New Mexico Broker Exam Questions & 100% Correct Answers | Latest Update | Graded A+

Which is FALSE regarding trade names? : Associate broker must register a trade name Duties of broker not required? : To attend closings What is not a broker relationship? : Designated Agency Who regulates Septic systems in New Mexico : New Mexico Environmental Improvement Department When is a Septic system required to be inspected and certified? : Not more than 180 prior to closing What is the time that transaction files must be maintained, even if it does not close? : 6 years 2 | P a g e What is required office signage? : It must be in a conspicuous location near the entrance to the office The minimum amount the Real Estate Recovery fund cannot fall below : 150,000 Licensee has how many days to respond to complaint by real estate commision : 10 Days How long does an injured party have to file a claim after receiving judgement and making all attempts to collect from broker? : within 1 year What is the maximum amount that the recover fund will pay per judgement/offense? : 10,000 Maximum aggregate amount that fund will pay out for a broker : 30,000 What is required to create a designated agency? 3 | P a g e : An agent represents the seller, and agent represents the buyer, and the QB acts as a supervisor What is NOT a duty of the real estate commision? : Enforce the code of ethics Licensee has how many days to appeal a decision against them from Real Estate Commision : 30 Days Brokers may deposit commision checks into which type of account : Broker Operating Account After passing one portion of the exam how many days do you have to pass the other one? : 90 Days How long do you have to file application for license after passing exams : 180 Days How many days do you have to submit a compliance of child support?