NM Broker Basics Study Guide Exam with All Correct Answers () Updated.

10 days - Answer Licensees have how many days to respond to a complaint by the Real Estate Commission? Title is said to pass in New Mexico when.... - Answer The deed has been signed by the grantor Pay $250 in damages, pay attorney's fees and courts costs, and forfeit the security deposit - Answer If a broker has not accounted for a security deposit within the required 30 days, and the tenant files suit, what could happen? When may a licensee transferring offices start working for the new broker? - Answer When the transfer application is signed by the new qualifying broker; and the license, proof of insurance, and fee are received by the Commission. When must a property manager send a final accounting to the property owners upon termination, cancellation, or expiration of the management agreement? - Answer Within 60 days A licensee may sell how many manufactured houses per year? - Answer One When a QB changes offices, how much must a QB pay for the transfer fee? - Answer $20 per license not to exceed $500. What is a requirement of a broker in charge? - Answer Must have two years of active license status, must have completed all education requirements, and must have passed the broker exam What is not a requirement of a broker in charge? - Answer Must be a New Mexico resident The New Mexico Real Estate Commission is administratively attached to which agency? - Answer Regulation and Licensing Division What is FALSE of a broker under investigation by the New Mexico Real Estate Commission? - Answer The broker's license is suspended until the investigation is completed.