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New Mexico Real Estate Broker Basics exam with verified solutions
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New Mexico Real Estate Broker Basics exam with verified solutions
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New Mexico Real Estate BrokerBasics exam with verified
solutions
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 - 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 penalties
D. a recovery fund assessment - answer B. penalties for Code of Ethics
violations
The responsibilities of the New Mexico Real Estate Commission do NOT
include
A. regulating brokerage fees
B. enforcing license law
C. enforcing rules and regulations
D. refusing a license for cause - answer A. regulating brokerage fees
The governor of the State of New Mexico
,A. appoints members to the New Mexico Real Estate Commission with the
advice and consent of the state legislature
B. fills vacancies on the New Mexico Real Estate Commission for unexpired
terms
C. may remove any member without cause
D. all of these - answer B. fills vacancies on the New Mexico Real Estate
Commission for unexpired terms
Paying a referral fee to an unlicensed person for information leading to a
listing
A. is a violation of license law
B. is permissible if the unlicensed person performs no further acts
C. is permissible if paid only to the employing broker
D. violates the statement of principles - answer A. is a violation of license
law
A broker's license can be revoked if the broker
A. fails to account for funds that belong to others
B. is unwilling to act as a broker
C. pays a commission to a broker of another state
D. entrusts earnest money with another cooperating broker - answer A.
fails to account for funds that belong to others
Which of the following are exempt from the provisions of the real estate
license law?
A. A trustee acting under a deed of trust
B. A trustee acting under a trust agreement
C. A person who deals exclusively in mineral leases
, D. All of these - answer D. All of these
Once a Notice of Contemplated Action (NCA) is issued by the Commission,
the respondent has how many days to respond to the Commission to
request a hearing?
A. 7 days
B. 10 days
C. 20 days
D. 30 days - answer C. 20 days
The MAXIMUM fine the commission may impose is
A. $1,000
B. $1,000 per violation
C. $1,500
D. $1,500 per violation - answer B. $1,000 per violation
Brokerage office signage MUST do all of the following EXCEPT
A. be legible
B. be near the office entrance
C. contain the trade name of the brokerage
D. list the license number - answer D. list the license number
An associate broker involved in a real estate transaction may accept
compensation from
A. the real estate firm's QB
B. the seller
C. the lending institution when creating a new loan
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