Exam (elaborations)
Broker Basics (NM specific) exam with verified solutions
- Course
- Institution
Broker Basics (NM specific) exam with verified solutions
[Show more]
Content preview
Broker Basics (NM specific)exam with verified solutions
Brokers SHOULD NOT disclose which of the following? - answer The
motivation of their client
Who regulates septic systems in New Mexico? - answer New Mexico
Environmental Improvement Department
All of the following are requirements of a broker in charge EXCEPT -
answer the broker must be a New Mexico resident
Broker in charge must:
-have four years of active license status
-complete all education requirements
-pass the broker exam
Which of the following funds of others may not be deposited into a trust
account? - answer New Mexico gross receipts taxes
A single-family residence is entitled to how many acre-feet of water per
year? - answer 1.0
What notice is required to enter the residence of a tenant? - answer 24
hours written notice prior to entry
Associate broker have to be licensed for how long in order to upgrade to a
supervising qualifying broker license? - answer 4 years
New Mexico Human Rights Act differs from Federal Fair Housing and
consumer protection laws because ONLY New Mexico's Act? - answer
Prohibits discrimination due to sexual orientation
, Qualifying Brokers must do all of the following EXCEPT? - answer
Maintain an office in New Mexico
NM QBs must:
-Maintain written agreements with their associates
-Supervise all real estate activities
-Conduct all business under the trade name as registered with the
commission
Associate Brokers must complete how many hours of continuing education
for their renewal? - answer 36 hours
Licensees have how many days to request a hearing upon receipt of a
Notice of Contemplated Action (NCA) by the New Mexico Real Estate
Commission? - answer 20 days
A qualifying broker opens a virtual office . How do they display the
licenses of his associate brokers? - answer Photo or scanned images of
the licenses must be on the brokerage's website through a link labeled
"real estate licenses"
What term is used when the principal is held liable for the wrongful acts of
the agent? - answer Respondeat superior
Which of the following is FALSE regarding trade names? - answer
Associate brokers must register a trade name.
A person selling time shares in a development would require what? -
answer A real estate broker's license
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 $16.49. 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