New Mexico Broker Exam
How is priority of water rights determined? - CORRECT ANSWER-When permit is filed
with engineers office
Fee to transfer a brokers license location - CORRECT ANSWER-20 dollars for transfer
fee and license fee of 200 dollars
Minimum penalty commision may impose - CORRECT ANSWER-Letter of reprimand
applicant for associate broker must have the recommendation of? - CORRECT
ANSWER-Two reputable citizens who own real estate in the applicants county
Exception to licensing - CORRECT ANSWER-In subdivisions containing more than 99
parcels, employees must be licensed.
Timeshare licensing excemption - CORRECT ANSWER-Timeshare salesperson must
be licensed unless they have 15% ownership interest in project.
Licensee has how many days to respond to complaint by real estate commision -
CORRECT ANSWER-10 Days
How long does an injured party have to file a claim after receiving judgement and
making all attempts to collect from broker? - CORRECT ANSWER-within 1 year
What is the maximum amount that the recover fund will pay per judgement/offense? -
CORRECT ANSWER-10,000
Maximum aggregate amount that fund will pay out for a broker - CORRECT ANSWER-
30,000
What is required to create a designated agency? - CORRECT ANSWER-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? - CORRECT ANSWER-Enforce the
code of ethics
Licensee has how many days to appeal a decision against them from Real Estate
Commision - CORRECT ANSWER-30 Days
Brokers may deposit commision checks into which type of account - CORRECT
ANSWER-Broker Operating Account
How is priority of water rights determined? - CORRECT ANSWER-When permit is filed
with engineers office
Fee to transfer a brokers license location - CORRECT ANSWER-20 dollars for transfer
fee and license fee of 200 dollars
Minimum penalty commision may impose - CORRECT ANSWER-Letter of reprimand
applicant for associate broker must have the recommendation of? - CORRECT
ANSWER-Two reputable citizens who own real estate in the applicants county
Exception to licensing - CORRECT ANSWER-In subdivisions containing more than 99
parcels, employees must be licensed.
Timeshare licensing excemption - CORRECT ANSWER-Timeshare salesperson must
be licensed unless they have 15% ownership interest in project.
Licensee has how many days to respond to complaint by real estate commision -
CORRECT ANSWER-10 Days
How long does an injured party have to file a claim after receiving judgement and
making all attempts to collect from broker? - CORRECT ANSWER-within 1 year
What is the maximum amount that the recover fund will pay per judgement/offense? -
CORRECT ANSWER-10,000
Maximum aggregate amount that fund will pay out for a broker - CORRECT ANSWER-
30,000
What is required to create a designated agency? - CORRECT ANSWER-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? - CORRECT ANSWER-Enforce the
code of ethics
Licensee has how many days to appeal a decision against them from Real Estate
Commision - CORRECT ANSWER-30 Days
Brokers may deposit commision checks into which type of account - CORRECT
ANSWER-Broker Operating Account
