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Broker Basics (NM specific) exam with verified solutions
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Broker Basics (NM specific) exam with verified solutions
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Broker Basics (NM specific)exam with verified solutions
Brokers SHOULD NOT disclose which of the following? - answer The
motivation of their client
Who regulates septic systems in New Mexico? - answer New Mexico
Environmental Improvement Department
All of the following are requirements of a broker in charge EXCEPT -
answer the broker must be a New Mexico resident
Broker in charge must:
-have four years of active license status
-complete all education requirements
-pass the broker exam
Which of the following funds of others may not be deposited into a trust
account? - answer New Mexico gross receipts taxes
A single-family residence is entitled to how many acre-feet of water per
year? - answer 1.0
What notice is required to enter the residence of a tenant? - answer 24
hours written notice prior to entry
Associate broker have to be licensed for how long in order to upgrade to a
supervising qualifying broker license? - answer 4 years
New Mexico Human Rights Act differs from Federal Fair Housing and
consumer protection laws because ONLY New Mexico's Act? - answer
Prohibits discrimination due to sexual orientation
, Qualifying Brokers must do all of the following EXCEPT? - answer
Maintain an office in New Mexico
NM QBs must:
-Maintain written agreements with their associates
-Supervise all real estate activities
-Conduct all business under the trade name as registered with the
commission
Associate Brokers must complete how many hours of continuing education
for their renewal? - answer 36 hours
Licensees have how many days to request a hearing upon receipt of a
Notice of Contemplated Action (NCA) by the New Mexico Real Estate
Commission? - answer 20 days
A qualifying broker opens a virtual office . How do they display the
licenses of his associate brokers? - answer Photo or scanned images of
the licenses must be on the brokerage's website through a link labeled
"real estate licenses"
What term is used when the principal is held liable for the wrongful acts of
the agent? - answer Respondeat superior
Which of the following is FALSE regarding trade names? - answer
Associate brokers must register a trade name.
A person selling time shares in a development would require what? -
answer A real estate broker's license
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