NM BROKER BASICS REVIEW EXAM
QUESTIONS AND ANSWERS 2026
VERIFIED.
NRMEC - ANS Enforces real estate licensing law
Issues licenses
Receives and investigates complaints
NOT a duty of the commission to enforce Code of Ethics
Administratively attached to the regulation and licensing divisions
5 members appointed by governor
Commission members must: - ANS Be US citizen
NM resident for 3 years
Four must be NM brokers
@2026/2027 ALLRIGHTS RESERVED.
,One never licensed
5 year term
Governor may remove member with a valid cause
Commission: - ANS Adopts rules
Conducts disciplinary hearings against licensees
Revokes, suspends and places commissions on licensee
Approves courses for licensing
QB - ANS Person who has qualified a proprietorship corp, etx, who discharges the
responsibilities of a qualifying broker
Associate Broker - ANS Affiliated with QB
May be required to have securities license when selling time-shares
Following are exempt from license requirements - ANS 1. Property owners (selling property
they own)
2. Regular employees of property owner or QB (with respect to property owned or managed by
the broker)
3. Subdivision containing 99 or less parcels
@2026/2027 ALLRIGHTS RESERVED.
, 4. All time share sales person must be licensed unless they have 15% ownership in time share
project
5. Person holding power of attorney (from an owner authorizing the final consummation)
6. Attorneys when acting as attorneys
7. Court appointed persons
8. Brokers of severed mineral interests and business opportunity brokers (when not selling real
estate tied to the business)
Violation of real estate license law by unlicensed person - ANS Fourth degree felony
Up to 18 months and $5000
Violation by licensee - ANS Misdemeanor
Up to 6 months and $500
License law also: - ANS Allows attorney general to seek a civil penalty of up to $5000 per
violation, plus attorney fees and court costs
ULA (Uniform licensing act) - ANS Allows for NMREC to impose administrative fines of up to
$1000 for each violation
Qualifications for licensure - ANS 18 years of age
Legal US resident
@2026/2027 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS 2026
VERIFIED.
NRMEC - ANS Enforces real estate licensing law
Issues licenses
Receives and investigates complaints
NOT a duty of the commission to enforce Code of Ethics
Administratively attached to the regulation and licensing divisions
5 members appointed by governor
Commission members must: - ANS Be US citizen
NM resident for 3 years
Four must be NM brokers
@2026/2027 ALLRIGHTS RESERVED.
,One never licensed
5 year term
Governor may remove member with a valid cause
Commission: - ANS Adopts rules
Conducts disciplinary hearings against licensees
Revokes, suspends and places commissions on licensee
Approves courses for licensing
QB - ANS Person who has qualified a proprietorship corp, etx, who discharges the
responsibilities of a qualifying broker
Associate Broker - ANS Affiliated with QB
May be required to have securities license when selling time-shares
Following are exempt from license requirements - ANS 1. Property owners (selling property
they own)
2. Regular employees of property owner or QB (with respect to property owned or managed by
the broker)
3. Subdivision containing 99 or less parcels
@2026/2027 ALLRIGHTS RESERVED.
, 4. All time share sales person must be licensed unless they have 15% ownership in time share
project
5. Person holding power of attorney (from an owner authorizing the final consummation)
6. Attorneys when acting as attorneys
7. Court appointed persons
8. Brokers of severed mineral interests and business opportunity brokers (when not selling real
estate tied to the business)
Violation of real estate license law by unlicensed person - ANS Fourth degree felony
Up to 18 months and $5000
Violation by licensee - ANS Misdemeanor
Up to 6 months and $500
License law also: - ANS Allows attorney general to seek a civil penalty of up to $5000 per
violation, plus attorney fees and court costs
ULA (Uniform licensing act) - ANS Allows for NMREC to impose administrative fines of up to
$1000 for each violation
Qualifications for licensure - ANS 18 years of age
Legal US resident
@2026/2027 ALLRIGHTS RESERVED.
