Montana License Law
The Montana Board of Realty Regulation has the authority to:
ASet mortgage interest rates for real estate transactions
BImpose fines, suspend, or revoke real estate licenses for violations✓ Correct
CDetermine property values for tax assessment purposes
DApprove all real estate purchase contracts in Montana
Explanation
The Montana Board of Realty Regulation has disciplinary authority including fines, suspension, and revocation of licenses for licensee misconduct or violations of Montana real estate law.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
State-Specific Concepts
License Law
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