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Broker Basics NM 01 Licensing exam with verified solutions.
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Broker Basics NM 01 Licensing exam with verified solutions.
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Broker Basics NM 01 Licensingexam with verified solutions
What is the New Mexico Real Estate Commission (NMREC) ? - answer
Government agency that enforces the license law, enacts rules to clarify
and/or implement the law and sets education, application and renewal
requirements.
What is parent company of New Mexico Real Estate Commission (NMREC) ?
- answer the NM Regulation & Licensing Department
How are NMREC's member chosen? - answer They are appointed by the
governor; does not require the state legislature to confirm commissioners
What is the make up of the NMREC. - answer 5 Commissioners:
a) 4 brokers; 1 non-licensed public member who serve 5 year terms, Not
paid.
b) No more than one commissioner from any one county at a time
c) Commissioners must be NM residents for 3 consecutive years before
being appointed
How does the anagram LEE define NMREC's mandate? - answer Licensing;
Education; Enforcement
What does the NMREC not do? - answer 1) does not enforce NAR's Code
of Ethics 2) does not hear procuring cause disputes between firms; 3)
Does not hear payment disputes between QBs and ABs.
What defines a QB? - answer 1) Act in their own name
2) Sue a member of the public for payment
3) List, sell, lease, auction, exchange, deal in real estate options or
manage the real property of others for compensation
, 4) Can be a QB for more than one brokerage or a QB for one and an AB for
another
What is needed to become a QB? - answer 4 years experience with 100
points; one transaction per year for each of the 4 years of the 5 before
applying to be a qualifying broker.
What is needed to become an AB? - answer 90 hours pre-license
education (or NMREC reciprocal license/waver), 18, US citizen, apply for
application within 6 months of education, 2 reputable property owners in
county, E&O insurance, fingerprints.
When can you submit fingerprints for license? - answer No earlier than 21
days
How many days must a QB notify NMREC after move? - answer 10 days
How must QB display licenses from a virtual office or website? - answer
Must have links to RE licenses.
If a QB can supervise an office, what must he do? - answer Have a QB or
similar as broker in charge.
How long must a QB hold on to records - answer 6 years
What must a QB insure first-year licensees take? - answer New Broker
Business Practices or CCIM 101 CE
What must an AB do the first year? - answer Take New Broker Business
Practices or CCIM 101 CE
What are the exemptions to licensing laws? - answer 1) property owner
selling own property
2) an owner's regular employees
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