NM Broker Basics

Licensees have how many days to respond to a complaint by the Real Estate Commission? - Answer-10 days The deed has been signed by the grantor - Answer-Title is said to pass in New Mexico when.... If a broker has not accounted for a security deposit within the required 30 days, and the tenant files suit, what could happen? - Answer-Pay $250 in damages, pay attorney's fees and courts costs, and forfeit the security deposit When the transfer application is signed by the new qualifying broker; and the license, proof of insurance, and fee are received by the Commission. - Answer-When may a licensee transferring offices start working for the new broker? Within 60 days - Answer-When must a property manager send a final accounting to the property owners upon termination, cancellation, or expiration of the management agreement? One - Answer-A licensee may sell how many manufactured houses per year? $20 per license not to exceed $500. - Answer-When a QB changes offices, how much must a QB pay for the transfer fee? Must have two years of active license status, must have completed all education requirements, and must have passed the broker exam - Answer-What is a requirement of a broker in charge? Must be a New Mexico resident - Answer-What is not a requirement of a broker in charge? Regulation and Licensing Division - Answer-The New Mexico Real Estate Commission is administratively attached to which agency? The broker's license is suspended until the investigation is completed. - Answer-What is FALSE of a broker under investigation by the New Mexico Real Estate Commission? must pass the real estate exam - Answer-Licensees of other states who apply for a New Mexico license...... Real Estate Commission - Answer-Nonresident brokers may be subpoenaed by delivering the process to the.... Trustee acting under proper authorization - Answer-Which nonlicensee can receive a fee for selling another's real property without violating the license law of New Mexico Whatever reasonable specific time agreed to by the seller and the broker - Answer-The maximum time an exclusive listing contract is valid is