1|Page
New Mexico Real Estate Salesperson & Broker Exam
ACTUAL EXAM COMPLETE VERIFIED QUESTIONS
AND CORRECT ANSWERS LATEST UPDATE.pdf
How long do licensees have to APPEAL decision to district
court after hearing? - Answer-30 days
What happens if there is a FALSE statement on license
application? - Answer-NMREC issues NCA for hearing
When can a Qualifying Brokers license can be revoked if
their Associate Broker is found guilty of illegal activity? -
Answer-Only if the QB had Guilty Knowledge of the
offense
What is the MINIMUM penalty from NMREC? - Answer-
letter of reprimand
What is the MAXIMUM fine the NMREC may impose? -
Answer-$1000/violation
,2|Page
What happens if complaint against broker is filed, and then
later dropped? - Answer-The commission is still required
to investigate if a violation has occurred
What is the status of the license during the complaint
process until the decision of the commission after the
hearing - Answer-It is still ACTIVE
What happens with disputes between Associate Brokers
and Qualifying Brokers regarding commissions? - Answer-
They are not investigated by the real estate commission.
How long should records be available to NMREC? -
Answer-no less than 6 years-in paper or electronic format
does NMREC enforce code of ethics? - Answer-NO
this would be a trade organization
National Association of Relators
What records must be available to NMREC upon request?
- Answer-ALL records generated in connection with real
estate matters
,3|Page
Do time shares salespersons need a license? - Answer-
YES
UNLESS they have 15% ownership interest
What happens if an applicant fails one portion of exam &
passes the other? - Answer-they must pass failed portion
within
90 DAYS
or they will have to retake both
How long does an applicant have to make application for
license after PASSING exam? - Answer-180 days
What is the MAX fee charged for exam - Answer-$95
What is the MAX fee for real estate license? - Answer-
$270
What is a requirement for application of broker's license? -
Answer-must have recommendation of 2 reputable
citizens who OWN real estate in applicant's country
, 4|Page
What is a requirement for applying OR renewing NM real
estate broker's license or upgrading an AB to QB license?
- Answer-must be fingerprinted
submitted to NM Department of Public Safety or
EQUIVALENT department from state of residence
FBI to conduct national criminal history background
How long does a broker have to notify NMREC of new
address - Answer-10 days
What are the six type of real property - Answer-1.
Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special Purpose
New Mexico Real Estate Salesperson & Broker Exam
ACTUAL EXAM COMPLETE VERIFIED QUESTIONS
AND CORRECT ANSWERS LATEST UPDATE.pdf
How long do licensees have to APPEAL decision to district
court after hearing? - Answer-30 days
What happens if there is a FALSE statement on license
application? - Answer-NMREC issues NCA for hearing
When can a Qualifying Brokers license can be revoked if
their Associate Broker is found guilty of illegal activity? -
Answer-Only if the QB had Guilty Knowledge of the
offense
What is the MINIMUM penalty from NMREC? - Answer-
letter of reprimand
What is the MAXIMUM fine the NMREC may impose? -
Answer-$1000/violation
,2|Page
What happens if complaint against broker is filed, and then
later dropped? - Answer-The commission is still required
to investigate if a violation has occurred
What is the status of the license during the complaint
process until the decision of the commission after the
hearing - Answer-It is still ACTIVE
What happens with disputes between Associate Brokers
and Qualifying Brokers regarding commissions? - Answer-
They are not investigated by the real estate commission.
How long should records be available to NMREC? -
Answer-no less than 6 years-in paper or electronic format
does NMREC enforce code of ethics? - Answer-NO
this would be a trade organization
National Association of Relators
What records must be available to NMREC upon request?
- Answer-ALL records generated in connection with real
estate matters
,3|Page
Do time shares salespersons need a license? - Answer-
YES
UNLESS they have 15% ownership interest
What happens if an applicant fails one portion of exam &
passes the other? - Answer-they must pass failed portion
within
90 DAYS
or they will have to retake both
How long does an applicant have to make application for
license after PASSING exam? - Answer-180 days
What is the MAX fee charged for exam - Answer-$95
What is the MAX fee for real estate license? - Answer-
$270
What is a requirement for application of broker's license? -
Answer-must have recommendation of 2 reputable
citizens who OWN real estate in applicant's country
, 4|Page
What is a requirement for applying OR renewing NM real
estate broker's license or upgrading an AB to QB license?
- Answer-must be fingerprinted
submitted to NM Department of Public Safety or
EQUIVALENT department from state of residence
FBI to conduct national criminal history background
How long does a broker have to notify NMREC of new
address - Answer-10 days
What are the six type of real property - Answer-1.
Residential
2. Commercial
3. Mixed use
4. Industrial
5. Agricultural
6. Special Purpose
