- Study guides, Class notes & Summaries

NM Real Estate Practice Exam Questions with Verified Solutions Feet in an acre 43,560 ft Feet in a Mile 5,280 ft A Plat 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 Metes and Bounds Description using compass headings and directions Lot and Block Land description which provides plat reference Oversees Fannie Mae and Freddie Mac and regulates the Federal Home Loan Bank Federal Housing Finance Agency ...

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10 pages

Written in 2023/2024

Grade A+

StellarScores

New Mexico Real Estate Law Exam Questions and Answers A broker is performing as a property manager and deposits rent into her operating account. This is an example of which of the following? - Correct Answer ️️ -The answer is COMMINGLING. Mixing a broker's money with a client's money is commingling (and illegal). A lessee has the greatest protection with a(n) - Correct Answer ️️ -The answer is ESTATE FOR YEARS. An estate for years locks the holder into the lease for a specific pe...

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18 pages

Written in 2023/2024

Grade A+

EmilyCharlene

What are the six type of real property - ANSWER1. Residential 2. Commercial 3. Mixed use 4. Industrial 5. Agricultural 6. Special Purpose What division is the real estate commission administrively attached to? - ANSWERregulation & licensing division (RDL) What is the penalty for violation for violating real estate law or commission rules for UNLICENSED person? - ANSWER$5000 criminal fine 4th degree felony 18 months in prison

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8 pages

Written in 2025/2026

Grade A+

shantelleG

NM REAL ESTATE TEST EXAM QUESTIONS AND ANSWERS 2026 VERIFIED.

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6 pages

Written in 2025/2026

Grade A+

Fyndlay

NM REAL ESTATE EXAM QUESTIONS AND CORRECT ANSWERS !!...

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9 pages

Written in 2025/2026

Grade A+

Easton

NM REAL ESTATE TEST 2026 UPDATE QUESTIONS AND 100% CORRECT ANSWERS!!...

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4 pages

Written in 2025/2026

Grade A+

Easton

NM Real Estate Exam questions well answered to pass 1. Residential 2. Commercial 3. Mixed use 4. Industrial 5. Agricultural 6. Special Purpose - correct answer What are the six type of real property regulation & licensing division (RDL) - correct answer What division is the real estate commission administrively attached to? $5000 criminal fine 4th degree felony 18 months in prison - correct answer What is the penalty for violation for violating real estate law or commission rules ...

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14 pages

Written in 2024/2025

Grade A+

StuviaExamHub

Feet in an acre : 43,560 ft Feet in a Mile : 5,280 ft A Plat : 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 Metes and Bounds : Description using compass headings and directions Lot and Block : Land description which provides plat reference Oversees Fannie Mae and Freddie Mac and regulates the Federal Home Loan Bank 2 | P a g e : Federal Housing Finance Agency Market Players purchase loans from primary l...

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11 pages

Written in 2023/2024

Grade A+

Axpert

New Mexico Real Estate Bundled Exams Questions and Answers 100% Verified and Updated | Graded A

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16 items

EmilyCharlene

New Mexico Real Estate Broker Basics Practice Questions and 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 ️️ -C. Sale of time-share units The New Mexico Real Estate Commission may NOT impose A. licensing requirements B. penalties for Code of Ethics violations C. disciplinary penalt...

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22 pages

Written in 2023/2024

Grade A+

EmilyCharlene

New Mexico Broker Exam Questions and Answers Which is FALSE regarding trade names? - Correct Answer ️️ -Associate broker must register a trade name Duties of broker not required? - Correct Answer ️️ -To attend closings What is not a broker relationship? - Correct Answer ️️ -Designated Agency Who regulates Septic systems in New Mexico - Correct Answer ️️ -New Mexico Environmental Improvement Department When is a Septic system required to be inspected and certified? - Correc...

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3 pages

Written in 2023/2024

Grade A+

EmilyCharlene

New Mexico Broker Basic Exam Questions and Answers Which of the 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 - Correct Answer ️️ - Associate brokers must register a trade name All of the following are broker duties EXCEPT -honesty -disclosure of material facts -Attend cl...

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5 pages

Written in 2023/2024

Grade A+

EmilyCharlene

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 EX...

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7 pages

Written in 2023/2024

Grade A+

EmilyCharlene

NM Broker Basics Exam Questions and Answers Licensees have how many days to respond to a complaint by the Real Estate Commission? - Correct Answer ️️ -10 days The deed has been signed by the grantor - Correct Answer ️️ -Title is said to pass in New Mexico when.... If a broker has not accounted for a security deposit within the required 30 days, and the tenant files suit, what could happen? - Correct Answer ️️ -Pay $250 in damages, pay attorney's fees and courts costs, and for...

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2 pages

Written in 2023/2024

Grade A+

EmilyCharlene

New Mexico broker basics final exam questions with 100% correct solutions Which of the following is false regarding trade names - Correct Answer ️️ -associate brokers must register a trade name all of the following are broker duties except - Correct Answer ️️ -attend closings the duty of honest and reasonable care means - Correct Answer ️️ -Activley applying a brokers skill and expertise for the benefit of the client who regulates septic systems in new mexico - Correct Answer ...

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4 pages

Written in 2023/2024

Grade A+

EmilyCharlene

New Mexico Broker Basics 2024 Questions and 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 imprisonment and/or $5,000 fine. Li...

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8 pages

Written in 2023/2024

Grade A+

EmilyCharlene

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...

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3 pages

Written in 2023/2024

Grade A+

EmilyCharlene

NM Broker Basics Unit 1 License Law Questions and 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 state for 3 consecutive years, ...

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5 pages

Written in 2023/2024

Grade A+

EmilyCharlene

New Mexico broker basics Exam Questions and Answers Broker duties are not required to - Correct Answer ️️ -Disclose their license number or the county issued What are the six fiduciary rights - Correct Answer ️️ -Obedience, loyalty, disclosure, confidentiality, accounting, reasonable care and skills If you don't know the answer you should - Correct Answer ️️ -Advised to consult an attorney if needed Unless authorized in writing a broker representing a seller/owner should not...

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7 pages

Written in 2023/2024

Grade A+

EmilyCharlene

NM Broker Basics Exam Practice Questions and Answers 54321 NMREC - Correct Answer ️️ -5 appointed members of the state and serve for 5 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 ️️ -Buying Selling Leasing/Renting Auctioning Exchanging Listing Negotiating Dealing in options Real Estate Commission - Correct Answer ️️ -Governing body that issues RE licenses...

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46 pages

Written in 2023/2024

Grade A+

EmilyCharlene

Broker Basics NM 01 Licensing Exam Questions and 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? - Correct Answer ️️ -They ...

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7 pages

Written in 2023/2024

Grade A+

EmilyCharlene