State of New Mexico Real Estate Exam Questions and Answers

State of New Mexico Real Estate Exam Questions and 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 Broker changing address must notify commission of new address within _____ - Correct Answer ️️ -Within 10 days of address change When Associate brokers request that their license is transferred, the QB shall within________ hours return the license to the commission - Correct Answer ️️ -within 48 hours When can a licensee tranferring office start working for the new QB? - Correct Answer ️️ -A licensee transferring offices may start working for the new QB whe