NM Real Estate Exam Questions with Correct Answers
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Course
Licensed Realtor
Institution
Licensed Realtor
What are the six type of real property - Answer-1. Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special Purpose
What division is the real estate commission administrively attached to? - Answer-regulation & licensing division (RDL)
What is the penalty for violat...
NM Real Estate Exam Questions with
Correct Answers
What are the six type of real property - Answer-1. Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special Purpose
What division is the real estate commission administrively attached to? - Answer-
regulation & 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
What is the penalty for violation for violating real estate law or commission rules for
LICENSED person? - Answer-MAX fine: $500
MAX Commission: $1000/violation
misdemeanor
6 months prison
How long do licensees have to RESPOND to complaint by NMREC? - Answer-10 days
How long do licensees have to REQUEST a hearing after NCA? - Answer-20 days
or license revoked is no request
How long do licensees have to APPEAL decision to district court after hearing? -
Answer-30 days
What happens if there is a FALSE statement on license application? - Answer-NMREC
issues NCA for hearing
When can a Qualifying Brokers license can be revoked if their Associate Broker is found
guilty of illegal activity? - Answer-Only if the QB had Guilty Knowledge of the offense
What is the MINIMUM penalty from NMREC? - Answer-letter of reprimand
What is the MAXIMUM fine the NMREC may impose? - Answer-$1000/violation
What happens if complaint against broker is filed, and then later dropped? - Answer-The
commission is still required to investigate if an violation has occurred
, What is the status of the license during the complaint process until the decision of the
commission after the hearing - Answer-It is still ACTIVE
What happens with disputes between Associate Brokers and Qualifying Brokers
regarding commissions? - Answer-They are not investigated by the real estate
commission.
How long should records be available to NMREC? - Answer-no less than 6 years-in
paper or electronic format
does NMREC enforce code of ethics? - Answer-NO
this would be a trade organization
National Association of Relators
What records must be available to NMREC upon request? - Answer-ALL records
generated in connection with real estate matters
Do time shares salespersons need a license? - Answer-YES
UNLESS they have 15% ownership interest
What happens if an applicant fails one portion of exam & passes the other? - Answer-
they must pass failed portion within
90 DAYS
or they will have to retake both
How long does an applicant have to make application for license after PASSING exam?
- Answer-180 days
What is the MAX fee charged for exam - Answer-$95
What is the MAX fee for real estate license? - Answer-$270
What is a requirement for application of broker's license? - Answer-must have
recommendation of 2 reputable citizens who OWN real estate in applicant's country
What is a requirement for applying OR renewing NM real estate broker's license or
upgrading an AB to QB license? - Answer-must be fingerprinted
submitted to NM Department of Public Safety or EQUIVALENT department from state of
residence
FBI to conduct national criminal history background
How long does a broker have to notify NMREC of new address - Answer-10 days
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