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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.
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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
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Who conducts disciplinary hearings aginst licensees?
Real estate commision
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Who revokes suspends or places conditions on licenses?
The commision
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A violation of real estate law or commision rules is a ______________ offense?
Misdemeanor
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Where are complaints maid against licencees?
Commision
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Licensee's have _______ Days to respond to a complaint?
10 days
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Licensee's must request a hearing within_______Days?
10 Days
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A QB can only have there license revoked if the have _____________ of an AB?
Guilty knowledge
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What is the status of a license during the complaint process?
Active
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When and where are appeals maid?
Appeals are maid to District court and within 30 days of the commisions decision
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If a complaint is filed what must be done regardless if the complaint is withdrawn?
investigation
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The commision may fine licensee based on the uniform licensing act up to _____ per violation?
$1000
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What is the minimum penalty that the commision may impose?
letter of Reprimand
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All records must be retained for a period of ______ years?
6 years
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Can a licensee re-apply after being revoked?
Yes must meet all the requirements of original license
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In subdivisions containing ______ parcels or more must be licensed?
100 or more 99 or less do not have to be licensed
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All timeshare salespersons must be licensed unless the have a _____% ownership interest the the timeshare project?
15%
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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
T
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an unlicensed assistant _____________ host an open house without the broker being present.
May not
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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
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how long do you have to retake any failed portion of the exam?
90 days
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How long do you have to make application for your license after passing the exam?
180 days 6 months
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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.
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if you let your license expire you may have it reinstated how?
within one year pay three times the renewal fee.
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All active brokers must complete____ hours of continuing ed during each licensing cycle?
30 hours in approved courses
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you must complete 8 hours continuing ed in what course?
NMREC mandatory course
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What is the max hours u can recive for any one course?
10 hours
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Brokers my recieve ____ hours for attending what?
Four hours for commision meeting, rules hearings and disciplinary hearings.
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Broker in charge has how long to return AB licnese to the commision?
48 hours
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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
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A complaint for non payment of child support must be verified with who?
- HSD human services department
- CYFD
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What is the max fee for a license, Test, and license transfer?
- $270 issuance
- $95 Test
- $20-$200 when moving offices
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An E and O polilcy can only be denied for what?
if the premium is not paid
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E and O is not required for inactive license T or F
T
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Records and disclosures must be kept for how long?
6 years
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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
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Does a QB have to maintain an office in the state of NM
No
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Can we ever recieve a commision bonus directly from a customer?
NO!
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Who can and cant register a trade name with the commision?
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Must must be on a sign advertising property?
Office number and the name of the brokerage.
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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
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What account can a brokerage never pay commision out of?
Trust account
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When must a trust account be reconciled?
monthly
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In what two reasons is commingling bad?
- hard to determine who the money belongs to
- lead to conversion of funds
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In property managment when must you have two trust accounts?
when you have rents and ernist money
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when a property managment agreement is terminated how long do you have to present final accounting?
60 days of the effective termination date.
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upon termination how long does the property manager have to deliver security deposit along with final accounting?
30 days
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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.
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a week to week residency may be terminated ____ days prior to the termination date?
written 7 day notice
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the rent is unpaid after how many days?
3 days
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for breach of a rental agreement how many days to cure or terminate tenancy?
7 days
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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.
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Honesty and reasonable care are best described as?
Actively applying your skill and expertise
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What is designated agency?
When the QB appoints a broker for the seller and the buyer and acts as a supervisior
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The term used where the Principal is responsible for the actions of the agent is?
respondent superior
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There is no designated agency in state what it it called?
Dual agency where the buyers and seller are clients of the broker
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In all situations a dual agent shall act as what?
a facilitator
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What are protected classes for NMHRA?
NMHRA adds sexual orientation, gender identity and spousal affiliation
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The NM human rights commision has how many members?
7 members
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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
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The commision may collect how much from each licensee for the recovery fund?
$10
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How long do you have to petition for funds from the recoery fund?
1 year
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what are the awarded funds amount limit from the recovery fund?
$10,000 per transaction and $30,000 per licence
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What are two exemptions to subdivision law?
- parcls are 140 acers or greater
- cemetary lots
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NM property taxes are ___________?
Ad valorem "assesed"
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The tax ratio is what in NM?
33 1/3 each property is taxed at 1/3 assesed value
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since 2004 property owners buyers are to report sales price of the property to who?
County assessors office
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what is the head of household deduction?
$2000
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What is the verterans exception?
$4,000
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Taxes are due and payable when?
- november 10th current year
- april 10th fallowing year
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Original contractors must file a lien within ________ days all others must file within_________ days?
- Original contractors 120 days
- others 90 days
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IN NM we do not have to disclose what about properties?
psychologically impacted properties
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Who requlates time shares in NM
NMRC
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Septic systems are subject to the regulations of What?
NM enviornment board/dept
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when do septic permits expire in NM?
Never
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Inspection will happen no earlier that______ prior to the date of recordation of the deed for a septic?
180 days
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Who regulates well and water rights in NM?
NM state engineers office
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When is the priority of water rights determined in NM?
When the permit is filed with the state engineer's office
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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.
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Trade names are registered with who?
NMREC
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IS it borker duties to attend closings?
no
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What is the min amount for the recovery fund?
$150,000
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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
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QB are required to ensure all monies that belong to others are placed into a_______ _______ _______?
- Trust account
- bank
- title company
- or other QB
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Brokers renting there own units must not deposit what into there trust account?
Rent because that is there money
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E and O inssurance premiums cannot exceed ____ per year?
$300
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What are the min For E and O?
- $100,000 per claim
- $500,000 aggregate
- and $1000 deductable
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A single family residence is entitled to ______ water per year?
1 acre foot
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Statute of frauds all contracts must be what to be enforceable? with the exception of what?
in writing, leases less that 12 months
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A property manager has what kind of relationship?
Exclusive agency relationship
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In NM property and assest acquired during marrage is considered?
community property
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IN NM trust accounts must be established as what?
Checking account
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Title is said to transfer when?
signed by the grantor
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What is the perimiter of a township?
24 miles
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