§ 37-56-101 Definitions
§ 37-56-102 Department powers and duties — rulemaking
§ 37-56-103 License required to manage property
§ 37-56-104 Exemptions from requirement of property manager license
§ 37-56-105 Qualification of property manager applicants — examination — issuance of license
§ 37-56-106 Penalty for failure to comply with trust account requirements
§ 37-56-107 Property manager’s office — notice of change of address
§ 37-56-108 Transactions with nonlicensed persons unlawful — action for compensation limited to licensees
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Terms Used In Montana Code > Title 37 > Chapter 56 > Part 1 - General

  • 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.
  • Department: means the department of labor and industry provided for in Title 2, chapter 15, part 17. See Montana Code 37-56-101
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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
  • Statute: A law passed by a legislature.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Trust account: means an account for real estate trust funds maintained at a depository institution from which withdrawals or transfers can be made without delay, subject to any notice period that the depository institution is required to observe by law. See Montana Code 37-56-101
  • Trustee: A person or institution holding and administering property in trust.