State of New Mexico Real
Estate EXAM SOLVED
QUESTIONS WITH ANSWERS.
A violation of real estate law or commission rules could be considered a fourth-degree
felony, subject up to 18 months imprisonment and/or a $,5000 criminal fine. -
CORRECT ANSWER✅✅Exambple- would be unlicensed activity
How long do licensee have to respond to a complaint by the Real Estate Commission? -
CORRECT ANSWER✅✅10 days
If commission finds cause, what will they issue? - CORRECT ANSWER✅✅Notice of
Contemplated Action ( NCA)
If there is a false statement on license application, what does commission do? -
CORRECT ANSWER✅✅Will issue NCA for hearing
How long do licensees have to request a hearing upon receipt of Notice of
Contemplated Action (NCA) - CORRECT ANSWER✅✅Licensee have 20 days to
request hearing
If licensee does not request the hearing within 20 days, what can the comission do? -
CORRECT ANSWER✅✅Revoke license
How long do licensees have to appeal a decision against them to the district court after
a hearing? - CORRECT ANSWER✅✅30 days
Qualifying brokers license can be revoked if their Associste broker is found guilty of
illegal activity, only if? - CORRECT ANSWER✅✅QB had Guilty Knowledge of the
offense
What is the minimum penalty that the commission may impose? - CORRECT
ANSWER✅✅A Letter of Reprimand
What is the maximum fine the commission may impose? - CORRECT
ANSWER✅✅$1000/violation
, What happens if the complaint against broker is filed. and then later dropped? -
CORRECT ANSWER✅✅The commission is still required to investigate if an violation
has occured.
What is the status if the license during the complaint porcess until the decision of the
commission after the hearing? - CORRECT ANSWER✅✅Active
Disputes between Associate Brokers and Qualifying Brokers regarding commissions -
CORRECT ANSWER✅✅Are not investigated by the real estate commission
Required records shall be available to the commission and whether in paper or
electronic format. - CORRECT ANSWER✅✅Shall be retained for not less than 6 years.
Who enforces the Code of Ethics? - CORRECT ANSWER✅✅The National Association
of Realtors
The Real Estate Commission does not enforce the Code of Ethics
All records generated in connection with real estate matters MUST be made available to
who? - CORRECT ANSWER✅✅The Commission upon request
Should person selling time-shares be lisenced? - CORRECT ANSWER✅✅They must
be licensed unless they have a 15% ownership
interest.
If an applicant fails one portion of the exam and pass the other, they must pass the
failed portion within _________ before having to retake both portions. - CORRECT
ANSWER✅✅90 days
How long does an applicant have to apply after passing their exams? - CORRECT
ANSWER✅✅An applicant has 180 days to make application for license after passing
their exam.
Maximum fee that may be charged per exam - CORRECT ANSWER✅✅$95
Maximum fee that may be charged for a real estate license - CORRECT
ANSWER✅✅$270
An applicant for a broker's license must have the recommendation of ________
reputable citizen who own real estate in the applicant's county - CORRECT
ANSWER✅✅Two
Estate EXAM SOLVED
QUESTIONS WITH ANSWERS.
A violation of real estate law or commission rules could be considered a fourth-degree
felony, subject up to 18 months imprisonment and/or a $,5000 criminal fine. -
CORRECT ANSWER✅✅Exambple- would be unlicensed activity
How long do licensee have to respond to a complaint by the Real Estate Commission? -
CORRECT ANSWER✅✅10 days
If commission finds cause, what will they issue? - CORRECT ANSWER✅✅Notice of
Contemplated Action ( NCA)
If there is a false statement on license application, what does commission do? -
CORRECT ANSWER✅✅Will issue NCA for hearing
How long do licensees have to request a hearing upon receipt of Notice of
Contemplated Action (NCA) - CORRECT ANSWER✅✅Licensee have 20 days to
request hearing
If licensee does not request the hearing within 20 days, what can the comission do? -
CORRECT ANSWER✅✅Revoke license
How long do licensees have to appeal a decision against them to the district court after
a hearing? - CORRECT ANSWER✅✅30 days
Qualifying brokers license can be revoked if their Associste broker is found guilty of
illegal activity, only if? - CORRECT ANSWER✅✅QB had Guilty Knowledge of the
offense
What is the minimum penalty that the commission may impose? - CORRECT
ANSWER✅✅A Letter of Reprimand
What is the maximum fine the commission may impose? - CORRECT
ANSWER✅✅$1000/violation
, What happens if the complaint against broker is filed. and then later dropped? -
CORRECT ANSWER✅✅The commission is still required to investigate if an violation
has occured.
What is the status if the license during the complaint porcess until the decision of the
commission after the hearing? - CORRECT ANSWER✅✅Active
Disputes between Associate Brokers and Qualifying Brokers regarding commissions -
CORRECT ANSWER✅✅Are not investigated by the real estate commission
Required records shall be available to the commission and whether in paper or
electronic format. - CORRECT ANSWER✅✅Shall be retained for not less than 6 years.
Who enforces the Code of Ethics? - CORRECT ANSWER✅✅The National Association
of Realtors
The Real Estate Commission does not enforce the Code of Ethics
All records generated in connection with real estate matters MUST be made available to
who? - CORRECT ANSWER✅✅The Commission upon request
Should person selling time-shares be lisenced? - CORRECT ANSWER✅✅They must
be licensed unless they have a 15% ownership
interest.
If an applicant fails one portion of the exam and pass the other, they must pass the
failed portion within _________ before having to retake both portions. - CORRECT
ANSWER✅✅90 days
How long does an applicant have to apply after passing their exams? - CORRECT
ANSWER✅✅An applicant has 180 days to make application for license after passing
their exam.
Maximum fee that may be charged per exam - CORRECT ANSWER✅✅$95
Maximum fee that may be charged for a real estate license - CORRECT
ANSWER✅✅$270
An applicant for a broker's license must have the recommendation of ________
reputable citizen who own real estate in the applicant's county - CORRECT
ANSWER✅✅Two
