New Mexico Broker Exam

Which is FALSE regarding trade names? - Answer-Associate broker must register a trade name Duties of broker not required? - Answer-To attend closings What is not a broker relationship? - Answer-Designated Agency Who regulates Septic systems in New Mexico - Answer-New Mexico Environmental Improvement Department When is a Septic system required to be inspected and certified? - Answer-Not more than 180 prior to closing What is the time that transaction files must be maintained, even if it does not close? - Answer-6 years What is required office signage? - Answer-It must be in a conspicuous location near the entrance to the office The minimum amount the Real Estate Recovery fund cannot fall below - Answer-150,000 Licensee has how many days to respond to complaint by real estate commision - Answer-10 Days How long does an injured party have to file a claim after receiving judgement and making all attempts to collect from broker? - Answer-within 1 year What is the maximum amount that the recover fund will pay per judgement/offense? - Answer10,000 Maximum aggregate amount that fund will pay out for a broker - Answer-30,000 What is required to create a designated agency? - Answer-An agent represents the seller, and agent represents the buyer, and the QB acts as a supervisor What is NOT a duty of the real estate commision? - Answer-Enforce the code of ethics Licensee has how many days to appeal a decision against them from Real Estate Commision - Answer-30 Days Brokers may deposit commision checks into which type of account - Answer-Broker Operating Account