NM Broker Basics Quiz 1 with 100% Correct Answers

NM Broker Basics Quiz 1 with 100% Correct Answers What does not requires a real estate license? - Correct Answer ️️ -Sale of 99 lots in a subdivision, short term rentals, sale of personally owned property. The Real Estate Commission may not impose? - Correct Answer ️️ -penalties for Code of Ethics violations The Responsibilities of the Real Estate Commission are? - Correct Answer ️️ - Enforcing the license law, rules & regulations, refusing a license for cause. The governor of the State of NM does what? - Correct Answer ️️ -fills vacancies on the Real Estate Commission for unexpired terms. Paying a referral fee to an unlicensed person for information leading to a listing - Correct Answer ️️ -Is a violation of the license law A brokers license can be revoked if the broker - Correct Answer ️️ -fails to account for funds that belongs to others What is exempt from the from the provisions of the real estate license law? - Correct Answer ️️ -A trustee acting under a deed of trust, a trustee acting under a trust agreement, a person who deals exclusively in mineral rights Once an NCA is issues by the commission, the respondent has how many days to respond to the commission to request a hearing? - Correct Answer ️️ -20 days The Maximum fine the commission may impose is? - Correct Answer ️️ -$1,000 per violation