NM Broker Basics Unit 1 License Law

Members of National Association of Realtors (NAR) - Answer-Voluntary trade organization that licensees may join and subscribe to a specific code of ethics, enforce the code, through local boards and associations. New Mexico Real Estate Commission has the following requirements - Answer-Consists of 5 members, 4 of which are licensed real estate brokers, residents of the state for 3 consecutive years, no more than 2 appointees can be from the same county, appointed by the governor, and governor may fill vacant positions. Three functions of the NM Real Estate Commission are - Answer-Licensing, Eduction, Enforcement Qualifying Broker - Answer-Has qualified a proprietorship, corporation, partnership or association to do business as a real estate brokerage in the state of M and who discharges the responsibilities of a qualifying broker as set forth in NMAC 16.61.16.9 Associate Broker - Answer-A person holding a NM associate broker's license who is affiliated with a NM qualifying broker Violation of the license law by an unlicensed person is - Answer-A fourth-degree felony, prosecution resulting in 18 months improsonment, $5000 fine, or both. Violation of the license law by a licensee is - Answer-A misdemeanor and punishable by a fine of $500, imprisonment for not more than 6 months, or both. License law allows the attorney general to seek the following for patterns of blatant abuse - Answer-Civil penalty up to $5,000 per violation, plus attorney fees and costs The Uniform Licensing Act (ULA) allows for the NMRE to impose the following for license violations - Answer-Administrative fines up to $1000 for each violation Associate Broker licensing requirements include - Answer-90 hours of prelicensing instruction: 30 hours in real estate law, 30 hours in real estate principles and practice, 30 hours broker basics Qualifying Broker licensing requirements include - Answer-Four years of active experience as an associate broker (only 2 years if not supervising or managing other brokers), complete 120 hours of prelicense instruction: 30 hours of real estate law, 30 hours real estate principles and practice, 30 hours of broker basics, & 30 hours of brokerage office administration Applicant for qualifying broker must have documented qualifying transactions experience totaling - Answer-100 points on a point system