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New Mexico Real Estate Exam Questions and Answers Graded A+ The commission shall be appointed by? The governor. The three functions of the commission are? Licensing, Education, Enforcement. (LEE) The commission has how many members? five members, four members must be licensed and one member must be nonlicensed. Not more than one member can be from the same county. Who is exempt from obtaining a license Subdivisions holding less than 99 parcels, time- share sales persons with 15% o...

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82 pages

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4 pages

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A broker is performing as a property manager and deposits rent into her operating account. This is an example of which of the following? Answer COMMINGLING. Mixing a broker's money with a client's money is commingling (and illegal). A lessee has the greatest protection with a(n) Answer ESTATE FOR YEARS. An estate for years locks the holder into the lease for a specific period of time, which cannot be terminated without cause, even if the property is sold. A broker who has done a proper C...

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28 pages

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