688, L. 1985; amd. 211, L. 2015; amd. (20) "Salesperson" includes an individual who for a salary, commission, or compensation of any kind is associated, either directly, indirectly, regularly, or occasionally, with a real estate broker to sell, purchase, or negotiate for the sale, purchase, exchange, or renting of real estate. Sec. (6) "Buyer agent" means a broker or salesperson who, pursuant to a written buyer broker agreement, is acting as the agent of the buyer in a real estate transaction and includes a buyer subagent and an in-house buyer agent designate. (14) "In-house seller agent designate" means a broker or salesperson employed by or associated as an independent contractor with a broker and designated by the broker as the exclusive agent for a seller for a designated transaction and who may not be considered to be acting for other than the seller with respect to the designated transaction. Sale of acquired real property. Sec. 188, L. 1979; amd. (9) "Buyer subagent" means a broker or salesperson who, pursuant to an offer of a subagency, acts as the agent of a buyer. 565, L. 1995; amd. (25) "Supervising broker" means a licensed broker with whom a licensed salesperson is associated, directly, indirectly, regularly, or occasionally, to sell, purchase, or negotiate for the sale, purchase, exchange, or renting of real estate. (3) A seller agent is obligated to the buyer to: (a) disclose to a buyer or the buyer agent any adverse material facts that concern the property and that are known to the seller agent, except that the seller agent is not required to inspect the property or verify any statements made by the seller; (b) disclose to a buyer or the buyer agent when the seller agent has no personal knowledge of the veracity of information regarding adverse material facts that concern the property; (c) act in good faith with a buyer and a buyer agent; and. 25, Ch. Montana Code Annotated 2019 Table of Contents. (13) Consistent with the licensee's duties as a buyer agent, a seller agent, a dual agent, or a statutory broker, a licensee shall endeavor to ascertain all pertinent facts concerning each property in any transaction in which the licensee acts so that the licensee may fulfill the obligation to avoid error, exaggeration, misrepresentation, or concealment of pertinent facts. REAL ESTATE BROKERS AND SALESPERSONS | PART 3. 211, L. 2015; amd. 1, Ch. Montana Code Annotated 2019. (2) A seller agent shall make the required relationship … Code Ann. This Real Estate Buy-Sell Agreement (the “Agreement”) is made effective this _____ day of _____, 20____, by and between the State of Montana, State Board of Land Commissioners, by and through the … (d) comply with all applicable federal and state laws, rules, and regulations. 144, Ch. Broker's or salesperson's license -- qualifications … 3, Ch. The Montana Annotated Code, section 70-20-103, provides a statutory form of a grant, which can be used in a conveyance of real property. Montana Code Annotated 2019. Real Estate Buy-Sell Agreement for the Sale and Purchase of State of Montana . 1, Ch. ). General; Part 2. 37-51-102. 502, L. 2007; amd. 2, Ch. (5) A buyer agent is obligated to the seller to: (a) disclose any adverse material facts that are known to the buyer agent and that concern the ability of the buyer to perform on any purchase offer; (b) disclose to the seller or the seller agent when the buyer agent has no personal knowledge of the veracity of information regarding adverse material facts that concern the ability of the buyer to perform on any purchase offer; (c) act in good faith with a seller and a seller agent; and. seq. General; Part 2. Property MT ST 70-16-703. (4) "Board" means the board of realty regulation provided for in 2-15-1757. The 1995-present versions are available online for free. Montana Title 71. (13) "In-house seller agent designate" means a broker or salesperson employed by or associated as an independent contractor with a broker and designated by the broker as the exclusive agent for a seller for a designated transaction and who may not be considered to be acting for other than the seller with respect to the designated transaction. 565, L. 1995; amd. Montana Code Annotated. (18) "Real estate" includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or nonfreehold and whether the real estate is situated in this state or elsewhere. (1) A broker or salesperson shall disclose the existence and nature of relevant agency or other relationships to the parties to a real estate transaction as provided in this section. PROFESSIONS AND OCCUPATIONS CHAPTER 51. 5, Ch. (7) "Buyer broker agreement" means a written agreement in which a prospective buyer employs a broker to locate real estate of the type and with terms and conditions as designated in the written agreement. (16) "Person" includes individuals, partnerships, associations, and corporations, foreign and domestic, except that when referring to a person licensed under this chapter, it means an individual. Code Ann.) REAL ESTATE BROKERS AND SALESPERSONS Part 3. This includes any action taken to preserve, restore, or improve the value and to lessen the risk of damage to the property in preparation for liquidation of real property pursuant to a foreclosure sale. (11) "Franchise agreement" means a contract or agreement by which: (12) "In-house buyer agent designate" means a broker or salesperson employed by or associated as an independent contractor with a broker and designated by the broker as the exclusive agent for a buyer for a designated transaction and who may not be considered to be acting for other than the buyer with respect to the designated transaction. West’s Montana Code Annotated Title 37. (27) "Supervising broker endorsement" means an endorsement to a broker's license that is required of any licensed broker who supervises licensed salespersons performing real estate activity. This is FindLaw's hosted version of the Montana Code Annotated Title 72. A licensed broker or salesperson who is acting as a buyer agent or a seller agent without a written buyer broker agreement or written listing agreement is nevertheless obligated to comply with the requirements of this chapter. top (22) "Seller agent" means a broker or salesperson who, pursuant to a written listing agreement, acts as the agent of a seller and includes a seller subagent and an in-house seller agent designate. Forms can also be purchased online in the Montana Forms section. Search by Keyword or Citation; ... rental, exchange, or lease of real estate or of the improvements on real estate or collects rents or attempts to collect rents; (b) is employed by or on behalf of the owner or lessor of real estate to conduct the sale, leasing, subleasing, or other disposition of real estate … 70-1-307, 70-1-314). History: En. Estates, Trusts, and Fiduciary Relationships. (10) “Controlling person” means: (a) an owner, officer, or director of a corporation, … (v) the disclosure of the information being reasonably necessary to defend the conduct of the broker or salesperson, including employees, independent contractors, and subagents. (10) "Department" means the department of labor and industry provided for in Title 2, chapter 15, part 17. 1, Ch. General Definitions 37-51-102. (21) "Salesperson" includes an individual who for a salary, commission, or compensation of any kind is associated, either directly, indirectly, regularly, or occasionally, with a real estate broker to sell, purchase, or negotiate for the sale, purchase, exchange, or renting of real estate. Montana Code Annotated (MCA) View Map of Montana Districts Interim Committee Information (25) (a) "Statutory broker" means a broker or salesperson who assists one or more parties to a real estate transaction without acting as an agent or representative of any party to the real estate transaction. Sec. PROFESSIONS AND OCCUPATIONS CHAPTER 51. (17) "Person" includes individuals, partnerships, associations, and corporations, foreign and domestic, except that when referring to a person licensed under this chapter, it means an individual. (6) A statutory broker is not the agent of the buyer or seller but nevertheless is obligated to them to: (i) a buyer or a buyer agent any adverse material facts that concern the property and that are known to the statutory broker, except that the statutory broker is not required to inspect the property or verify any statements made by the seller; (ii) a seller or a seller agent any adverse material facts that are known to the statutory broker and that concern the ability of the buyer to perform on any purchase offer; (b) exercise reasonable care, skill, and diligence in putting together a real estate transaction; and. Real Estate Appraisers Part 1. § 70-17-101, et seq. Mortgages, Pledges, and Liens MT ST 71-3-542. Montana Code Annotated 2019. (h) advertises or represents to the public that the individual is engaged in any of the activities referred to in this subsection (5). This Real Estate Buy-Sell Agreement (the “Agreement”) is made effective this day of ... Pursuant to the Montana Code Annotated §75-3-606, to the extent the property is habitable: a. Buyer’s … (b) A broker or salesperson is presumed to be acting as a statutory broker unless the broker or salesperson has entered into a listing agreement with a seller or a buyer broker agreement with a buyer or has disclosed, as required in this chapter, a relationship other than that of a statutory broker. (5) "Buyer" means a person who is interested in acquiring an ownership interest in real property or who has entered into an agreement to acquire an interest in real property. (Temporary) Definitions. 37-51-102. Sec. 27, L. 2017. 314, L. 1989; amd. 1, Ch. 37-51-314. (26) "Supervising broker" means a licensed broker with whom a licensed salesperson is associated, directly, indirectly, regularly, or occasionally, to sell, purchase, or negotiate for the sale, purchase, exchange, or renting of real estate. Board of Realty Regulation Real Estate Brokers and Salespersons Sec. LOCAL GOVERNMENT CHAPTER 2. 2019 MONTANA CODE ANNOTATED TITLE 37. Sec. An in-house buyer or seller agent designate may not be considered a dual agent. 37-51-313. Unless the context requires otherwise, in this chapter, the following definitions apply: (1) "Account" means the real estate recovery account established in 37-51-501. 142, L. 1993; amd. Abandonment and Consolidation of Counties Sale Of Acquired Real Property 7-2-2756. (23) "Seller agent" means a broker or salesperson who, pursuant to a written listing agreement, acts as the agent of a seller and includes a seller subagent and an in-house seller agent designate. The House of Representatives contains 100 members, while the Senate contains 50 members. Unless the context requires otherwise, in this chapter, the following definitions apply: (1) (a) "Adverse material fact" means a fact that should be recognized by a broker or salesperson as being of enough significance as to affect a person's decision to enter into a contract to buy or sell real property and may be a fact that: (2) "Asset management" means management, oversight, or direct actions taken to maintain or transfer any real property before a foreclosure sale or in preparation for liquidation of real property owned by the client pursuant to a foreclosure sale. : The law includes numerous provisions governing, among other things, servitudes, solar easements, wind energy easements, and homeowners' association restrictions -- real property rights. PROFESSIONS AND OCCUPATIONS CHAPTER 51. (12) "Franchise agreement" means a contract or agreement by which: (a) a franchisee is granted the right to engage in business under a marketing plan prescribed in substantial part by the franchisor; (b) the operation of the franchisee's business is substantially associated with the franchisor's trademark, trade name, logotype, or other commercial symbol or advertising designating the franchisor; and. 261, L. 1969; amd. (3) "Asset management" means management, oversight, or direct actions taken to maintain or transfer any real property before a foreclosure sale or in preparation for liquidation of real property owned by the client pursuant to a foreclosure sale. Real Estate Buy-Sell Agreement for the Sale and Purchase of State of Montana Cabin/Home Site Sale No. A grant of ownership of real estate to two or more persons is presumed to create a tenancy in common, unless otherwise stated in the conveyance (Mont. Sec. (4) A buyer agent is obligated to the buyer to: (a) act solely in the best interests of the buyer, except that a buyer agent, after written disclosure to the buyer and with the buyer's written consent, may represent multiple buyers interested in buying the same property or properties similar to the property in which the buyer is interested or show properties in which the buyer is interested to other prospective buyers without breaching any obligation to the buyer; (b) obey promptly and efficiently all lawful instructions of the buyer; (c) disclose all relevant and material information that concerns the real estate transaction and that is known to the buyer agent and not known or discoverable by the buyer, unless the information is subject to confidentiality arising from a prior or existing agency relationship on the part of the buyer agent with another buyer or a seller; (e) exercise reasonable care, skill, and diligence in pursuing the buyer's objectives and in complying with the terms established in the buyer broker agreement; (f) fully account to the buyer for any funds or property of the buyer that comes into the buyer agent's possession; and. What statutes govern Montana foreclosures? Montana Code Annotated 2019. Montana Title 70. As is the case in other jurisdictions, allowing a real estate agent to represent both buyer and seller can be problematic, and in some situation presents an insurmountable conflict of interest. Sec. Renew your Real Estate License Montana Code Annotated (MCA) - Laws https://leg.mt.gov/bills/mca/index.html All of the statutory laws for the State of Montana, including: -30-14 Part 1 (Montana Consumer Protection Act)-37-51 (Licensure of Salespersons / Brokers / PM's) - 49-2 (Human Rights / Fair Housing) … 492, L. 2001; amd. Part 1. (9) "Department" means the department of labor and industry provided for in Title 2, chapter 15, part 17. Sec. Board of Realty Regulation; Part 3. (1) The provisions of this chapter and the duties … ... (18) "Real estate" includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or nonfreehold and whether the real estate … (b) A statutory broker's relationship continues until the completion, termination, or abandonment of the real estate transaction giving rise to the relationship. 483, L. 2001; amd. REAL ESTATE BROKERS AND SALESPERSONS Part 3. 170, L. 1999; amd. TITLE 37. All Montana real estate sales prices and related property information must be kept confidential by the Montana Department of Revenue and all 56 county clerks … Definitions ... valid real estate appraisal certificate issued under 37-54-305. From 1947 until 1978, the laws of Montana were compiled in a book called the Revised Code of Montana (R.C.M. 125, L. 1991; amd. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 1, Ch. Montana Grant Deed. (21) "Seller" means a person who has entered into a listing agreement to sell real estate and includes landlords who have an interest in or are a party to a lease or rental agreement. Justia › US Law › US Codes and Statutes › Montana Code Annotated › 2017 Montana Code Annotated › TITLE 70. Expand sections by … 2, Ch. Updated on January 19, 2021. Use this page to navigate to all sections within Title 72. (2) A seller agent is obligated to the seller to: (a) act solely in the best interests of the seller, except that a seller agent, after written disclosure to the seller and with the seller's written consent, may represent multiple sellers of property or list properties for sale that may compete with the seller's property without breaching any obligation to the seller; (b) obey promptly and efficiently all lawful instructions of the seller; (c) disclose all relevant and material information that concerns the real estate transaction and that is known to the seller agent and not known or discoverable by the seller, unless the information is subject to confidentiality arising from a prior or existing agency relationship on the part of the seller agent with a buyer or another seller; (e) exercise reasonable care, skill, and diligence in pursuing the seller's objectives and in complying with the terms established in the listing agreement; (f) fully account to the seller for any funds or property of the seller that comes into the seller agent's possession; and. (c) the franchisee is required to pay, directly or indirectly, a fee for the right to operate under the agreement. (a) for another or for valuable consideration or who with the intent or expectation of receiving valuable consideration negotiates or attempts to negotiate the listing, sale, purchase, rental, exchange, or lease of real estate or of the improvements on real estate or collects rents or attempts to collect rents; (b) is employed by or on behalf of the owner or lessor of real estate to conduct the sale, leasing, subleasing, or other disposition of real estate for consideration; (c) engages in the business of charging an advance fee or contracting for collection of a fee in connection with a contract by which the individual undertakes primarily to promote the sale, lease, or other disposition of real estate in this state through its listing in a publication issued primarily for this purpose or for referral of information concerning real estate to brokers; (d) makes the advertising, sale, lease, or other real estate information available by public display to potential buyers; (e) aids or attempts or offers to aid, for a fee, any person in locating or obtaining any real estate for purchase or lease; (f) receives a fee, commission, or other compensation for referring to a licensed broker or salesperson the name of a prospective buyer or seller of real property; (g) performs asset management services for real property in conjunction with the marketing or transfer of the property; or. (7) A dual agent is obligated to a seller in the same manner as a seller agent and is obligated to a buyer in the same manner as a buyer agent under this section except that a dual agent has a duty to disclose to a buyer or seller any adverse material facts that are known to the dual agent, regardless of any confidentiality considerations. Sec. (12) Upon termination of an agency relationship, a broker or salesperson does not have any further duties to the principal, except as follows: (a) to account for all money and property of the principal; (b) to keep confidential all information received during the course of the agency relationship that was made confidential at the principal's direction, except for: (i) subsequent conduct by the principal that authorizes disclosure; (ii) disclosure of any adverse material facts that concern the principal's property or the ability of the principal to perform on any purchase offer; (iii) disclosure required by law or to prevent the commission of a crime; (iv) the information being disclosed by someone other than the broker or salesperson; and. 497, L. 1979; amd. 133, L. 1975; R.C.M. 250, L. 1963; amd. TITLE 37. For Montana residential property, the primary methods for holding title are tenancy in common and joint tenancy. (11) "Dual agent" means a broker or salesperson who, pursuant to a written listing agreement or buyer broker agreement or as a buyer or seller subagent, acts as the agent of both the buyer and seller with written authorization, as provided in 37-51-314. 1, Ch. REAL ESTATE BROKERS AND SALESPERSONS Part 1. Sec. (22) "Seller" means a person who has entered into a listing agreement to sell real estate and includes landlords who have an interest in or are a party to a lease or rental agreement. 3, Ch. Search Montana Code Annotated. 1947, 66-1925; amd. The terms "buyer agent", "dual agent", and "seller agent", as used in this chapter, are defined in 37-51-102 and are not related to the term "agent" as used elsewhere in state law. PROPERTY PROPERTY There is a newer version of this Title (2) (a) "Adverse material fact" means a fact that should be recognized by a broker or salesperson as being of enough significance as to affect a person's decision to enter into a contract to buy or sell real property and may be a fact that: (i) materially affects the value, affects structural integrity, or presents a documented health risk to occupants of the property; or. Relationship Disclosure Requirements. (15) "Listing agreement" means a written agreement between a seller and broker for the sale of real estate, with the terms and conditions set out in the agreement. 2017 montana code annotated title 37. professions and occupations chapter 51. real estate brokers and salespersons Older versions of Montana Code Annotated (M.C.A., Mont. (g) comply with all applicable federal and state laws, rules, and regulations. (1) The provisions of this chapter and the duties described in this section govern the relationships between brokers or salespersons and buyers or sellers and are intended to replace the duties of agents as provided elsewhere in state law and replace the common law as applied to these relationships. (13) "In-house buyer agent designate" means a broker or salesperson employed by or associated as an independent contractor with a broker and designated by the broker as the exclusive agent for a buyer for a designated transaction and who may not be considered to be acting for other than the buyer with respect to the designated transaction. Licensing Duties, Duration, And Termination Of Relationship Between Broker Or Salesperson And Buyer Or Seller 37-51-313. PROFESSIONS AND OCCUPATIONS CHAPTER 51. Sec. 354, L. 2019. Estates, Trusts, and Fiduciary Relationships Estates, Trusts, and Fiduciary Relationships The provisions of the Montana statutes that permit the filing of mechanics liens and materialman's liens can be found in Montana's Construction Lien Law, MCA § 71-3-521 et. CREATION, ALTERATION, AND ABANDONMENT OF LOCAL GOVERNMENTS Part 27. Universal Citation: MT Code § 37-51-313 (2017) 37-51-313. (iii) the occurrence of any authorized termination of the listing agreement or buyer broker agreement. (3) "Board" means the board of realty regulation provided for in 2-15-1757. Montana Code Annotated section 37-51-313 lists a real estate licensee’s obligations to buyers and sellers. The laws that govern the foreclosure of mortgages are found in Montana Code Annotated (2003) Section 71-1-101 et. (8) "Buyer broker agreement" means a written agreement in which a prospective buyer employs a broker to locate real estate of the type and with terms and conditions as designated in the written agreement. (6) "Buyer" means a person who is interested in acquiring an ownership interest in real property or who has entered into an agreement to acquire an interest in real property. TITLE 7. 1085 . Licensure of Property Managers; (8) "Buyer subagent" means a broker or salesperson who, pursuant to an offer of a subagency, acts as the agent of a buyer. Sec. Montana Property Code (Servitudes, Easements, And Covenants Running With The Land), Mont. (c) comply with all applicable federal and state laws, rules, and regulations. Justia US Law US Codes and Statutes Montana Code Annotated 2005 Montana Code Annotated TITLE 2 —GOVERNMENT STRUCTURE AND ADMINISTRATION CHAPTER 9 — LIABILITY EXPOSURE AND INSURANCE COVERAGE Part 5 — General Provisions Related to Official Bonds 2-9-528 — Lien on real estate of surety - … GENERAL LAWS AND DEFINITIONS 118, L. 2007; amd. 1, Ch. 1, Ch. This includes any action taken to preserve, restore, or improve the value and to lessen the risk of damage to the property in preparation for liquidation of real property pursuant to a foreclosure sale. (8) A dual agent may not disclose the following information without the written consent of the person to whom the information is confidential: (a) the fact that the buyer is willing to pay more than the offered purchase price; (b) the fact that the seller is willing to accept less than the purchase price that the seller is asking for the property; (c) factors motivating either party to buy or sell; and. 350, L. 1974; amd. Professions and Occupations Chapter 51. TITLE 37. (d) any information that a party indicates in writing to the dual agent is to be kept confidential. Duties, duration, and termination of relationship … General MCA 37-54-102 37-54-102. seq. 5, Ch. seq. (26) "Supervising broker endorsement" means an endorsement to a broker's license that is required of any licensed broker who supervises licensed salespersons performing real estate activity. (11) (a) The agency relationship of a buyer agent, seller agent, or dual agent continues until the earliest of the following dates: (i) completion of performance by the agent; (ii) the expiration date agreed to in the listing agreement or buyer broker agreement; or. (a) efforts to act as an intermediary between parties to a real estate transaction; (b) facilitating and participating in contract discussions; (c) completing forms for offers, counteroffers, addendums, and other writings; and. TITLE 37. The laws that govern Montana foreclosures related to trust indentures are found in Montana Code Annotated (2003) Section 71-1-301 et. Read the code on FindLaw PROFESSIONS AND OCCUPATIONS CHAPTER 51. Montana Property Lien Statutes - Montana Mechanics Lien Law. 389, L. 2005; amd. Sec. The term includes but is not limited to an individual who: (a) is employed by or on behalf of the owner, lessor, or potential lessee of real estate to promote or conduct the leasing, subleasing, or other disposition or acquisition of real estate without transfer of the title to the property; (b) negotiates or attempts to negotiate the lease of any real estate located in this state or of the improvements on any real estate located in this state; (c) engages in the business of promoting the lease, rental, exchange, or other disposition of real estate located in this state without transfer of the title to the property through the listing of the real estate in a publication issued primarily for this purpose; (d) assists in creating or completing real estate lease contracts; (e) procures tenants for owners of real estate located in this state; (f) aids or offers to aid, for a fee, any person in locating or obtaining any real estate for lease in this state; (g) makes the advertising of real property for lease available by public display to potential tenants; (h) shows rental or lease properties to potential tenants; (i) in conjunction with property management responsibilities, acts as a liaison between the owners of real estate and a tenant or potential tenant; (j) in conjunction with property management responsibilities, generally oversees the inspection, maintenance, and upkeep of leased real estate belonging to others; (k) in conjunction with property management responsibilities, collects rents or attempts to collect rents for any real estate located in this state; (l) pays a fee, commission, or other compensation to a licensed broker, salesperson, or property manager for referral of the name of a prospective lessor or lessee of real property; (m) receives a fee, commission, or other compensation from a licensed broker, salesperson, or property manager for referring the name of a prospective buyer, seller, lessor, or lessee of real estate; or. (n) advertises or represents to the public that the individual is engaged in any of the activities referred to in this subsection (18). (7) "Buyer agent" means a broker or salesperson who, pursuant to a written buyer broker agreement, is acting as the agent of the buyer in a real estate transaction and includes a buyer subagent and an in-house buyer agent designate. Sec. History: En. Sec. Code Ann. Real property can be transferred with an instrument in writing, which can be a grant, bill of sale, or a conveyance. Justia › US Law › US Codes and Statutes › Montana Code Annotated › 2019 Montana Code Annotated › Title 72. 3, Ch. The term includes tenants or potential tenants with respect to leases or rental agreements of real property. (9) While managing properties for owners, a licensed real estate broker or licensed real estate salesperson is only required to meet the requirements of part 6 of this chapter, other than those requirements for the licensing of property managers, and the rules adopted by the board to govern licensed property managers. Sec. (19) "Real estate transaction" means the sale, exchange, or lease or grant of an option for the sale, exchange, or lease of an interest in real estate and includes all communication, interposition, advisement, negotiation, and contract development and closing. Miscellaneous Provisions; Part 5. 1, Ch. 37-51-313 Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. Duties, duration, and termination of relationship between broker or salesperson and buyer or seller. 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