NM Real Estate Exam questions well
answered to pass
1. Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special Purpose - correct answer ✔✔What are the six type of real property
regulation & licensing division (RDL) - correct answer ✔✔What division is the real estate
commission administrively attached to?
$5000 criminal fine
4th degree felony
18 months in prison - correct answer ✔✔What is the penalty for violation for violating real
estate law or commission rules for UNLICENSED person?
MAX fine: $500
MAX Commission: $1000/violation
misdemeanor
6 months prison - correct answer ✔✔What is the penalty for violation for violating real estate
law or commission rules for LICENSED person?
10 days - correct answer ✔✔How long do licensees have to RESPOND to complaint by NMREC?
, 20 days
or license revoked is no request - correct answer ✔✔How long do licensees have to REQUEST a
hearing after NCA?
30 days - correct answer ✔✔How long do licensees have to APPEAL decision to district court
after hearing?
NMREC issues NCA for hearing - correct answer ✔✔What happens if there is a FALSE statement
on license application?
Only if the QB had Guilty Knowledge of the offense - correct answer ✔✔When can a Qualifying
Brokers license can be revoked if their Associate Broker is found guilty of illegal activity?
letter of reprimand - correct answer ✔✔What is the MINIMUM penalty from NMREC?
$1000/violation - correct answer ✔✔What is the MAXIMUM fine the NMREC may impose?
The commission is still required to investigate if an violation has occurred - correct answer
✔✔What happens if complaint against broker is filed, and then later dropped?
It is still ACTIVE - correct answer ✔✔What is the status of the license during the complaint
process until the decision of the commission after the hearing
They are not investigated by the real estate commission. - correct answer ✔✔What happens
with disputes between Associate Brokers and Qualifying Brokers regarding commissions?
no less than 6 years-in paper or electronic format - correct answer ✔✔How long should records
be available to NMREC?
answered to pass
1. Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special Purpose - correct answer ✔✔What are the six type of real property
regulation & licensing division (RDL) - correct answer ✔✔What division is the real estate
commission administrively attached to?
$5000 criminal fine
4th degree felony
18 months in prison - correct answer ✔✔What is the penalty for violation for violating real
estate law or commission rules for UNLICENSED person?
MAX fine: $500
MAX Commission: $1000/violation
misdemeanor
6 months prison - correct answer ✔✔What is the penalty for violation for violating real estate
law or commission rules for LICENSED person?
10 days - correct answer ✔✔How long do licensees have to RESPOND to complaint by NMREC?
, 20 days
or license revoked is no request - correct answer ✔✔How long do licensees have to REQUEST a
hearing after NCA?
30 days - correct answer ✔✔How long do licensees have to APPEAL decision to district court
after hearing?
NMREC issues NCA for hearing - correct answer ✔✔What happens if there is a FALSE statement
on license application?
Only if the QB had Guilty Knowledge of the offense - correct answer ✔✔When can a Qualifying
Brokers license can be revoked if their Associate Broker is found guilty of illegal activity?
letter of reprimand - correct answer ✔✔What is the MINIMUM penalty from NMREC?
$1000/violation - correct answer ✔✔What is the MAXIMUM fine the NMREC may impose?
The commission is still required to investigate if an violation has occurred - correct answer
✔✔What happens if complaint against broker is filed, and then later dropped?
It is still ACTIVE - correct answer ✔✔What is the status of the license during the complaint
process until the decision of the commission after the hearing
They are not investigated by the real estate commission. - correct answer ✔✔What happens
with disputes between Associate Brokers and Qualifying Brokers regarding commissions?
no less than 6 years-in paper or electronic format - correct answer ✔✔How long should records
be available to NMREC?
