NM Real Estate Exam Questions with Correct Answers
4 views 0 purchase
Module
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
Written for
Licensed Realtor
Licensed Realtor
Seller
Follow
lectknancy
Reviews received
Content preview
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
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 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 lectknancy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £10.14. You're not tied to anything after your purchase.
