Exam (elaborations)
New Mexico Broker Basics exam with verified solutions
- Course
- Institution
New Mexico Broker Basics exam with verified solutions
[Show more]
Content preview
New Mexico Broker Basics examwith verified solutions
Changes or amendments to Commission rules are effective ____ days after
notification to all active licensees - answer 30
a violation of real estate law or commission rules could be considered a
_______________ felony - answer 4th degree
a violator of real estate law or comission rules could be subject to
__________ and/or_____________ - answer 18 months imprisonment and/or
$5,000 fine.
Licensees have ____ days to respond to a complaint by the real estate
commission - answer 10
If it finds cause, the commission will issue a ______________ - answer Notice
of Contemplated Action (NCA)
When given a Notice of Contemplated Action (NCA) a Licensee has ____
days to request a hearing - answer 20
If Licensee does not request a hearing within 20 days, the commission may
____________________ license - answer revoke
QB's may only have their license revoked for the illegal activity of their
AB's if they have _________________ - answer guilty knowledge
The status of the license is still ____________ during the complaint process
until the decision of the commission after the hearing - answer active
Decisions of the commission in favor of the licensee are __________ - answer
final
, If commission rules against the licensee, the licensee may seek judicial
review in _________________ - answer district court
Appeals are made to district court within ____ days of the commission
decision - answer 30
Commission may fine licensee based on the Uniform Licensing Act up to
____________ per offense - answer $1,000
The minimum penalty that the commission may impose is a
___________________ - answer Letter of reprimand
Any licensee whose license has been revoked may re-apply, and must
meet all the requirements of _______________ - answer original license
Re-issuance of license is at the discretion of the ____________ - answer
commission
NMREC inspections include, but are not limited to - answer -Address of
the real estate or time-share office
-the sign identifying the office
-the procedure used to deposit money
-the trust records
-the indexing or numbering system used in filing records
-advertising
-availability of current statutes and regulations of place of business
-purchases, offers to purchase, counter offers, sales, lead-based paint
disclosures, current, expired and cancelled listings; the names of all
principles or parties to the transaction; the names of persons to whom
compensation is paid
-
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 $18.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now