License/ Contract Law
If you file a complaint to the Department, are you immune from suit?
Yes
What is the prorated rent on an apartment if the rent is $870 per month and the tenant moves in on the 11th?
$580
What is the annual renewal date
Oct. 31st
Abandonment = ___________
Surrender
Which is not a protected class?
Age
Marital Status
Religion
Low Income
Low Income
If a license terminates, what must you do to reinstate it?
Take the course, exam and apply for a new license.
How many question on the Exam can you get wrong and still Pass?
14
From what year on do you have to disclose that there is lead based paint in the property?
1978
What is the notice you must give before entering a unit for a flood or fire emergency?
None. It is considered an emergency
How many questions on the Exam are ADA and Fair Housing related.
9 total
2 ADA & 7 FHA
What is Code 45 often referred to as?
Criminal Codes
An apartment complex rents for $575/month per unit. Your Annual Gross Income is 55,200. How many unit do you have?
8
--
55,200/ 12 = 4600
4600/ 575 = 8
What are the some of the 4 requirements for a license applicant?
Be 18 +
Graduated Highschool/ GED
Complete Pre-Lic Course
Pass the State Exam
What is deferred maintenance?
Physical depreciation or loss in value of a building resulting from postponed maintenance to the building.
What 2 animals can be Service animals in Montana
Dog & Mini Horse
Within how many days of a home address change must you notify the Dept?
10 Days
You manage 30 units and cost of doing business is $8,000. What does your mark up need to be per unit to maintain a 12% profit?
36.36 per unit
Unconscionability is interchangeable with what word?
Illegal
What are the 5 essential service landlords must supply
Heat, Running Water, Hot Water, Electricity, and Gas
In which housing situation would you be legally allowed to deny children:
if the units are at least 80% occupied by 1 person over 55 years old
How many CE hour do you need in your 1st renewal year and 2nd renewal year?
4 Trust Accounting (if available)
12 Hrs by 2nd renewal
What is the definition of cash flow
Net operating income (NOI) - debt service
What is a Tenancy at Will?
A leasehold which the landlord or tenant may terminate at any time, with reasonable notice
What are Mobile Homes codes?
70-33-
Is the animal required because of a disability.
What work/ tasks is the animal trained to perfrom?