Broker NM Exam
Card Set Information
Broker NM Exam
It is the duty of whom to inforce the code of ethics?
It is the resposablility of the National acc of Realitors NOT the commision.
Who appoints the commision and what are they comprised of ?
5 members appointed by the governor
Must by US citizen
Must have been a resident for 3 of the past 5 years
Four brokers and one non licenced member
Who conducts disciplinary hearings aginst licensees?
Real estate commision
Who revokes suspends or places conditions on licenses?
A violation of real estate law or commision rules is a ______________ offense?
Where are complaints maid against licencees?
Licensee's have _______ Days to respond to a complaint?
Licensee's must request a hearing within_______Days?
A QB can only have there license revoked if the have _____________ of an AB?
What is the status of a license during the complaint process?
When and where are appeals maid?
Appeals are maid to District court and within 30 days of the commisions decision
If a complaint is filed what must be done regardless if the complaint is withdrawn?
The commision may fine licensee based on the uniform licensing act up to _____ per violation?
What is the minimum penalty that the commision may impose?
letter of Reprimand
All records must be retained for a period of ______ years?
Can a licensee re-apply after being revoked?
Yes must meet all the requirements of original license
In subdivisions containing ______ parcels or more must be licensed?
100 or more 99 or less do not have to be licensed
All timeshare salespersons must be licensed unless the have a _____% ownership interest the the timeshare project?
A employee of the property owner what not have to have a real estate lincese in order to rent the owners units T or F
an unlicensed assistant _____________ host an open house without the broker being present.
What are the qualifications to be a Qualifying broker?
engaged in real estate for 2 of the last 5 years
120 hours of commision baised courses
and the exam
how long do you have to retake any failed portion of the exam?
How long do you have to make application for your license after passing the exam?
180 days 6 months
How long is a license good for? and when do they expire?
3 years and the last day of the month fallowing the licensee's birth month.
if you let your license expire you may have it reinstated how?
within one year pay three times the renewal fee.
All active brokers must complete____ hours of continuing ed during each licensing cycle?
30 hours in approved courses
you must complete 8 hours continuing ed in what course?
NMREC mandatory course
What is the max hours u can recive for any one course?
Brokers my recieve ____ hours for attending what?
Four hours for commision meeting, rules hearings and disciplinary hearings.
Broker in charge has how long to return AB licnese to the commision?
At what point can a transfereing licensee begin work?
Application signed with proof of E and O and $20 fee are stamped received at the commision
A complaint for non payment of child support must be verified with who?
HSD human services department
What is the max fee for a license, Test, and license transfer?
$20-$200 when moving offices
An E and O polilcy can only be denied for what?
if the premium is not paid
E and O is not required for inactive license T or F
Records and disclosures must be kept for how long?
What is required of a broker in charge?
must be in writing to the commision
must be qualified to be a QB
Assumes all responsabilites
Does a QB have to maintain an office in the state of NM
Can we ever recieve a commision bonus directly from a customer?
Who can and cant register a trade name with the commision?
Must must be on a sign advertising property?
Office number and the name of the brokerage.
what is required of office signadge and what if there are two QB in the same office?
must be in a conspicuous place ner the office entrance
identifying the QB and the trade name
if two must both be threr
What account can a brokerage never pay commision out of?
When must a trust account be reconciled?
In what two reasons is commingling bad?
hard to determine who the money belongs to
lead to conversion of funds
In property managment when must you have two trust accounts?
when you have rents and ernist money
when a property managment agreement is terminated how long do you have to present final accounting?
60 days of the effective termination date.
upon termination how long does the property manager have to deliver security deposit along with final accounting?
if the time frame to delivery deposit and accounting upon termination is not meet what might the resident do?
recover the entire deposit $250 fine reasonable attorney fees and court costs.
a week to week residency may be terminated ____ days prior to the termination date?
written 7 day notice
the rent is unpaid after how many days?
for breach of a rental agreement how many days to cure or terminate tenancy?
When must the brokers duties disclosure be given to a client?
Prior to generating or presenting any written document that has the potential to become an express written agreement.
Honesty and reasonable care are best described as?
Actively applying your skill and expertise
What is designated agency?
When the QB appoints a broker for the seller and the buyer and acts as a supervisior
The term used where the Principal is responsible for the actions of the agent is?
There is no designated agency in state what it it called?
Dual agency where the buyers and seller are clients of the broker
In all situations a dual agent shall act as what?
What are protected classes for NMHRA?
NMHRA adds sexual orientation, gender identity and spousal affiliation
The NM human rights commision has how many members?
Complaints filed with the NMHRC must be filed within how many days of the alleged offense? and may appeal a decision within how many days and to whom?
30 days to appeal with district court
The commision may collect how much from each licensee for the recovery fund?
How long do you have to petition for funds from the recoery fund?
what are the awarded funds amount limit from the recovery fund?
$10,000 per transaction and $30,000 per licence
What are two exemptions to subdivision law?
parcls are 140 acers or greater
NM property taxes are ___________?
Ad valorem "assesed"
The tax ratio is what in NM?
33 1/3 each property is taxed at 1/3 assesed value
since 2004 property owners buyers are to report sales price of the property to who?
County assessors office
what is the head of household deduction?
What is the verterans exception?
Taxes are due and payable when?
november 10th current year
april 10th fallowing year
When are taxes late?
May 10 each year
Original contractors must file a lien within ________ days all others must file within_________ days?
Original contractors 120 days
others 90 days
IN NM we do not have to disclose what about properties?
psychologically impacted properties
Who requlates time shares in NM
Septic systems are subject to the regulations of What?
NM enviornment board/dept
when do septic permits expire in NM?
Inspection will happen no earlier that______ prior to the date of recordation of the deed for a septic?
Who regulates well and water rights in NM?
NM state engineers office
When is the priority of water rights determined in NM?
When the permit is filed with the state engineer's office
What is the NM homestead protection act?
protects the first $60,000 single and $120,000 married for the forced sale of a property of unsecured debt.
Trade names are registered with who?
IS it borker duties to attend closings?
What is the min amount for the recovery fund?
A court action by the commision is a _________ and can result it _______ __________?
A fourth degree feloney and a $5,000 fine and/or 18 months in prison
QB are required to ensure all monies that belong to others are placed into a_______ _______ _______?
or other QB
Brokers renting there own units must not deposit what into there trust account?
Rent because that is there money
E and O inssurance premiums cannot exceed ____ per year?
What are the min For E and O?
$100,000 per claim
and $1000 deductable
A single family residence is entitled to ______ water per year?
1 acre foot
Statute of frauds all contracts must be what to be enforceable? with the exception of what?
in writing, leases less that 12 months
A property manager has what kind of relationship?
Exclusive agency relationship
In NM property and assest acquired during marrage is considered?
IN NM trust accounts must be established as what?
Title is said to transfer when?
signed by the grantor
What is the perimiter of a township?