3/28/26, 5:36 AM Comprehensive Study Guide for the New Mexico Real Estate Exam Flashcards | Quizlet
Social Sciences Economics
New Mexico Real Estate Exam
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Terms in this set (93)
The commission shall be appointed by? The governor.
The three functions of the commission are? Licensing, Education, Enforcement. (LEE)
The commission has how many members? five members, four members must be licensed and one member must be nonlicensed. Not
more than one member can be from the same county.
Who is exempt from obtaining a license Subdivisions holding less than 99 parcels, time-share sales persons with 15% ownership in
the time-share project, Business Opportunity Brokers.
A violation of the license law by an unlicensed person will A fourth degree felony.
result in?
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, 3/28/26, 5:37 AM Comprehensive Study Guide for the New Mexico Real Estate Exam Flashcards | Quizlet
Qualifying broker applicants not in a managerial position need two years of active experience as a licensed associate broker.
how much experience?
Qualifying broker applicants in a managerial position should Document four year of active experience as a licensed associate and qualifying broker.
have how much experience?
Applicant fingerprints submitted to the NM Department of public safety.
What is the minimum penalty that the commission may impose? A letter of reprimand
When advertising real estate it must include trade name, telephone number as registered with the commission.
Who can't register a trade name? An Associate broker
Child Support Enforcement Statement of compliance from HSD not to exceed 30 days.
No type of agency may be assumed by what? implication, only in writing may an agency relationship can exist.
The difference between a transaction broker and a agency is? loyalty and obedience
What is designated agency? A QB would designate one AB for the seller and another AB for the buyer in a single
house transaction.
Subagent Associate Broker, person delegated by the agent of principle to act on his behalf.
OLD CAR Obedience, Loyalty, Disclosure, Confidentiality, Account for all monies & property,
Reasonable skill, care & diligence
Respondent Superior Employer is liable for employee's mistakes.
Net Listing is Illegal in some states
The maximum time and exclusive listing contract is valid? Whatever reasonable specific time agreed to by the seller and the broker.
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Social Sciences Economics
New Mexico Real Estate Exam
Leave the first rating
1
Save
St udents also studied
State of New Mexico Real Estate Key Regulations for New Mexico Rea... National Real Estate Exam, National ... New Mexico Real E
108 terms 32 terms Teacher 1,857 terms Teacher 86 terms
yaraujo27 Preview marleefichera Preview rgsedillos Preview pacaveli21
Terms in this set (93)
The commission shall be appointed by? The governor.
The three functions of the commission are? Licensing, Education, Enforcement. (LEE)
The commission has how many members? five members, four members must be licensed and one member must be nonlicensed. Not
more than one member can be from the same county.
Who is exempt from obtaining a license Subdivisions holding less than 99 parcels, time-share sales persons with 15% ownership in
the time-share project, Business Opportunity Brokers.
A violation of the license law by an unlicensed person will A fourth degree felony.
result in?
https://quizlet.com/933399713/new -mexico-real-estate-exam-flash-cards/ 1/10
, 3/28/26, 5:37 AM Comprehensive Study Guide for the New Mexico Real Estate Exam Flashcards | Quizlet
Qualifying broker applicants not in a managerial position need two years of active experience as a licensed associate broker.
how much experience?
Qualifying broker applicants in a managerial position should Document four year of active experience as a licensed associate and qualifying broker.
have how much experience?
Applicant fingerprints submitted to the NM Department of public safety.
What is the minimum penalty that the commission may impose? A letter of reprimand
When advertising real estate it must include trade name, telephone number as registered with the commission.
Who can't register a trade name? An Associate broker
Child Support Enforcement Statement of compliance from HSD not to exceed 30 days.
No type of agency may be assumed by what? implication, only in writing may an agency relationship can exist.
The difference between a transaction broker and a agency is? loyalty and obedience
What is designated agency? A QB would designate one AB for the seller and another AB for the buyer in a single
house transaction.
Subagent Associate Broker, person delegated by the agent of principle to act on his behalf.
OLD CAR Obedience, Loyalty, Disclosure, Confidentiality, Account for all monies & property,
Reasonable skill, care & diligence
Respondent Superior Employer is liable for employee's mistakes.
Net Listing is Illegal in some states
The maximum time and exclusive listing contract is valid? Whatever reasonable specific time agreed to by the seller and the broker.
https://quizlet.com/933399713/new -mexico-real-estate-exam-flash-cards/ 2/10
