NM Broker Basics Questions and Answers Graded A+

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 signed by the new qualifying broker; and the license, proof of insurance, and fee are received by the Commission. When may a licensee transferring offices start working for the new broker? Within 60 days When must a property manager send a final accounting to the property owners upon termination, cancellation, or expiration of the management agreement? One A licensee may sell how many manufactured houses per year? $20 per license not to exceed $500. When a QB changes offices, how much must a QB pay for the transfer fee? Must have two years of active license status, must have completed all education requirements, and must have passed the broker exam What is a requirement of a broker in charge? Must be a New Mexico resident What is not a requirement of a broker in charge? Regulation and Licensing Division The New Mexico Real Estate Commission is administratively attached to which agency? The broker's license is suspended until the investigation is completed. What is FALSE of a broker under investigation by the New Mexico Real Estate Commission? must pass the real estate exam Licensees of other states who apply for a New Mexico license...... Real Estate Commission Nonresident brokers may be subpoenaed by delivering the process to the.... Trustee acting under proper authorization Which nonlicensee can receive a fee for selling another's real property without violating the license