New mexico real estate - Study guides, Class notes & Summaries

A violation of real estate law or commission rules could be considered a fourth-degree felony, subject up to 18 months imprisonment and/or a $,5000 criminal fine. : Exambple- would be unlicensed activity How long do licensee have to respond to a complaint by the Real Estate Commission? : 10 days If commission finds cause, what will they issue? : Notice of Contemplated Action ( NCA) If there is a false statement on license application, what does commission do? : Will issue NCA for hearing...

A broker is performing as a property manager and deposits rent into her operating account. This is an example of which of the following? : The answer is COMMINGLING. Mixing a broker's money with a client's money is commingling (and illegal). A lessee has the greatest protection with a(n) : The answer is ESTATE FOR YEARS. An estate for years locks the holder into the lease for a specific period of time, which cannot be terminated without cause, even if the property is sold. A broker...

New Mexico Real Estate Broker Exam Questions And Answers With Latest Solutions New Mexico Real Estate Broker Exam Questions And Answers With Latest Solutions

New Mexico Real Estate Exam Questions and Answers Graded A+ The commission shall be appointed by? The governor. The three functions of the commission are? Licensing, Education, Enforcement. (LEE) The commission has how many members? five members, four members must be licensed and one member must be nonlicensed. Not more than one member can be from the same county. Who is exempt from obtaining a license Subdivisions holding less than 99 parcels, time- share sales persons with 15% o...

New Mexico Real Estate Questions and Answers Graded A+ General Warranty Deed Deed containing full warranty of title, Offers greatest protection Nonconforming use Existing use that doesn't meet current zoning standards metes and bounds a method of describing real estate, using boundary lines with terminal points and angles Warranty Deed Has the most covenants executory contract A contract that has not as yet been fully performed. Constructive Eviction A landlord allows a bu...

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