Administrative Rules of Montana › Department 24 - LABOR AND INDUSTRY › Chapter 24.210 - BOARD OF REALTY REGULATION › Subchapter 24.210.6 - Brokers and Salespersons › Rule 24.210.601 - GENERAL LICENSE ADMINISTRATION REQUIREMENTS

Current through Register Vol. 13, July 5, 2024
(1) Trust account records and real estate
				related documents, including sales contracts, leases and options, agency
				agreements, closing statements, and all other real estate related documents
				shall be maintained for eight years from the latter of the date of receipt or
				the date the transaction was completed.
(2) Any time that a salesperson's association
				with the supervising broker is terminated, the supervising broker shall
				immediately return the salesperson's license to the board office with a letter
				noting the termination. The supervising broker remains the supervising broker
				for the salesperson, until the license and release are received by the
				board.
(3) A dispute between a
				salesperson and the supervising broker shall not be cause for failing to
				immediately return the salesperson's license to the board office.
(4) A salesperson shall not practice without
				being associated with a supervising broker. A salesperson whose association
				with their supervising broker has been terminated must properly notify the
				board of any new supervising broker relationship, or the desire to place the
				license on inactive status and pay all required fees within ten days of the
				board receiving the termination of association. A licensee shall not practice
				with an inactive license.
(5) When
				required in writing to do so by a salesperson formerly associated with a
				supervising broker, the supervising broker shall promptly provide the former
				salesperson with a certified statement on the form prescribed by the board,
				identifying all real estate transactions in which the salesperson was involved
				in connection with the salesperson's association with the supervising broker,
				within the three years preceding the request.
(6) Upon termination of a salesperson's
				association with the salesperson's supervising broker, the supervising broker
				shall immediately notify all principals as to the listings or pending
				transactions in which the salesperson was involved, that the salesperson is no
				longer affiliated or associated with the supervising broker, and that the
				listings and pending transactions are the responsibility of the supervising
				broker.
(7) Listings and pending
				transactions of a salesperson are the responsibility of the supervising broker
				upon termination of the association between the salesperson and supervising
				broker.
(8) Supervising brokers are
				responsible for the performance of salespeople under the supervising brokers'
				supervision. If a complaint is submitted to the Board of Realty Regulation,
				alleging improper conduct on the part of a salesperson, a copy of the complaint
				shall be provided to the supervising broker who shall also provide a response
				to the complaint.
(9) Supervising
				brokers must provide ongoing real estate training to all salespeople under
				their supervision, in order to assure competent practice of the
				profession.
(10) A listing agreement
				negotiated by a salesperson is not valid until it is reviewed, signed, and
				dated by the supervising broker.
(11) Supervising brokers have the
				responsibility to exercise adequate supervision to assure that all documents
				for a real estate transaction, prepared by salespeople under their supervision,
				are appropriately prepared and executed.
(12) A broker shall not sign the application
				of a salesperson, unless the broker and salesperson will be in lawful
				association, through employment contract or otherwise.
(13) Principals and agents to a particular
				transaction may consent to communication directly with each other's
				client.
(14) A salesperson whose
				supervising broker has failed to renew or reinstate the broker's expired or
				suspended broker license or supervising broker endorsement must request to be
				placed on inactive status or transfer their salesperson license to another
				supervising broker within ten days of being notified by the board that their
				supervising broker no longer has an active broker license or endorsement. A
				salesperson shall not conduct licensed activity during this unsupervised
				period.
(15) A supervising broker
				must immediately inform the broker's supervised salespeople that the
				supervising broker no longer has an active broker license or
				endorsement.
(16) An active,
				licensed salesperson may be temporarily associated with a supervising broker
				other than the existing supervising broker of record listed on the
				salesperson's pocket card as follows:
(a) The
				temporary transfer of supervision must be in writing and must be provided to
				the salesperson by the broker of record. The writing must include:
(i) authorization of the transfer of
				supervision of the salesperson by the existing supervising broker, including
				the name and signature of the existing supervising broker;
(ii) acceptance of responsibility for the
				performance of the salesperson by the temporary supervising broker, including
				the name and signature of the temporary supervising broker;
(iii) the names of all salespersons
				transferring to the temporary supervising broker, which may be less than all of
				the salespersons under the supervision of the existing supervising broker;
				and
(iv) the effective beginning
				date and termination date of the temporary transfer.