Broker NM Exam

  1. It is the duty of whom to inforce the code of ethics?
    It is the resposablility of the National acc of Realitors NOT the commision.
  2. Who appoints the commision and what are they comprised of ?
    • 5 members appointed by the governor
    • Must by US citizen
    • Must have been a resident for 3 of the past 5 years
    • Four brokers and one non licenced member
  3. Who conducts disciplinary hearings aginst licensees?
    Real estate commision
  4. Who revokes suspends or places conditions on licenses?
    The commision
  5. A violation of real estate law or commision rules is a ______________ offense?
  6. Where are complaints maid against licencees?
  7. Licensee's have _______ Days to respond to a complaint?
    10 days
  8. Licensee's must request a hearing within_______Days?
    10 Days
  9. A QB can only have there license revoked if the have _____________ of an AB?
    Guilty knowledge
  10. What is the status of a license during the complaint process?
  11. When and where are appeals maid?
    Appeals are maid to District court and within 30 days of the commisions decision
  12. If a complaint is filed what must be done regardless if the complaint is withdrawn?
  13. The commision may fine licensee based on the uniform licensing act up to _____ per violation?
  14. What is the minimum penalty that the commision may impose?
    letter of Reprimand
  15. All records must be retained for a period of ______ years?
    6 years
  16. Can a licensee re-apply after being revoked?
    Yes must meet all the requirements of original license
  17. In subdivisions containing ______ parcels or more must be licensed?
    100 or more 99 or less do not have to be licensed
  18. All timeshare salespersons must be licensed unless the have a _____% ownership interest the the timeshare project?
  19. A employee of the property owner what not have to have a real estate lincese in order to rent the owners units T or F
  20. an unlicensed assistant _____________ host an open house without the broker being present.
    May not
  21. What are the qualifications to be a Qualifying broker?
    • 18
    • legal resident
    • engaged in real estate for 2 of the last 5 years
    • 120 hours of commision baised courses
    • and the exam
  22. how long do you have to retake any failed portion of the exam?
    90 days
  23. How long do you have to make application for your license after passing the exam?
    180 days 6 months
  24. How long is a license good for? and when do they expire?
    3 years and the last day of the month fallowing the licensee's birth month.
  25. if you let your license expire you may have it reinstated how?
    within one year pay three times the renewal fee.
  26. All active brokers must complete____ hours of continuing ed during each licensing cycle?
    30 hours in approved courses
  27. you must complete 8 hours continuing ed in what course?
    NMREC mandatory course
  28. What is the max hours u can recive for any one course?
    10 hours
  29. Brokers my recieve ____ hours for attending what?
    Four hours for commision meeting, rules hearings and disciplinary hearings.
  30. Broker in charge has how long to return AB licnese to the commision?
    48 hours
  31. At what point can a transfereing licensee begin work?
    Application signed with proof of E and O and $20 fee are stamped received at the commision
  32. A complaint for non payment of child support must be verified with who?
    • HSD human services department
    • CYFD
  33. What is the max fee for a license, Test, and license transfer?
    • $270 issuance
    • $95 Test
    • $20-$200 when moving offices
  34. An E and O polilcy can only be denied for what?
    if the premium is not paid
  35. E and O is not required for inactive license T or F
  36. Records and disclosures must be kept for how long?
    6 years
  37. What is required of a broker in charge?
    • must be in writing to the commision
    • must be qualified to be a QB
    • Assumes all responsabilites
  38. Does a QB have to maintain an office in the state of NM
  39. Can we ever recieve a commision bonus directly from a customer?
  40. Who can and cant register a trade name with the commision?
    • QB can
    • AB cant
  41. Must must be on a sign advertising property?
    Office number and the name of the brokerage.
  42. what is required of office signadge and what if there are two QB in the same office?
    • must be in a conspicuous place ner the office entrance
    • identifying the QB and the trade name
    • if two must both be threr
  43. What account can a brokerage never pay commision out of?
    Trust account
  44. When must a trust account be reconciled?
  45. In what two reasons is commingling bad?
    • hard to determine who the money belongs to
    • lead to conversion of funds
  46. In property managment when must you have two trust accounts?
    when you have rents and ernist money
  47. when a property managment agreement is terminated how long do you have to present final accounting?
    60 days of the effective termination date.
  48. upon termination how long does the property manager have to deliver security deposit along with final accounting?
    30 days
  49. if the time frame to delivery deposit and accounting upon termination is not meet what might the resident do?
    recover the entire deposit $250 fine reasonable attorney fees and court costs.
  50. a week to week residency may be terminated ____ days prior to the termination date?
    written 7 day notice
  51. the rent is unpaid after how many days?
    3 days
  52. for breach of a rental agreement how many days to cure or terminate tenancy?
    7 days
  53. When must the brokers duties disclosure be given to a client?
    Prior to generating or presenting any written document that has the potential to become an express written agreement.
  54. Honesty and reasonable care are best described as?
    Actively applying your skill and expertise
  55. What is designated agency?
    When the QB appoints a broker for the seller and the buyer and acts as a supervisior
  56. The term used where the Principal is responsible for the actions of the agent is?
    respondent superior
  57. There is no designated agency in state what it it called?
    Dual agency where the buyers and seller are clients of the broker
  58. In all situations a dual agent shall act as what?
    a facilitator
  59. What are protected classes for NMHRA?
    NMHRA adds sexual orientation, gender identity and spousal affiliation
  60. The NM human rights commision has how many members?
    7 members
  61. Complaints filed with the NMHRC must be filed within how many days of the alleged offense? and may appeal a decision within how many days and to whom?
    • 180 days
    • 30 days to appeal with district court
  62. The commision may collect how much from each licensee for the recovery fund?
  63. How long do you have to petition for funds from the recoery fund?
    1 year
  64. what are the awarded funds amount limit from the recovery fund?
    $10,000 per transaction and $30,000 per licence
  65. What are two exemptions to subdivision law?
    • parcls are 140 acers or greater
    • cemetary lots
  66. NM property taxes are ___________?
    Ad valorem "assesed"
  67. The tax ratio is what in NM?
    33 1/3 each property is taxed at 1/3 assesed value
  68. since 2004 property owners buyers are to report sales price of the property to who?
    County assessors office
  69. what is the head of household deduction?
  70. What is the verterans exception?
  71. Taxes are due and payable when?
    • november 10th current year
    • april 10th fallowing year
  72. When are taxes late?
    • Dec 10
    • May 10 each year
  73. Original contractors must file a lien within ________ days all others must file within_________ days?
    • Original contractors 120 days
    • others 90 days
  74. IN NM we do not have to disclose what about properties?
    psychologically impacted properties
  75. Who requlates time shares in NM
  76. Septic systems are subject to the regulations of What?
    NM enviornment board/dept
  77. when do septic permits expire in NM?
  78. Inspection will happen no earlier that______ prior to the date of recordation of the deed for a septic?
    180 days
  79. Who regulates well and water rights in NM?
    NM state engineers office
  80. When is the priority of water rights determined in NM?
    When the permit is filed with the state  engineer's office
  81. What is the NM homestead protection act?
    protects the first $60,000 single and $120,000 married for the forced sale of a property of unsecured debt.
  82. Trade names are registered with who?
  83. IS it borker duties to attend closings?
  84. What is the min amount for the recovery fund?
  85. A court action by the commision is a _________ and can result it _______  __________?
    A fourth degree feloney and a $5,000 fine and/or 18 months in prison
  86. QB are required to ensure all monies that belong to others are placed into a_______ _______ _______?
    • Trust account
    • bank
    • title company
    • or other QB
  87. Brokers renting there own units must not deposit what into there trust account?
    Rent because that is there money
  88. E and O inssurance premiums cannot exceed ____ per year?
  89. What are the min For E and O?
    • $100,000 per claim
    • $500,000 aggregate
    • and $1000 deductable
  90. A single family residence is entitled to ______ water per year?
    1 acre foot
  91. Statute of frauds all contracts must be what to be enforceable? with the exception of what?
    in writing, leases less that 12 months
  92. A property manager has what kind of relationship?
    Exclusive agency relationship
  93. In NM property and assest acquired during marrage is considered?
    community property
  94. IN NM trust accounts must be established as what?
    Checking account
  95. Title is said to transfer when?
    signed by the grantor
  96. What is the perimiter of a township?
    24 miles
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Broker NM Exam