New Mexico Broker Basic Exam Questions and Answers

New Mexico Broker Basic Exam Questions and Answers Which of the following is FALSE regarding trade names? -trade names are registered with the commission -the brokerage must be conducted from the address as registered -associate brokers must register a trade name -a qualifying broker may register more than one trade name - Correct Answer ️️ - Associate brokers must register a trade name All of the following are broker duties EXCEPT -honesty -disclosure of material facts -Attend closings -confidentiality - Correct Answer ️️ -Attend closings The duty of honesty and reasonable care means - Correct Answer ️️ -Actively applying a broker's skill and expertise for the benefit of the client Who regulates septic systems in New Mexico - Correct Answer ️️ -New Mexico Environmental Improvement Department When is a septic system required to be inspected - Correct Answer ️️ -Prior to the Transfer of ownership of the property interest How long must files be maintained, even if a deal does not close? - Correct Answer ️️ -Six Years What is required of office signage? - Correct Answer ️️ -It must be in a conspicuous location near the entrance to the office All signs advertising property for sale must include which of the following - Correct Answer ️️ -Brokerage name and the office phone number The real estate commission may NOT impose - Correct Answer ️️ -Penalties for code of ethics violations Licensees have how many days to respond to a complaint by the Real Estate Commission? - Correct Answer ️️ -10 Days 1,000 Per violation - Correct Answer ️️ -The MAXIMUM fine that the commission may impose is Brokers SHOULD NOT disclose which of the following? - Correct Answer ️️ -The motivation of their clients Which of the following is FALSE of E&O insurance by the state provider - Correct Answer ️️ -A. It covers fraud and Misrepresentations*** B. IT is Required of all brokers who have an active license C.It cannot be canceled for any reason except nonpayments of premiums New Mexico Human Rights act differs from federal fair housing act laws because ONLY New Mexico's act - Correct Answer ️️ -Prohibits discrimination due to sexual orientation When must brokers duties be disclosed - Correct Answer ️️ -I writing to a prospective customer or client What must an associate broker do within the first year of obtaining