Term
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Definition
| 1. A separate trust account must be kept for each property managed by a licensed property manager. |
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Term
| True Code: 24-210-805 (11&12) |
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Definition
| 2. A landlord must keep an individual accounting ledger for each owner & tenant. |
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Term
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Definition
| 3. Property managers never keep personal funds in a company trust account. |
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Term
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Definition
| 4. Trust accounts need more than one person authorized to sign on the account. |
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Term
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Definition
| 5. Property Managers need to have a CPA audit their trust accounts on a quarterly basis. |
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Term
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Definition
| 6. Any type of account can be used as a trust account - it does not have to be specifically designated as one. |
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Term
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Definition
| 7. Each month, all rents must be deposited to the trust account. |
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Term
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Definition
| 8. Security and pet deposits are kept in a designated trust account. |
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Term
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Definition
| 9. Money to be deposited into the trust account at a place of business must be deposited by the third business day after receipt. |
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Term
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Definition
10. As long as monies are deposited into the trust account by the 10th
regulations have been broken. |
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Term
| False Code: 24-210-805-8 (only commission) |
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Definition
| 11. Trust money can be used to pay for the property manager’s costs involved with managing the property such as license renewal fees. |
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Term
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Definition
| 12. Money kept in a trust account can be used to pay the property manager’s commission fee. |
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Term
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Definition
| 13. Property management licensees are required to attend 8 hours of continuing education per year. |
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Term
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Definition
| 14. New property management licensees have until the second renewal date after they are licensed to obtain their 12 credits of mandatory continuing education. |
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Term
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Definition
15. Continuing education course providers supply the property manager with a course
completion certificate which is used to support the information on education reporting. |
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Term
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Definition
| 16. The agency relationship of a property manager must be disclosed to any and all potential tenants. |
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Term
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Definition
| 17. It is the duty of the licensed property manager to assist the tenant with the interpretation of legal documents. |
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Term
| False Code: 24.210.825 It lapses and then Dec. 15th it expires. |
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Definition
| 18. Your property management license will terminate/expire if you do not renew by October 31st each year. |
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Term
| False Code: 24.210.805-14 (8 years) |
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Definition
| 19. You must maintain your bank statements concerning trust account monies for a period of 3 years. |
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Term
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Definition
| 20. Accounting documents pertaining to trust account monies must be kept on file for eight years. |
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Term
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Definition
| 21. After passing the licensing exam in Montana, property managers must submit proof of their trust account information as one of the conditions to receive their license. |
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Term
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Definition
22. Potential licensed property managers must include a felony background check with their
letters of recommendation in order to pass licensing requirements. |
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Term
| False Code: 24.210.825 (Dec. 15 = Late fee double the renewal fee $130 x 2 = $260) |
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Definition
23. You have until January 15th
and the payment of $40 to complete your late renewal. |
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Term
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Definition
24. Property managers may keep personal funds up to $1000.00 in a company trust
account. |
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Term
| False Code: 24.210.828-3x |
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Definition
| 25. Property managers have up to 10 days to get a signed management agreement after beginning to conduct property management activity and advertising for the owner. |
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Term
| False Code: 24.210.828-3t |
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Definition
| 26. You do not have to have your company name or property manager on a “FOR RENT” sign if it is just placed in the apartment window. |
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Term
| False Code: 24.210.828-3f |
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Definition
| 27. The licensee is required to inform all prospective tenants of registered sexual or violent offenders who may reside in proximity to a rental unit. |
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Term
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Definition
| 28. A licensed property manager is responsible for the actions of their employees in the performance of their duties in property management functions. |
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Term
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Definition
| 29. When transferring a license from one location to another, you must return to the board the following; written notification & proper fee. |
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Term
| False Code: 24.210.805 - 10 "BUSINESS" DAYS |
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Definition
| 30. All monies belonging to the property manager must be withdrawn within 10 days of receipt. |
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Term
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Definition
31. If an owner does not have sufficient funds in his/her trust account to pay for the taxes
on his property the property manager can pay the taxes if there is money in the trust account. |
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Term
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Definition
| 32. Continuing education verification must be completed within the two year renewal period. |
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Term
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Definition
| 33. Interpreting legal documents is just one of the functions of a property manager. |
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Term
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Definition
| 34. Failure to remit license renewal by the late renewal deadline will result in the automatic expiration of the license. |
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Term
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Definition
| 35. One of the exceptions to the licensing requirements is the showing of rentals by the office secretary. |
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Term
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Definition
| 36. All licensing continuing education courses are followed by an exam. |
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Term
| False Code: 24-210-801 ($80) |
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Definition
| 37. The fee for change of address is $45.00. |
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Term
| False Code: 24-210-826 b (Renewal fee's should already be paid, because the fee's are required to paid even when you are inactive.) |
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Definition
| 38. You must submit any past due renewal fees when reactivating your license. |
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Term
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Definition
| 39. Inactive licensees must renew their inactive licenses annually. |
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Term
| False Code: 24-210-829 12hrs |
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Definition
| 40. All new property management licensees are required to complete 6 hours of mandatory CE by the second renewal date. |
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Term
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Definition
| 41. Inactive licensees must report their CE hours annually. |
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Term
| False Code: 24-210-835 (90% for the first hour 100% after that) |
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Definition
| 42. A licensee must complete 90% of each hour of CE. |
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Term
| False Code: 37-1-141-6 (October 31st to December 15 is the lapsed licensed period) |
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Definition
| 43. A lapsed license is one that cannot be used until renewed. |
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Term
| True Code: 24.210.426 (12 hrs CE hours are required for each year) |
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Definition
| 44. To activate an inactive license, a licensee must submit proof of 24 hours of CE taken within the previous 24 months before it can be reinstated. |
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