Administrative Rules of Montana › Department 24 - LABOR AND INDUSTRY › Chapter 24.210 - BOARD OF REALTY REGULATION › Subchapter 24.210.3 - Definitions › Rule 24.210.301 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
The terms used in this chapter shall have their common
				  meaning as used in the real estate industry, and unless the context otherwise
				  requires, the following meanings shall also apply:
(1) "Act" shall include a failure to
				act.
(2) "Advertising" means
				information, in whatever form, used to promote real property for sale, lease,
				rent, exchange, or purchase, or to promote the brokerage or sales services of a
				licensee, except that the dissemination of property data to an individual
				prospective buyer or seller at the individual's request shall not be deemed
				advertising for the purpose of these rules.
(3) "Agency" or "agency relationship" shall
				include those relationships which are expressed in
				37-51-102 and
				37-51-313, MCA, and specifically
				do not include the common law of agency.
(4) "Agent" shall include subagent.
(5) "Agricultural," "farm," and
				"ranch" shall include real estate parcels over 40 acres in size, principally
				used for, or capable and intended for use in, the production of plant or animal
				crops.
(6) "Buy" or "buyer" shall
				include purchase, purchaser, lease, lessee, and like terms.
(7) "Closed transaction" means a transaction
				in which parties have performed all duties in the agreement. In the case of a
				lease, it would be at the signing of the lease.
(8) "Commercial property" shall include real
				estate that is principally used for, or capable and intended for use in, the
				production, distribution, or sale of goods or services, and any real estate
				which has over four residential units when transferred as a group of units.
(9) "Course provider" is a
				board-approved entity that is responsible to the board for the administration
				of approved education courses in accordance with board laws and rules.
(10) "Designated broker" is a
				broker who has been designated by other brokers of a real estate brokerage
				company to be the broker with the authority for the maintenance of a trust
				account, if any.
(11) "Designated
				property manager" is a property manager who has been designated by other
				property managers of a property management company to be the property manager
				with the authority for the maintenance of a trust account.
(12) "Distance education" is a course or
				courses in which the instruction does not take place in a traditional classroom
				setting, but rather, through other media where the teacher and student are
				separated by distance and sometimes by time.
(13) "Electronic records" may include checks
				and bank statements.
(14)
				"Entry-only listing" is a listing in which the seller and the seller's agent
				have agreed to limit the seller agent's involvement in the transaction process.
(15) "Hour" of education is equal
				to 50 minutes of instructional time.
(16) "Incapacity" as used in ARM
				24.210.601, means being in a
				condition as a result of accident or illness that renders the person wholly
				incapable of conducting the business of a supervising broker. A voluntary or
				anticipated incapacity or an extended absence from the supervising broker's
				office is not an incapacity.
(17)
				"Internet" means the Internet, the World Wide Web, or Internet-based electronic
				information distribution networks, and any derivative delivery systems or
				evolutions of such delivery systems that may be connected to individual
				computers, terminals, and other consumer electronic interface devices through
				which information is delivered via computer servers connected via phone lines
				or other cable, wire, fiber, wireless, or other analogous linkages to a
				computer, computer network or networks including, but not limited to, web
				pages, e-mail, news groups, discussion lists, bulletin boards, instant
				messaging, chat rooms, voice over net, multimedia advertising, links, and/or
				banner advertisements.
(18)
				"Internet advertising" means advertising conducted via the Internet.
(19) "Licensee" shall include anyone who has
				been issued a license by the board or who has made application for a license
				from the board. For disciplinary purposes, "licensee" also includes anyone with
				a lapsed or expired license.
(20)
				"Licensee identification" as used in this chapter means a written disclosure of
				the licensee's name, and identifying that the advertisement is made by a real
				estate licensee or by a brokerage company.
(21) "Maintenance service" means any entity
				hired to perform repairs or maintenance on the property.
(22) "Personal funds" means funds other than
				trust funds, which belong to the licensee or the property management business.
				Uses may include, but are not limited to:
(a)
				trust account maintenance;
(b)
				financial institution fees;
(c)
				designated interest earnings; and
(d) purchasing checks.