Montana License Law
Under Montana law, a real estate licensee must keep client trust funds in a trust account that is:
AIn any bank the licensee finds convenient
BIn an FDIC-insured depository institution in the name of the broker's firm as trustee, separate from operating accounts✓ Correct
CManaged by the Montana Board of Realty Regulation directly
DInvested in money market funds for client benefit
Explanation
Montana trust fund rules require that client funds be held in an FDIC-insured depository institution in the broker firm's name as trustee (not the broker's personal name), kept entirely separate from operating or personal funds, and properly identified as trust funds.
Related Montana Montana License Law Questions
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- In Montana, which of the following persons is EXEMPT from needing a real estate license?
- What is the required continuing education for a Montana real estate salesperson at each license renewal?
- Which of the following must a Montana licensee do when representing a seller and receiving an offer the seller has not yet seen?
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- The Montana real estate salesperson licensing exam consists of how many questions?
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