NM BROKER BASICS UNIT 1 LICENSE LAW UPDATED 2026/27
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
How many days does a licensee have to respond once they
have been notified of a complaint?
10 days
Licensees are notified of pending action against their license
by a
Notice of Contemplated Action (NCA)
The NCA gives the licensee how many days to request a
hearing?
20 days
The decision of the NMREC may be appealed to a court as
provided by the ULA within how many days of the decision?
30 days
In real estate, concealment is
Failure to make a required disclosure, which is a type of
misrepresentation
, A withdrawal of a complaint by a member of the commission, a
member of the public, or another broker does
Not bind the commission to dismiss the complaint
Penalties the commission may impose of a licensee based on
the Uniform License Act
$1,000 per violation; deny, revoke, or suspend a license;
require licensee to attend education courses; letter of
reprimand
What is the minimum penalty the commission may impose to a
licenee due to practice
Letter of reprimand
All records, whether on paper or electronic, shall be retained
for the full term of the agreement and for a period of at least
6 years from termination of agreement
Associate broker's must complete the commission approved
new broker business practice course or CCIM 101
Within their first year of licensure
EXAM QUESTIONS AND CORRECT DETAILED ANSWERS
How many days does a licensee have to respond once they
have been notified of a complaint?
10 days
Licensees are notified of pending action against their license
by a
Notice of Contemplated Action (NCA)
The NCA gives the licensee how many days to request a
hearing?
20 days
The decision of the NMREC may be appealed to a court as
provided by the ULA within how many days of the decision?
30 days
In real estate, concealment is
Failure to make a required disclosure, which is a type of
misrepresentation
, A withdrawal of a complaint by a member of the commission, a
member of the public, or another broker does
Not bind the commission to dismiss the complaint
Penalties the commission may impose of a licensee based on
the Uniform License Act
$1,000 per violation; deny, revoke, or suspend a license;
require licensee to attend education courses; letter of
reprimand
What is the minimum penalty the commission may impose to a
licenee due to practice
Letter of reprimand
All records, whether on paper or electronic, shall be retained
for the full term of the agreement and for a period of at least
6 years from termination of agreement
Associate broker's must complete the commission approved
new broker business practice course or CCIM 101
Within their first year of licensure
