Montana Real Estate General Concepts

This course is designed to provide Brokers and Property Managers with an overview of important topics and concepts, all approved by the Montana Board of Realty Regulation. This package covers topics such as ethics, errors and omissions, fair housing, agency, listings, leases, sale agreements, property titles, encumbrances, deeds, and the use and assessment of state taxes.

In the first section students will cover ethics for real estate professionals, including the definition of ethics, ethical concepts and terminology, why ethics matter, ethical duties, practicing within an area of competence, and ethical situations. The students will go over errors and omissions, with the common type of problems and protection.

At this point students will take a 46 question quiz.

In the next section students will cover Fair Housing, starting with a history of Fair Housing, then the impact of Fair Housing on the real estate professional, followed by the reaction of the real estate profession to fair housing laws, and then an over of the Fair Housing Act, other Civil Rights laws that impact Fair Housing, and Fair Housing-related presidential executive orders. Next the students will cover the combination of Fair Housing and Anti-Discrimination statutes and the Fair Credit Reporting Act.

Licensees in the next section will go over agency, parties to an agency agreement, creating of the agency relationship, types of authority, types of agency, the responsibilities of the parties and termination, termination of agency, agency and the law and agency specifically in the real estate industry.

Here the student will take a 37 question quiz.

In the next section students will go over the role of an agent with the basic role of the real estate broker, supervision and management, issues related to the role of the agent, topics related to the practice of real estate, client trust accounts, and service to the client. Next student will study listing agreements and what an MLS is. Licensees cover sales agreements and what do do when a licensee is a principal in a transaction, followed by leases and common lease clauses.

The student then takes an 18 question quiz.

Lastly under property rights, titles,and taxation licensees will cover title insurance and escrow, title, clouded titles and title insurance, closing costs, recordation, encumbrances, easements, and liens. Under transfer of title students will go over foreclosures, short sales, auctions, as well as other ways to transfer title, and 1031 like-kind exchanges. In the final section, assessment and taxation, students will cover the assessment and taxation of real property, state taxes, special assessments, and other taxation concepts.

To end the package students will take a 20 question quiz.

Course Format: Text

Credit Type: Elective

Course ID(s): RRE-CEC-REC-66940

Approved By: Board of Realty Regulation