Broker Basics NM 01 Licensing Exam Questions and Answers

Broker Basics NM 01 Licensing Exam Questions and Answers What is the New Mexico Real Estate Commission (NMREC) ? - Correct Answer ️️ - Government agency that enforces the license law, enacts rules to clarify and/or implement the law and sets education, application and renewal requirements. What is parent company of New Mexico Real Estate Commission (NMREC) ? - Correct Answer ️️ -the NM Regulation & Licensing Department How are NMREC's member chosen? - Correct Answer ️️ -They are appointed by the governor; does not require the state legislature to confirm commissioners What is the make up of the NMREC. - Correct Answer ️️ -5 Commissioners: a) 4 brokers; 1 non-licensed public member who serve 5 year terms, Not paid. b) No more than one commissioner from any one county at a time c) Commissioners must be NM residents for 3 consecutive years before being appointed How does the anagram LEE define NMREC's mandate? - Correct Answer ️️ - Licensing; Education; Enforcement What does the NMREC not do? - Correct Answer ️️ -1) does not enforce NAR's Code of Ethics 2) does not hear procuring cause disputes between firms; 3) Does not hear payment disputes between QBs and ABs. What defines a QB? - Correct Answer ️️ -1) Act in their own name 2) Sue a member of the public for payment 3) List, sell, lease, auction, exchange, deal in real estate options or manage the real property of others for compensation 4) Can be a QB for more than one brokerage or a QB for one and an AB for another What is needed to become a QB? - Correct Answer ️️ -4 years experience with 100 points; one transaction per year for each of the 4 years of the 5 before applying to be a qualifying broker. What is needed to become an AB? - Correct Answer ️️ -90 hours pre-license education (or NMREC reciprocal license/waver), 18, US citizen, apply for application within 6 months of education, 2 reputable property owners in county, E&O insurance, fingerprints. When can you submit fingerprints for license? - Correct Answer ️️ -No earlier than 21 days How many days must a QB notify NMREC after move? - Correct Answer ️️ -10 days How must QB display licenses from a virtual office or website? - Correct Answer ️️ - Must have links to RE licenses. If a QB can supervise an office, what must he do? - Correct Answer ️️ -Have a QB or similar as broker in charge. How long must a QB hold on to records - Correct Answer ️️ -6 years What must a QB insure first-year licensees take? - Correct Answer ️️ -New Broker Business Practices or CCIM 101 CE