(1) Original application                                                                                                $50 

(2) Renewal                                                                                                                  50 

(3) Prelicensing course application                                                                               150

(4) All fees are nonrefundable.

(5) Examination fees are paid directly to the testing service.

(1) Applicants must: 

(a) complete a 30-hour approved property management prelicensing course within 24 months preceding application;

(b) pass the licensure examination; and

(c) apply for licensure within 12 months of the examination date. Failure to do so will invalidate exam results.

(1) Property managers who receive any deposits, rent payments, or other monies on behalf of other persons must deposit such funds in a trust account per 37-56-101, MCA, and maintain the account according to this rule. 

(2) Trust accounts must be:

(a) liquid;

(b) readily accessible;

(c) insured in Montana financial institutions;

(d) identified as trust accounts; and

(e) reconciled each month having activity.

(3) Trust funds cannot be:

(a) maintained in sweep accounts; or

(b) invested in certificates of deposit, repurchase agreements, or any other method that places funds at risk.

(4) Property managers:

(a) may separately maintain multiple trust accounts;

(b)  are responsible for all funds in and maintenance of their trust accounts;

(c) may delegate authority for trust account maintenance to another licensed property manager. Both property managers are responsible for failure to comply with trust account requirements; and

(d) must deposit monies belonging to others into a trust account within three business days, unless otherwise provided in the lease or rental agreement.

(5) Trust funds may be maintained in interest-bearing accounts with interest payable to the property manager or any other person. Interest payable to a property manager must be identified as consideration for services performed and are personal funds unless otherwise designated.

(6) Property managers may deposit and hold in a trust account up to $1000 of personal funds that include interest accrued to the property manager.

(a) Personal funds may be distributed for trust account bank charges, related trust account maintenance expenses, and when due and payable to the property manager.

(b) Money due the property manager must be withdrawn within ten business days once due and payable.

(7) When managing one's own real estate, property managers must deposit security deposits in a trust account. Rents and disbursements are managed as follows:

(a) Property managers owning 100 percent of the real estate are not required to place rents in a trust account but may do so.

(b) Property managers owning less than 100 percent of the real estate must place all rents in a trust account.

(c) If rents are included in a trust account, all disbursements must be described in the property management agreement. 

(d) Disbursements may not be considered personal indebtedness if used for the maintenance of the property itself.

(8) Property managers must maintain complete and chronological records of all trust account funds received and disbursed including personal funds per (6).  Each record must include a running balance and clearly identify for all transactions:

(a) dates;

(b) parties, payees, and sources of funds; and

(c) amounts received, disbursed, and deposited.

(9) When a property management agreement is terminated, a rental agreement is still in effect, and the property manager is holding tenant funds, the property manager must:

(a) notify the tenant, in writing and within five business days of termination that:

(i) the agreement is terminated; and

(ii) funds and current tenant files will be transferred to the property owner or designee within 30 days of the termination;

(b) provide the name and contact information of the person receiving the transfer; and

(c) within 30 days of termination, transfer all funds and current tenant files to the property owner or designee.

(10) Property managers must maintain the following documents for at least eight years from the property management agreement termination even if the property manager sells or ceases to operate the business:

(a)  trust account records:

(b) complete files of properties managed; and

(c) all related documents.

(11) Trust account records must be maintained to facilitate auditing.

(1) Course approval is valid for three years and may be revoked for cause. 

(2) To receive approval, courses must include the following topics: 

(a) trust accounts;

(b) accounting procedures;

(c) landlord tenant law (Title 70, chapters 24 and 25, MCA);

(d) federal and state fair housing laws;

(e) Americans with Disabilities Act;

(f) state licensing law and rules;

(g) contract law;

(h) leasing principles;

(i) agency; and

(j) definitions and terms commonly used in the industry.

(3) Additionally, online courses must have current Association of Real Estate License Law Officials (ARELLO) certification. Approval is invalidated if ARELLO certification is discontinued for any reason.

(1) Renewing licensees must complete a minimum of 12 hours of property management CE (continuing education) annually. Licensees must select quality programs that:  

(a) contribute to professional knowledge and competence;  

(b) contain significant intellectual or practical content; and

(c) are germane to the property management profession.

(2) New licensees are only required to complete four hours of property management trust account CE by their first renewal date. If no course occurs by the first renewal date, the licensee must complete the course when it is next offered.

(3) Licensees must maintain adequate CE documentation and make the documentation available upon request.

(4) Licensees found noncompliant with CE requirements may be subject to administrative suspension.

(1) In addition to the provisions of 37-1-410, MCA, it is unprofessional conduct for property managers to: 

(a) violate a federal, state, or local law or rule relating to the conduct of the profession;

(b) engage the services of any person or entity on behalf of a principal, third-party, or other person, without:

(i) informing and obtaining consent from the person obligated to pay for the services; and

(ii) disclosing any family relationship, financial relationship, and/or financial interest that the licensee or the licensee's business may have in the person or entity being engaged;

(c) manage property owned by another person or entity without a written property management agreement in place, signed by the owner;

(d) accept, give, or charge an undisclosed commission, rebate, or profit on expenditures made for a principal;

(e) fail to adequately supervise employees;

(f) fail to cooperate with or respond to a department request;

(g) practice while one's license has expired or terminated. Receiving payments for the sale of the licensee's property management business without a valid license is not considered practicing as a property manager; and

(h) commit any act of sexual abuse, misconduct, or exploitation whether or not it is related to the licensee's practice.