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New Mexico Broker Basics Unit 2 Brokerage Relationships exam with verified solutions.
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New Mexico Broker Basics Unit 2 Brokerage Relationships exam with verified solutions.
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New Mexico Broker Basics Unit 2Brokerage Relationships exam with
verified solutions
Brokerage relationship refers to - answer The legal or contractual
relationship between the brokerage and the consumer (buyer, seller,
landlord, or tenant) in a regulated real estate a transaction
The New Mexico Licensing Act and rules provide for three types of
brokerage relationships (representation) for licensees and consumers: -
answer Transaction broker, exclusive agency, dual ageny
A client of a brokerage - answer Person who has entered into an express
written agreement with a brokerage for rea estate services subject to the
jurisdiction of the Commission
A customer of a brokerage - answer Person who uses real estate services
without entering into an express written agreement with a brokerage
subject to the jurisdiction of the Commission
Party to the transaction is - answer A client or customer, or any other
person, who utilizes real estate-related services subject to the jurisdiction
of the Commission not including a person who acquires an interest as
security for an obligation. Example: lender
In New Mexico all agreements must be in writing. NM does not recognize -
answer Implied agency
A transaction broker - answer Licensee represents a consumer in a non-
fiduciary capacity, owing the basic duties as outlines in part 19 of the
Rules. This is the default relationship with consumers. (DCAR)
A Dual Agency - answer Licensee as agent represents both parties to the
transaction in a fiduciary capacity (one broker representing both parties
under one qualifying broker)
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