NM Real Estate Exam
QUESTIONS WITH ANSWERS
SOLVED.
Are licensees required to disclose their license number or county where issued? -
CORRECT ANSWER✅✅NO
Can a property manager refuse to rent to an alcoholic that has a history & pattern of
violence & still be in compliance with fair housing laws? - CORRECT
ANSWER✅✅YES-bc of violence
Can an unlicensed assistant host an open house with their responsible person present?
- CORRECT ANSWER✅✅YES
Can brokers renting their own units put rents into a trust account? - CORRECT
ANSWER✅✅NO
Do septic system permits expire? - CORRECT ANSWER✅✅NO
Do time shares salespersons need a license? - CORRECT ANSWER✅✅YES
UNLESS they have 15% ownership interest
Do you have to prove the selling price of a listing to a neighbor? - CORRECT
ANSWER✅✅NO-not in a non-disclosure state
Does a tenancy agreement need to contain property owner name? - CORRECT
ANSWER✅✅NO
does NMREC enforce code of ethics? - CORRECT ANSWER✅✅NO
this would be a trade organization
National Association of Relators
Does the QB have to maintain an office in state of NM - CORRECT ANSWER✅✅NO
can be virtual
Explain Statute of Frauds - CORRECT ANSWER✅✅-all contracts must be in WRITING
to be enforceable
-EXCEPT leases of less than 12 months
, How are social media advertising disclosure requirements met? - CORRECT
ANSWER✅✅a link to information
How do licenses need to be displayed for a virtual office? - CORRECT
ANSWER✅✅link with "real estate licenses"
How long do licensees have to APPEAL decision to district court after hearing? -
CORRECT ANSWER✅✅30 days
How long do licensees have to REQUEST a hearing after NCA? - CORRECT
ANSWER✅✅20 days
or license revoked is no request
How long do licensees have to RESPOND to complaint by NMREC? - CORRECT
ANSWER✅✅10 days
How long does a broker have to notify NMREC of new address - CORRECT
ANSWER✅✅10 days
How long does an applicant have to make application for license after PASSING exam?
- CORRECT ANSWER✅✅180 days
How long does injured party have to file a claim after receiving a judgement & making
all attempts to collect from broker? - CORRECT ANSWER✅✅1 year
How long does QB have to notice/return license to NMREC when AB transfers license?
- CORRECT ANSWER✅✅48 hours
How long should records be available to NMREC? - CORRECT ANSWER✅✅no less
than 6 years-in paper or electronic format
How many days after expiration of the management agreement does property manager
have to send final accounting to property owners? - CORRECT ANSWER✅✅60 days
How many days notice does a property management need to give for breach of
agreement (violation) or to cure default (repairs maintenance) - CORRECT
ANSWER✅✅7 days
Uniform Owner/Resident Relations Act
How many days notice does property manager need to give for NON-payment of rent or
substantial violation? - CORRECT ANSWER✅✅3 days
Uniform Owner/Resident Relations Act
QUESTIONS WITH ANSWERS
SOLVED.
Are licensees required to disclose their license number or county where issued? -
CORRECT ANSWER✅✅NO
Can a property manager refuse to rent to an alcoholic that has a history & pattern of
violence & still be in compliance with fair housing laws? - CORRECT
ANSWER✅✅YES-bc of violence
Can an unlicensed assistant host an open house with their responsible person present?
- CORRECT ANSWER✅✅YES
Can brokers renting their own units put rents into a trust account? - CORRECT
ANSWER✅✅NO
Do septic system permits expire? - CORRECT ANSWER✅✅NO
Do time shares salespersons need a license? - CORRECT ANSWER✅✅YES
UNLESS they have 15% ownership interest
Do you have to prove the selling price of a listing to a neighbor? - CORRECT
ANSWER✅✅NO-not in a non-disclosure state
Does a tenancy agreement need to contain property owner name? - CORRECT
ANSWER✅✅NO
does NMREC enforce code of ethics? - CORRECT ANSWER✅✅NO
this would be a trade organization
National Association of Relators
Does the QB have to maintain an office in state of NM - CORRECT ANSWER✅✅NO
can be virtual
Explain Statute of Frauds - CORRECT ANSWER✅✅-all contracts must be in WRITING
to be enforceable
-EXCEPT leases of less than 12 months
, How are social media advertising disclosure requirements met? - CORRECT
ANSWER✅✅a link to information
How do licenses need to be displayed for a virtual office? - CORRECT
ANSWER✅✅link with "real estate licenses"
How long do licensees have to APPEAL decision to district court after hearing? -
CORRECT ANSWER✅✅30 days
How long do licensees have to REQUEST a hearing after NCA? - CORRECT
ANSWER✅✅20 days
or license revoked is no request
How long do licensees have to RESPOND to complaint by NMREC? - CORRECT
ANSWER✅✅10 days
How long does a broker have to notify NMREC of new address - CORRECT
ANSWER✅✅10 days
How long does an applicant have to make application for license after PASSING exam?
- CORRECT ANSWER✅✅180 days
How long does injured party have to file a claim after receiving a judgement & making
all attempts to collect from broker? - CORRECT ANSWER✅✅1 year
How long does QB have to notice/return license to NMREC when AB transfers license?
- CORRECT ANSWER✅✅48 hours
How long should records be available to NMREC? - CORRECT ANSWER✅✅no less
than 6 years-in paper or electronic format
How many days after expiration of the management agreement does property manager
have to send final accounting to property owners? - CORRECT ANSWER✅✅60 days
How many days notice does a property management need to give for breach of
agreement (violation) or to cure default (repairs maintenance) - CORRECT
ANSWER✅✅7 days
Uniform Owner/Resident Relations Act
How many days notice does property manager need to give for NON-payment of rent or
substantial violation? - CORRECT ANSWER✅✅3 days
Uniform Owner/Resident Relations Act
