Property Management
In Montana, a commercial property manager dealing with a tenant who is consistently late with rent should first:
AImmediately begin eviction proceedings
BReview the lease terms, document the pattern, issue a formal notice consistent with the lease, and discuss the issue with the tenant to determine if a payment plan is appropriate✓ Correct
CWaive the late fees to maintain a good relationship
DReport the tenant to a credit agency
Explanation
Consistent late rent requires a systematic, documented approach: review lease terms, issue formal notices as required, document the pattern, and communicate with the tenant. Eviction is a last resort after other remedies have been tried.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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.
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