New Mexico Broker Basics 2024 Questions and Answers

New Mexico Broker Basics 2024 Questions and Answers Changes or amendments to Commission rules are effective ____ days after notification to all active licensees - Correct Answer ️️ -30 a violation of real estate law or commission rules could be considered a _______________ felony - Correct Answer ️️ -4th degree a violator of real estate law or comission rules could be subject to __________ and/or_____________ - Correct Answer ️️ -18 months imprisonment and/or $5,000 fine. Licensees have ____ days to respond to a complaint by the real estate commission - Correct Answer ️️ -10 If it finds cause, the commission will issue a ______________ - Correct Answer ️️ - Notice of Contemplated Action (NCA) When given a Notice of Contemplated Action (NCA) a Licensee has ____ days to request a hearing - Correct Answer ️️ -20 If Licensee does not request a hearing within 20 days, the commission may ____________________ license - Correct Answer ️️ -revoke QB's may only have their license revoked for the illegal activity of their AB's if they have _________________ - Correct Answer ️️ -guilty knowledge The status of the license is still ____________ during the complaint process until the decision of the commission after the hearing - Correct Answer ️️ -active Decisions of the commission in favor of the licensee are __________ - Correct Answer ️️ -final If commission rules against the licensee, the licensee may seek judicial review in _________________ - Correct Answer ️️ -district court Appeals are made to district court within ____ days of the commission decision - Correct Answer ️️ -30 Commission may fine licensee based on the Uniform Licensing Act up to ____________ per offense - Correct Answer ️️ -$1,000 The minimum penalty that the commission may impose is a ___________________ - Correct Answer ️️ -Letter of reprimand Any licensee whose license has been revoked may re-apply, and must meet all the requirements of _______________ - Correct Answer ️️ -original license Re-issuance of license is at the discretion of the ____________ - Correct Answer ️️ - commission NMREC inspections include, but are not limited to - Correct Answer ️️ --Address of the real estate or time-share office -the sign identifying the office -the procedure used to deposit money -the trust records -the indexing or numbering system used in filing records -advertising -availability of current statutes and regulations of place of business -purchases, offers to purchase, counter offers, sales, lead-based paint disclosures, current, expired and cancelled listings; the names of all principles or parties to the transaction; the names of persons to whom compensation is p