NM Real Estate - Study guides, Class notes & Summaries

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

State of New Mexico Real Estate Exam Questions and 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 Answer ️️ -Notice of Contem...

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19 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