NM REAL ESTATE EXAM QUESTIONS AND CORRECT ANSWERS!!!!
ALREADY GRADED A+ LATEST UPDATE!!!
What are the six type of real property - (ANSWER)1. Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special Purpose
What division is the real estate commission administrively attached to? - (ANSWER)regulation & licensing
division (RDL)
What is the penalty for violation for violating real estate law or commission rules for UNLICENSED
person? - (ANSWER)$5000 criminal fine
4th degree felony
18 months in prison
What is the penalty for violation for violating real estate law or commission rules for LICENSED person? -
(ANSWER)MAX fine: $500
MAX Commission: $1000/violation
misdemeanor
6 months prison
How long do licensees have to RESPOND to complaint by NMREC? - (ANSWER)10 days
How long do licensees have to REQUEST a hearing after NCA? - (ANSWER)20 days
or license revoked is no request
How long do licensees have to APPEAL decision to district court after hearing? - (ANSWER)30 days
, NM REAL ESTATE EXAM QUESTIONS AND CORRECT ANSWERS!!!!
ALREADY GRADED A+ LATEST UPDATE!!!
What happens if there is a FALSE statement on license application? - (ANSWER)NMREC issues NCA for
hearing
When can a Qualifying Brokers license can be revoked if their Associate Broker is found guilty of illegal
activity? - (ANSWER)Only if the QB had Guilty Knowledge of the offense
What is the MINIMUM penalty from NMREC? - (ANSWER)letter of reprimand
What is the MAXIMUM fine the NMREC may impose? - (ANSWER)$1000/violation
What happens if complaint against broker is filed, and then later dropped? - (ANSWER)The commission is
still required to investigate if an violation has occurred
What is the status of the license during the complaint process until the decision of the commission after
the hearing - (ANSWER)It is still ACTIVE
What happens with disputes between Associate Brokers and Qualifying Brokers regarding commissions?
- (ANSWER)They are not investigated by the real estate commission.
How long should records be available to NMREC? - (ANSWER)no less than 6 years-in paper or electronic
format
does NMREC enforce code of ethics? - (ANSWER)NO
this would be a trade organization
National Association of Relators
What records must be available to NMREC upon request? - (ANSWER)ALL records generated in
connection with real estate matters
Do time shares salespersons need a license? - (ANSWER)YES
ALREADY GRADED A+ LATEST UPDATE!!!
What are the six type of real property - (ANSWER)1. Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special Purpose
What division is the real estate commission administrively attached to? - (ANSWER)regulation & licensing
division (RDL)
What is the penalty for violation for violating real estate law or commission rules for UNLICENSED
person? - (ANSWER)$5000 criminal fine
4th degree felony
18 months in prison
What is the penalty for violation for violating real estate law or commission rules for LICENSED person? -
(ANSWER)MAX fine: $500
MAX Commission: $1000/violation
misdemeanor
6 months prison
How long do licensees have to RESPOND to complaint by NMREC? - (ANSWER)10 days
How long do licensees have to REQUEST a hearing after NCA? - (ANSWER)20 days
or license revoked is no request
How long do licensees have to APPEAL decision to district court after hearing? - (ANSWER)30 days
, NM REAL ESTATE EXAM QUESTIONS AND CORRECT ANSWERS!!!!
ALREADY GRADED A+ LATEST UPDATE!!!
What happens if there is a FALSE statement on license application? - (ANSWER)NMREC issues NCA for
hearing
When can a Qualifying Brokers license can be revoked if their Associate Broker is found guilty of illegal
activity? - (ANSWER)Only if the QB had Guilty Knowledge of the offense
What is the MINIMUM penalty from NMREC? - (ANSWER)letter of reprimand
What is the MAXIMUM fine the NMREC may impose? - (ANSWER)$1000/violation
What happens if complaint against broker is filed, and then later dropped? - (ANSWER)The commission is
still required to investigate if an violation has occurred
What is the status of the license during the complaint process until the decision of the commission after
the hearing - (ANSWER)It is still ACTIVE
What happens with disputes between Associate Brokers and Qualifying Brokers regarding commissions?
- (ANSWER)They are not investigated by the real estate commission.
How long should records be available to NMREC? - (ANSWER)no less than 6 years-in paper or electronic
format
does NMREC enforce code of ethics? - (ANSWER)NO
this would be a trade organization
National Association of Relators
What records must be available to NMREC upon request? - (ANSWER)ALL records generated in
connection with real estate matters
Do time shares salespersons need a license? - (ANSWER)YES
