Montana Code 37-56-104. Exemptions from requirement of property manager license
37-56-104. Exemptions from requirement of property manager license. (1) The property manager licensing provisions of this part do not apply to:
Terms Used In Montana Code 37-56-104
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: means real and personal property. See Montana Code 1-1-205
- Property manager: means an individual who engages in the business of leasing, renting, subleasing, or other transfer of possession of real estate located in this state without transfer of the title to the property. See Montana Code 37-56-101
- Real estate: includes leaseholds as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or nonfreehold and whether the real estate is situated in this state or elsewhere. See Montana Code 37-56-101
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Trustee: A person or institution holding and administering property in trust.
(a)an owner of a business entity that owns the property;
(b)an owner of a business entity that manages the property for an owner that is exempt under subsection (1)(a). However, all owners of the business entity that owns the property and all owners of the business entity that manages the property must be relatives as provided in subsection (1)(c) or (1)(d).
(c)the spouse of the property owner;
(d)the child, descendant of a child, sibling, parent, niece, nephew, aunt, or uncle of either the property owner or the spouse of the property owner;
(e)a person who leases no more than four residential real estate units;
(f)a person acting as attorney-in-fact under a power of attorney;
(g)an attorney at law in the performance of duties as an attorney;
(h)a person acting pursuant to a court order or a trustee;
(i)an officer of the state or a political subdivision in the conduct of official duties;
(j)a person who receives reduced rent or salary, unless that person holds signatory authority on the trust account;
(k)a person employed by the owner of the real estate if that person’s property management duties are incidental to the person’s other employment-related duties; or
(l)a person employed on a salaried basis by only one person.
(2)A broker or salesperson licensed under Title 37, chapter 51, may act as a property manager. A salesperson may not act as a property manager without a supervising broker.
(3)For the purposes of subsections (1)(a) and (1)(b), “owner” means a person who is a:
(a)sole proprietor;
(b)managing member of a limited liability company;
(c)shareholder of a corporation; or
(d)partner in a partnership.