When is a broker considered statutory according to Montana regulations?

In Montana, a broker is considered statutory when they do not hold a listing agreement with a seller or a buyer agency agreement with a buyer. This designation reflects a broker's ability to act under the statutory framework of real estate transactions even in the absence of traditional representation agreements.

The rationale behind this is that statutory authority allows brokers to perform certain tasks and fulfill specific duties mandated by law, such as facilitating transactions or providing required disclosures, without having formal contractual agreements. This means that even when a broker is not actively representing a client through a formal agreement, they still operate under the laws governing real estate practices.

Other options suggest active representation through listings or buyer agreements. Holding such contracts would generally denote a defined agency relationship where the broker has a fiduciary duty to their clients, rather than operating in an overarching statutory capacity. Hence, these scenarios do not align with the definition of statutory status as per Montana regulations.