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New Mexico Broker Basics exam with verified solutions
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New Mexico Broker Basics exam with verified solutions
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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Any licensee whose license has been revoked may re-apply, and must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
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