New Mexico Manufactured Homes Salesperson Practice Exam Questions & Answers

All of the following are required to be given to the customer at close except: a. Copy of purchase agreement b. Sales contract c. Credit Report d. All of the above - ANSWERSC. Credit report, due to company/national credit safety protection we are not allowed to offer any credit information at any time. All conditions of a sales contract signed by a dealer or broker and homeowner must be completed within how many days from the date of delivery, unless otherwise signed and agreed to by both parties? - ANSWERS45 Days A sales person is entitled to be: a. licensed individually b. not employed for more than one dealer or broker at the same time c. not acting as a sales person while license is in suspension d. all of the above - ANSWERSD. All of the above An elderly couple buys a home and the wife have a severe stroke. The home is done and installed onto a permanent foundation. The couple decides that the best thing for them is to live in an apartment for 18 months, which is suggested by their doctor. They want their original sales person to handle the home sale and the salesperson decides to mark the home as new... why is this wrong? - ANSWERSIt has a permanent foundation A manufactured housing broker is going to resell a home, but discovers that the home has lien on it. Who is responsible to get consent to sale? a. previous owner b. the broker c. the seller d. the buyer - ANSWERSThe broker. The HUD plate must consist of everything but: a. A 5 digit serial number b. it must be 2"x4" c. It must be fastened permanently so if it is removed it will be damaged and not reusable d. It must be made of metal - ANSWERSa. A 5 digit serial number The time amount for a temporary license is: - ANSWERS1 Month When your license expires you have to renew it ... - ANSWERSWithin the same month it was received a year later. If a manufactured home is going to be built, but the manual is lost, it must be built by: a. New Mexico manufactured housing and construction standards b. HUD standards c. DAPIA standards d. county standards - ANSWERSb. HUD standards (national standard for modular/manufactured homes) If you obtain a temporary license, you can set up anywhere except... - ANSWERSPublic schools A customer orders a home and decides on upgrades and customer designs on the ordered home. The customer then backs out of the deal and has only paid the deposit. How much of his deposit, if any, will he get back? a. all of it b. the cost of upgrades and repairs c. All of his deposit minus the cost of upgrades and customs, not to exceed 10% of his deposit. d. All of his deposit minus the cost of upgrades and customs, not to exceed 5% of his deposit. - ANSWERSc. All of his deposit minus the cost of upgrades and customs, not to exceed 10% of his deposit. Where is the HUD label located? - ANSWERS1' up and 1' over/ tail light end If a person wants to open 3 locations total to sell new and used manufactured homes, two in NM and one in TX, how many licenses are needed? - ANSWERS1 for each location (dealer license) A commercial unit is any structure designed and equipped for human occupancy for what purpose? - ANSWERSIndustrial, Professional, or Commercial (all or any of them) FEMA stands for? - ANSWERSFederal Emergency Management Agency Retaining walls are... - ANSWERSA barrier with a minimum differential height of 18" that retains lateral load. If a brokers salesperson fails to put in writing, on the form 500, who will be responsible for the repairs on the sale of a used manufactured home, with whom does the responsibility fall? a. Sales person b. broker c. buyer d. manufacturer - ANSWERSb. broker Every manufactured home broker will be audited annually to ensure they are not in the business of - ANSWERSbuying or selling manufactured homes Any person or entity licensed under the manufactured housing act will post a "notice to the public" poster conspicuously that will display... - ANSWERSa number to call for complaints Warranty on a used home sold by a dealership is a. 30 days b. 90 days c. 60 days d. 90 days, or 1 year, whichever is longer - ANSWERSb. 90 days A customer calls for warranty repair work and it is completed in the 10th month after the customer received the keys, how long will the work be covered under warranty? a. 30 days b. 90 days c. until the customers 1 year warranty has expired d. 90 days, or until the customers 1 year warranty has expired, whichever is later... - ANSWERSa. 30 days Each person's license shall be renewed annually during its anniversary month. How many days does the division allow for a licensee to renew without penalty? a. 90 days b. 60 days c. 30 days d. 10 days - ANSWERSc. 30 days Regulation Z is basically... a. To enforce fair trade practices b. truth and justice c. statutes to which homes are built d. to share with consumers the long terms of lending and the truths that are involved... - ANSWERSd. to share with consumers the long terms of lending and the truths that are involved.