Property Ownership
In Montana, property held in a revocable living trust can be sold or refinanced by:
AOnly a court-appointed trustee
BThe trustmaker (grantor) as long as they remain the trustee and are competent✓ Correct
CThe beneficiaries with majority consent
DAny agent with a general power of attorney
Explanation
In a revocable living trust, the trustmaker (grantor) typically serves as their own trustee while alive and competent. As trustee, they can sell, refinance, or otherwise manage the trust property.
People Also Study
Related Montana Questions
- In Montana, property that is held in a 'revocable living trust' is:Property Ownership
- A Montana homeowner with a deed of trust defaults on their loan. The trustee initiates a non-judicial foreclosure. What is the first step the trustee must take?Finance
- A Montana seller tells their listing agent they do not want to sell to any buyers from a specific ethnic background. The agent must:Fair Housing
- Under Montana law, if a buyer's earnest money is held in the broker's trust account and the transaction falls through, the broker may release the earnest money to one party only when:Contracts
- A Montana property owner who wants to sell their property independently (FSBO) must:Fair Housing
- In Montana, a 'conservation easement' held by a land trust or government entity is a legal interest in land that:Property Ownership
- A Montana seller is in the 20% long-term capital gains tax bracket. They sell an investment property for $480,000 with an adjusted basis of $280,000. What is their federal capital gains tax (excluding state taxes and depreciation recapture)?Real Estate Math
- A Montana homeowner who puts up a 'For Sale by Owner' sign but tells their neighbor 'I won't sell to any Black families' has:Fair Housing
Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
Study This Topic
Practice More Montana Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Montana Quiz →