Exam (elaborations)
NM Broker Basics exam with verified solutions.
- Course
- Institution
NM Broker Basics exam with verified solutions.
[Show more]
Content preview
NM Broker Basics exam withverified solutions
Which of the following requires a real estate license? - answer Sale of
time-share units
The NM REC may NOT impose - answer Penalties for code of ethics
violations.
The responsibilities of the NMREC do Not include - answer Regulating
brokerage fees.
The governor of the State of New Mexico - answer Fills vacancies on the
NM REC for unexpired terms.
Paying a a referral fee to an unlicensed person for information leading to a
listing - answer Is a violation of the license law.
A broker's license can be revoked if the broker - answer Fails to account
for funds that belong to others.
Which of the following are exempt from the provisions of the real estate
law? - answer Trustee acting under deed of trust, trustee acting under a
trust agreement, person who deals exclusively in mineral leases, 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? - answer 20 Days
The MAXIMUM fine the commission may impose is - answer $1,000 per
violation
, Brokerage office signage MUST do all of the following EXCEPT - answer
List the license number.
An associate broker involved in a real estate transaction may accept
compensation from - answer A. the real estate firms Qualifying broker
Records generated in connection with real estate matters proceed through
a brokerage - answer Must be made available to the commission upon
request.
An unlicensed assistant may do which of the following? - answer Host an
open house with her responsible person present.
Licensees are notified of impending action against their license by -
answer Notice of Contemplated Action (NCA)
An associate broker is REQUIRED by rule to do all of the following EXCEPT -
answer Register their trade name with NMREC.
A broker who prepares a purchase agreement MUST give a copy of this
signed document to the buyer - answer As soon as practically possible.
What information MUST a broker provide to the NMREC staff members who
are conducting an investigation of a filed complaint? - answer All
information requested
Which of the following is NOT a circumstance that would allow the NMREC
to refuse to renew the license of a broker? - answer There is a
disciplinary action pending against the broker.
If an associate broker, employee or partner violates a license law or
NMREC rule, the qualifying broker's license could be revoked if they -
answer Had guilty knowledge of the violation.
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 $16.99. 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