1995 vol. IV 3277 (1995)

handle is hein.ssl/ssmt0019 and id is 1 raw text is: MONTANA SESSION LAWS 1995

CHAPTER NO. 565
[SB 224]
AN ACT DEFINING THE RELATIONSHIPS AVAILABLE BETWEEN REAL
ESTATE BROKERS OR SALESPERSONS AND BUYERS OR SELLERS IN
REAL ESTATE TRANSACTIONS; ESTABLISHING THE OBLIGATIONS
OWED BY REAL ESTATE BROKERS OR SALESPERSONS TO BUYERS OR
SELLERS IN REAL ESTATE TRANSACTIONS; REQUIRING REAL ESTATE
BROKERS AND SALESPERSONS TO PROVIDE BUYERS AND SELLERS
WITH AGENCY DISCLOSURE STATEMENTS REGARDING AGENCY
RELATIONSHIPS        BETWEEN      REAL    ESTATE     BROKERS      OR
SALESPERSONS AND BUYERS OR SELLERS IN A REAL ESTATE
TRANSACTION; AND AMENDING SECTIONS 37-51-102 AND 37-51-321,
MCA.
Be it enacted by the Legislature of the State of Montana:
Section 1. Section 37-51-102, MCA, is amended to read:
37-51-102. Definitions. Unless the context requires otherwise, in this
chapter, the following definitions apply:
(1) Account means the real estate recovery account established in
37-51-501.
(2) (a) Adverse material fact means a fact that should be recognized by a
broker or salesperson as being of enough significance as to affect a person's
decision to enter into a contract to buy or sell real property and may be a fact
that:
(i) materially affects the value, affects structural integrity, or presents a
documented health risk to occupants of the property; or
(ii) materially affects the buyer's ability or intent to perform the buyer's
obligations under a proposed or existing contract.
(b) The term does not include the fact that an occupant of the property has
or has had a communicable disease or that the property was the site of a suicide
or felony.
(Z)(3) Board means the board of realty regulation provided for in
2-15-1867.
(3)(4) Broker includes an individual who:
(a) for another or for valuable consideration or who with the intent or
expectation of receiving valuable consideration negotiates or attempts to
negotiate the listing, sale, purchase, rental, exchange, or lease of real estate or
of the improvements on real estate or collects rents or attempts to collect rents;
(b) is employed by or on behalf of the owner or lessor of real estate to conduct
the sale, leasing, subleasing, or other disposition of real estate for consideration;
(c) engages in the business of charging an advance fee or contracting for
collection of a fee in connection with a contract by which the individual

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Ch. 565

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