon as possible✓ Correct
COnly call 911 and take no further action
DDocument the emergency and wait for owner authorization
Explanation
A property manager has a duty to respond to emergencies promptly to protect the health, safety, and welfare of tenants and the property. Emergency services should be called as needed, the owner notified as soon as possible, and necessary steps taken to mitigate damage.
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Key Terms to Know
Earnest Money
A 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.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
DRE Regulation
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