- Study guides, Class notes & Summaries

New Mexico Broker Basic UPDATED ACTUAL Exam Questions and CORRECT Answers Associate brokers must register a trade name - CORRECT ANSWER following is FALSE regarding trade names? -trade names are registered with the commission -the brokerage must be conducted from the address as registered -associate brokers must register a trade name -a qualifying broker may register more than one trade name Attend closings - CORRECT ANSWER Which of the All of the following are broker duti...

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4 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

New Mexico Broker Exam UPDATED ACTUAL Exam Questions and CORRECT Answers Which is FALSE regarding trade names? - CORRECT ANSWER register a trade name Duties of broker not required? - CORRECT ANSWER What is not a broker relationship? - CORRECT ANSWER Who regulates Septic systems in New Mexico - CORRECT ANSWER Environmental Improvement Department Associate broker must To attend closings Designated Agency New Mexico

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3 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

New Mexico Broker Basics UPDATED ACTUAL Exam Questions and CORRECT Answers Changes or amendments to Commission rules are effective ____ days after notification to all active licensees - CORRECT ANSWER 30 a violation of real estate law or commission rules could be considered a _______________ felony - CORRECT ANSWER 4th degree a violator of real estate law or comission rules could be subject to __________ and/or_____________ - CORRECT ANSWER 18 months imprisonmen...

4.0

(1)

8 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Broker Basics Unit 1 License Law UPDATED ACTUAL Exam Questions and CORRECT Answers Members of National Association of Realtors (NAR) - CORRECT 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 - CORRECT ANSWER Consists of 5 members, 4 of which are licensed real estate brokers, residents of t...

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5 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

Unit 1 - NM Real Estate License Law UPDATED ACTUAL Exam Questions and CORRECT Answers Does the National Association of REALTORS issue licenses? - CORRECT ANSWER only the State What is the real estate commission priority? - CORRECT ANSWER members of the public What are the three functions of the commission to protect the general public? - CORRECT ANSWER • Enforcement (of law) • Education (continued education • Licensing (investigate licenses and background ch...

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5 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Broker Basics Review UPDATED ACTUAL Exam Questions and CORRECT Answers NRMEC - CORRECT ANSWER Issues licenses Receives and investigates complaints Enforces real estate licensing law NOT a duty of the commission to enforce Code of Ethics

4.0

(1)

16 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Broker Basics Quiz 2 UPDATED ACTUAL Exam Questions and CORRECT Answers When acting as a property manager for a principal, the brokerage relationship is what? - CORRECT ANSWER agency relationship Every licensee must meet disclosure requirements to any consumer. Disclosure must include - CORRECT ANSWER conflict of interest, description of licensee broker duties, notice of an I. house transaction. what duties are owed to an agent's client but not a brokers client? ...

4.0

(1)

2 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Broker Basics UPDATED ACTUAL Exam Questions and CORRECT Answers 54321 NMREC - CORRECT ANSWER yrs 4 must be licensed RE brokers 3 consecutive years as state resident 2 (no more than) 1 Unlicensed member of the public RE Broker functions - CORRECT ANSWER Selling Leasing/Renting Auctioning Exchanging Listing Negotiating Dealing in options 5 appointed members of the state and serve for 5 Buying

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41 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

Broker Basics NM 01 Licensing UPDATED ACTUAL Exam Questions and CORRECT Answers What is the New Mexico Real Estate Commission (NMREC) ? - CORRECT ANSWER Government agency that enforces the license law, enacts rules to clarify and/or implement the law and sets education, application and renewal requirements. What is parent company of New Mexico Real Estate Commission (NMREC) ? - CORRECT ANSWER the NM Regulation & Licensing Department How are NMREC's member chosen? - ...

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6 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Broker basics unit 2 quiz-brokerage relationships UPDATED ACTUAL Exam Questions and CORRECT Answers When acting as a property manager for a Principal, the brokerage relationship is which of the following? - CORRECT ANSWER Exclusive agency Every licensee must meet disclosure requirements to any client. Disclosure must include which of the following? - CORRECT ANSWER Disclosure of any conflict of interest, description of licensed broker duties, notice of an in-house tra...

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2 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

New Mexico Real Estate Exam UPDATED ACTUAL Exam Questions and CORRECT Answers The commission shall be appointed by? - CORRECT ANSWER The three functions of the commission are? - CORRECT ANSWER Education, Enforcement. (LEE) The commission has how many members? - CORRECT ANSWER - The governor. - Licensing, - five members, four members must be licensed and one member must be nonlicensed. Not more than one member can be from the same count

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4 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Real Estate Practice Exam UPDATED ACTUAL Exam Questions and CORRECT Answers Feet in an acre - CORRECT ANSWER Feet in a Mile - CORRECT ANSWER A Plat - CORRECT ANSWER - 43,560 ft - 5,280 ft - An unofficial map or plan of a parcel of land that's been or will be subdivided to show the boundaries of each created lot

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7 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Real Estate Exam UPDATED ACTUAL Exam Questions and CORRECT Answers What are the six type of real property - CORRECT ANSWER 2. Commercial 3. Mixed use 4. Industrial 5. Agricultural 6. Special Purpose - 1. Residential What division is the real estate commission administrively attached to? - CORRECT ANSWER - regulation & licensing division (RDL)

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13 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Broker Basics Quiz 3 UPDATED ACTUAL Exam Questions and CORRECT Answers A licensee's commingling of funds may include? - CORRECT ANSWER Mixing clients money with personal accounts, Using clients money, Failing to deposits clients money. How long after a termination of a property agreement does the manager have to reconcile monies and give and accounting to the owner? - CORRECT ANSWER 60 days

4.0

(1)

2 pages

Written in 2024/2025

Grade A

STANFORDGRADESS

New Mexico Real Estate Broker Basics UPDATED ACTUAL Exam Questions and CORRECT Answers Which of the following REQUIRES a real estate license? A. Sale of 20 lots in a subdivision by an employee B. Three-week rental of a condominium C. Sale of time-share units D. Sale of more than 20 personally owned properties - CORRECT ANSWER time-share units The New Mexico Real Estate Commission may NOT impose

4.0

(1)

19 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM Broker Basics Unit 1 License Law UPDATED ACTUAL Exam Questions and CORRECT Answers Members of National Association of Realtors (NAR) - CORRECT 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 - CORRECT ANSWER Consists of 5 members, 4 of which are licensed real estate brokers, residents of the...

4.0

(1)

5 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

NM broker basics unit 1 quiz - NM real estate license law UPDATED ACTUAL Exam Questions and CORRECT Answers Which of the following requires a real estate license? - CORRECT ANSWER timeshare units The New Mexico real estate commissions may not impose - CORRECT ANSWER Penalties for code of ethics violations Sale of The responsibilities of New Mexico real estate commissions do not include - CORRECT ANSWER Regulating brokerage fees

4.0

(1)

3 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

State of New Mexico Real Estate UPDATED ACTUAL Exam Questions and CORRECT Answers A violation of real estate law or commission rules could be considered a fourth-degree felony, subject up to 18 months imprisonment and/or a $,5000 criminal fine. - CORRECT ANSWER Exambple- would be unlicensed activity How long do licensee have to respond to a complaint by the Real Estate Commission? - CORRECT ANSWER 10 days If commission finds cause, what will they issue? - CORRECT ANSWE...

4.0

(1)

18 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

New Mexico RE Principles and Practice UPDATED ACTUAL Exam Questions and CORRECT Answers Cost Approach - CORRECT ANSWER depreciation - Land value plus current construction costs minus A landlord discovered that a potential tenant who applied for a unit has a history of alcoholism and violence. What should the landlord do? - CORRECT ANSWER to the tenant because of the history of violence. Under FHA, It is illegal to discriminate if - CORRECT ANSWER Deficiency Judgment -...

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9 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS

New Mexico Real Estate Principles & Practice UPDATED ACTUAL Exam Questions and CORRECT Answers Real Estate Settlement Procedures Act - CORRECT ANSWER - What law requires that a good-faith estimate be given to a borrower for a federally related loan? original cost - CORRECT ANSWER - All of the following factors would be important when comparing properties under the sales comparison approach to value EXCEPT differences in The number of parties involved in the loan - CORRECT ...

5.0

(1)

9 pages

Written in 2024/2025

Grade A+

STANFORDGRADESS