NM Real Estate Test Sept. 2024 Questions and Answers

NM Real Estate Test Sept. 2024 Questions and Answers When is the priority of water rights determined? - Correct Answer ️️ -A) When the permit is filed with the engineer's office Associate Brokers must complete how many hours of continuing education for their renewal? - Correct Answer ️️ -C) 36 hours Fingerprint results are valid for? - Correct Answer ️️ -D) Not older than 21 days prior to application All of the following are duties of the New Mexico Real Estate Commission EXCEPT? - Correct Answer ️️ -C) enforce the code of ethics. When may a licensee transferring offices start working for the new qualifying broker? - Correct Answer ️️ -A) When the transfer application is signed by the new qualifying broker; and the license, proof of E&O insurance, and fee are received by the Commission All signs advertising property for sale must include which of the following? - Correct Answer ️️ -D) Brokerage name and the office phone number An unlicensed assistant may do which of the following? - Correct Answer ️️ -B) Host an open house with their responsible person present Qualifying Brokers must do all of the following EXCEPT? - Correct Answer ️️ -A) Maintain an office in New Mexico Which of the following is Not True of a supervising qualifying broker renewing their license? - Correct Answer ️️ -B) Swear their loyalty to the board of realtors. How long must transaction files be maintained, even if a deal does not close? - Correct Answer ️️ -Six Years All of the following are requirements of a broker in charge EXCEPT - Correct Answer ️️ -D) the broker must be a New Mexico resident The minimum penalty that the commission may impose is? - Correct Answer ️️ -C) letter of reprimand When can the license of a qualifying broker be revoked for the illegal acts of that broker's associate broker? - Correct Answer ️️ -D) Only if the qualifying broker has guilty knowledge of the offense Who regulates well and water rights in New Mexico? - Correct Answer ️️ -D) State engineer's office Licensees have how many days to request a hearing upon receip