New Mexico broker basics Exam Questions and Answers

New Mexico broker basics Exam Questions and Answers Broker duties are not required to - Correct Answer ️️ -Disclose their license number or the county issued What are the six fiduciary rights - Correct Answer ️️ -Obedience, loyalty, disclosure, confidentiality, accounting, reasonable care and skills If you don't know the answer you should - Correct Answer ️️ -Advised to consult an attorney if needed Unless authorized in writing a broker representing a seller/owner should not disclose to buyer/tendon - Correct Answer ️️ -1) seller owner will except less money 2)will agree to financing other than offered 3) motivation for selling or leasing unless required by law Unless authorized in writing a broker representing the buyer/tendon shall not give the following to seller/owner - Correct Answer ️️ -1) buyer/tendon will pay more 2) motivation of buying/leasing 3) other information the buyer has required in writing remains confidential unless disclosed as required by law Designated agency is MOST likely to occur when - Correct Answer ️️ -The QB designates an agent to represent someone and the QB acts as a supervisor Transaction Broker - Correct Answer ️️ -A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. Exclusive Agency - Correct Answer ️️ -A written agreement between a person and a brokerage agrees to exclusively represent real estate transaction/property management Non-mechanically must file within - Correct Answer ️️ -90 days A mechanics lien is required to file for a lien within - Correct Answer ️️ -120 days Property taxes are delinquent on what dates - Correct Answer ️️ -December 10 and May 10 Property taxes are due on what dates - Correct Answer ️️ -November 10 and April 10 Seller/buyer needs to have a septic system inspection by - Correct Answer ️️ -A certified inspector no earlier than 180 days prior to transfer of deed Septic permit - Correct Answer ️️ -Never expire Septic systems are regulated by - Correct Answer ️️ -The state of New Mexico's environment improvement department Who regulates well and water rights - Correct Answer ️️ -New Mexico state engineer office A single-family residence is entitled to how much well water - Correct Answer ️️ -1 acre foot of water per year How many feet in an acre - Correct Answer ️️ -43,560 square feet Respondeat Superior - Correct Answer ️️ -A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or