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NM Broker Basics exam with verified solutions.
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NM Broker Basics exam with verified solutions.
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NM Broker Basics exam withverified solutions
Which of the following requires a real estate license? - answer Sale of
time-share units
The NM REC may NOT impose - answer Penalties for code of ethics
violations.
The responsibilities of the NMREC do Not include - answer Regulating
brokerage fees.
The governor of the State of New Mexico - answer Fills vacancies on the
NM REC for unexpired terms.
Paying a a referral fee to an unlicensed person for information leading to a
listing - answer Is a violation of the license law.
A broker's license can be revoked if the broker - answer Fails to account
for funds that belong to others.
Which of the following are exempt from the provisions of the real estate
law? - answer Trustee acting under deed of trust, trustee acting under a
trust agreement, person who deals exclusively in mineral leases, All of
these
Once a Notice of Contemplated Action (NCA) is issued by the Commission,
the respondent has how many days to respond to the Commission to
request a hearing? - answer 20 Days
The MAXIMUM fine the commission may impose is - answer $1,000 per
violation
, Brokerage office signage MUST do all of the following EXCEPT - answer
List the license number.
An associate broker involved in a real estate transaction may accept
compensation from - answer A. the real estate firms Qualifying broker
Records generated in connection with real estate matters proceed through
a brokerage - answer Must be made available to the commission upon
request.
An unlicensed assistant may do which of the following? - answer Host an
open house with her responsible person present.
Licensees are notified of impending action against their license by -
answer Notice of Contemplated Action (NCA)
An associate broker is REQUIRED by rule to do all of the following EXCEPT -
answer Register their trade name with NMREC.
A broker who prepares a purchase agreement MUST give a copy of this
signed document to the buyer - answer As soon as practically possible.
What information MUST a broker provide to the NMREC staff members who
are conducting an investigation of a filed complaint? - answer All
information requested
Which of the following is NOT a circumstance that would allow the NMREC
to refuse to renew the license of a broker? - answer There is a
disciplinary action pending against the broker.
If an associate broker, employee or partner violates a license law or
NMREC rule, the qualifying broker's license could be revoked if they -
answer Had guilty knowledge of the violation.
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