Nm real estate - Study guides, Class notes & Summaries

What does not requires a real estate license? : Sale of 99 lots in a subdivision, short term rentals, sale of personally owned property. The Real Estate Commission may not impose? : penalties for Code of Ethics violations The Responsibilities of the Real Estate Commission are? : Enforcing the license law, rules & regulations, refusing a license for cause. The governor of the State of NM does what? : fills vacancies on the Real Estate Commission for unexpired terms. Paying a referral fe...

NM Broker Basics Exam Questions and Answers Licensees have how many days to respond to a complaint by the Real Estate Commission? - Correct Answer ️️ -10 days The deed has been signed by the grantor - Correct Answer ️️ -Title is said to pass in New Mexico when.... If a broker has not accounted for a security deposit within the required 30 days, and the tenant files suit, what could happen? - Correct Answer ️️ -Pay $250 in damages, pay attorney's fees and courts costs, and for...

New Mexico Real Estate Exam Questions and Answers Graded A+ The commission shall be appointed by? The governor. The three functions of the commission are? Licensing, Education, Enforcement. (LEE) The commission has how many members? five members, four members must be licensed and one member must be nonlicensed. Not more than one member can be from the same county. Who is exempt from obtaining a license Subdivisions holding less than 99 parcels, time- share sales persons with 15% o...

New Mexico Real Estate Broker Basics Practice Questions and Answers Which of the following REQUIRES a real estate license? A. Sale of 20 lots in a subdivision by an employee B. Three-week rental of a condominium C. Sale of time-share units D. Sale of more than 20 personally owned properties - Correct Answer ️️ -C. Sale of time-share units The New Mexico Real Estate Commission may NOT impose A. licensing requirements B. penalties for Code of Ethics violations C. disciplinary penalt...

NM Broker Basics Questions and Answers Graded A+ Licensees have how many days to respond to a complaint by the Real Estate Commission? 10 days The deed has been signed by the grantor Title is said to pass in New Mexico when.... If a broker has not accounted for a security deposit within the required 30 days, and the tenant files suit, what could happen? Pay $250 in damages, pay attorney's fees and courts costs, and forfeit the security deposit When the transfer application is ...

New Mexico Real Estate Law Exam Questions and Answers A broker is performing as a property manager and deposits rent into her operating account. This is an example of which of the following? - Correct Answer ️️ -The answer is COMMINGLING. Mixing a broker's money with a client's money is commingling (and illegal). A lessee has the greatest protection with a(n) - Correct Answer ️️ -The answer is ESTATE FOR YEARS. An estate for years locks the holder into the lease for a specific ...

New Mexico RE Principles and Practice Questions and Answers Land value plus current construction costs minus depreciation - Correct Answer ️️ - Cost Approach He can refuse to rent to the tenant because of the history of violence. - Correct Answer ️️ -A landlord discovered that a potential tenant who applied for a unit has a history of alcoholism and violence. What should the landlord do? A person has AIDS - Correct Answer ️️ -Under FHA, It is illegal to discriminate if A judg...

New Mexico Broker Basics 2024 Questions and Answers Changes or amendments to Commission rules are effective ____ days after notification to all active licensees - Correct Answer ️️ -30 a violation of real estate law or commission rules could be considered a _______________ felony - Correct Answer ️️ -4th degree a violator of real estate law or comission rules could be subject to __________ and/or_____________ - Correct Answer ️️ -18 months imprisonment and/or $5,000 fine. Li...

New Mexico broker basics Exam Questions and Answers Broker duties are not required to - Correct Answer ️️ -Disclose their license number or the county issued What are the six fiduciary rights - Correct Answer ️️ -Obedience, loyalty, disclosure, confidentiality, accounting, reasonable care and skills If you don't know the answer you should - Correct Answer ️️ -Advised to consult an attorney if needed Unless authorized in writing a broker representing a seller/owner should not...

NM Broker Basics 01 Licensing Questions And Answers With Verified Solutions NM Broker Basics 01 Licensing Questions And Answers With Verified Solutions