Regulations for Manufactured Housing in New
Mexico – Questions With Proper Solutions
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Practice questions for this set
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Written statement confirming consent to service process.
Choose an answer
1 Manufactured Housing Division 2 Affidavit
3 Refund Policy 4 Duration
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Terms in this set (139)
Manufactured Housing Agency overseeing manufactured housing
Division regulations.
NMAC New Mexico Administrative Code for regulations.
Scope Applies to dealers, brokers, and manufacturers.
Statutory Authority Rules based on Manufactured Housing Act.
, Duration Rules are permanent in nature.
Effective Date Rules effective from December 1, 2010.
Objective Establish requirements for trust accounts and bonds.
Accounts for handling funds in pre-owned
Trust Accounts
transactions.
Dealer Responsibilities Maintain trust accounts and record transactions.
Transaction Completion Funds held until transaction is finalized.
Inspection Rights Division can inspect records and accounts.
Bona fide agreement needed for consumer
Deposit Requirements
deposits.
Deposits refunded if financing denied or terms
Refund Policy
change.
Stock Units Refund Full refund minus 5% of purchase price.
Ordered Units Refund Full refund minus 10% of purchase price.
Purchase Agreement Must include details like model and financing.
Includes checks and other transferable financial
Negotiable Instruments
documents.
Consumer Protection Bonds ensuring consumer rights in transactions.
Bonds
Minimum Balance Required to avoid service charges in trust accounts.
Actual Costs Costs incurred by seller deducted from refunds.
Bona Fide Purchase Legitimate agreement signed by both parties.
Agreement
Similar obligations as dealers regarding trust
Broker Responsibilities
accounts.
Records Maintenance Dealers must keep detailed transaction records.
Home Deposit Refund Refunds for deposits on homes needing repairs.
Refund Timetable Cash deposits refunded within one business day.
Check deposits refunded after clearing, within five
Check Deposit Refund
days.
Mexico – Questions With Proper Solutions
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Written statement confirming consent to service process.
Choose an answer
1 Manufactured Housing Division 2 Affidavit
3 Refund Policy 4 Duration
Don't know?
Terms in this set (139)
Manufactured Housing Agency overseeing manufactured housing
Division regulations.
NMAC New Mexico Administrative Code for regulations.
Scope Applies to dealers, brokers, and manufacturers.
Statutory Authority Rules based on Manufactured Housing Act.
, Duration Rules are permanent in nature.
Effective Date Rules effective from December 1, 2010.
Objective Establish requirements for trust accounts and bonds.
Accounts for handling funds in pre-owned
Trust Accounts
transactions.
Dealer Responsibilities Maintain trust accounts and record transactions.
Transaction Completion Funds held until transaction is finalized.
Inspection Rights Division can inspect records and accounts.
Bona fide agreement needed for consumer
Deposit Requirements
deposits.
Deposits refunded if financing denied or terms
Refund Policy
change.
Stock Units Refund Full refund minus 5% of purchase price.
Ordered Units Refund Full refund minus 10% of purchase price.
Purchase Agreement Must include details like model and financing.
Includes checks and other transferable financial
Negotiable Instruments
documents.
Consumer Protection Bonds ensuring consumer rights in transactions.
Bonds
Minimum Balance Required to avoid service charges in trust accounts.
Actual Costs Costs incurred by seller deducted from refunds.
Bona Fide Purchase Legitimate agreement signed by both parties.
Agreement
Similar obligations as dealers regarding trust
Broker Responsibilities
accounts.
Records Maintenance Dealers must keep detailed transaction records.
Home Deposit Refund Refunds for deposits on homes needing repairs.
Refund Timetable Cash deposits refunded within one business day.
Check deposits refunded after clearing, within five
Check Deposit Refund
days.
