Exam (elaborations)
The CE Shop 3 Broker Basics exam with verified solutions
- Course
- Institution
The CE Shop 3 Broker Basics exam with verified solutions
[Show more]
Content preview
The CE Shop: 3. Broker Basicsexam with verified solutions
When are New Mexico qualifying brokers and associate brokers required
to complete the commission-approved Uniform Owner-Resident Relations
Act course? - answer Both before offering property management services
and during every three-year licensing cycle
A broker in your New Mexico firm tells you that having a buyer sign a
written buyer brokerage agreement is sufficient for creating an agency
relationship. Is this true? - answer No. The agreement must specifically
indicate that an agency relationship is intended.
Which of the following is an example of something that would be covered
under E&O insurance? - answer A broker's use of lockboxes
All licensees who have a New Mexico license must complete continuing
education requirements every _______. - answer Three years
You're a New Mexico real estate licensee who just inherited a windfall, and
you've decided to purchase an investment property. Must you disclose
your license status on the purchase agreement? - answer Yes, you must
disclose this under the Additional Disclosures section.
In New Mexico, a _______ directs the sheriff to evict a tenant and restore
possession to the landlord. - answer Writ of restitution
Who does a transaction broker represent in a transaction in New Mexico? -
answer No one
Each buyer of a New Mexico timeshare must receive a(n) _______, which
contains information about the total price, the term of the timeshare, and
details of the agreement between the developer and person managing the
timeshare, among other items. - answer Disclosure
, Lorenzo just received a prestigious fellowship to study abroad for a year!
However, he still has six months left on his one-year apartment lease. His
landlord has given him permission to draw up a new agreement with his
sister Maggie, whereby Maggie will live in the apartment, pay rent to
Lorenzo, and then Lorenzo will pay the landlord. This is an example of
______. - answer Subleasing
Suzy is the buyer in an installment sales contract. What type of title will
she have to the property once she meets her contractual obligations? -
answer Legal
If the commission determines discipline is required for a license law
violation, what is the commission likely to do? - answer Issue a notice of
contemplated action.
Which one of the following statements about the New Mexico Real Estate
Appraisers Act is true? - answer Its passage created the Real Estate
Appraisers Board.
Both the buyer and the seller have to sign the purchase and sale
agreement in order to demonstrate that ______. - answer They understand
the terms
Short-sale homes are usually sold "as-is," meaning the seller isn't going to
make any repairs. In such a case, a(n) _______ addendum may be included. -
answer Buyer purchasing as-is
The appraisal on Jean's property came in at $22,000 less than the agreed-
upon sales price, so the buyer, Thomas, wants to renegotiate the terms. If
they can come up with a new price that is satisfactory to both parties,
what will they use to document this? - answer Amendment
In a commercial purchase and sale agreement, the ____________ paragraph
describes the buyer's due diligence period. - answer Inspection
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BRAINBOOSTERS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now