Study guides, Class notes & Summaries

Feet in an acre : 43,560 ft Feet in a Mile : 5,280 ft A Plat : An unofficial map or plan of a parcel of land that's been or will be subdivided to show the boundaries of each created lot Metes and Bounds : Description using compass headings and directions Lot and Block : Land description which provides plat reference Oversees Fannie Mae and Freddie Mac and regulates the Federal Home Loan Bank 2 | P a g e : Federal Housing Finance Agency Market Players purchase loans from primary l...

New Mexico Real Estate Broker Basics Practice Questions and Answers Which of the following REQUIRES a real estate license? A. Sale of 20 lots in a subdivision by an employee B. Three-week rental of a condominium C. Sale of time-share units D. Sale of more than 20 personally owned properties - Correct Answer ️️ -C. Sale of time-share units The New Mexico Real Estate Commission may NOT impose A. licensing requirements B. penalties for Code of Ethics violations C. disciplinary penalt...

New Mexico Broker Exam Questions and Answers Which is FALSE regarding trade names? - Correct Answer ️️ -Associate broker must register a trade name Duties of broker not required? - Correct Answer ️️ -To attend closings What is not a broker relationship? - Correct Answer ️️ -Designated Agency Who regulates Septic systems in New Mexico - Correct Answer ️️ -New Mexico Environmental Improvement Department When is a Septic system required to be inspected and certified? - Correc...

New Mexico Broker Basic Exam Questions and Answers Which of the following is FALSE regarding trade names? -trade names are registered with the commission -the brokerage must be conducted from the address as registered -associate brokers must register a trade name -a qualifying broker may register more than one trade name - Correct Answer ️️ - Associate brokers must register a trade name All of the following are broker duties EXCEPT -honesty -disclosure of material facts -Attend cl...

NM Real Estate Test Sept. 2024 Questions and Answers When is the priority of water rights determined? - Correct Answer ️️ -A) When the permit is filed with the engineer's office Associate Brokers must complete how many hours of continuing education for their renewal? - Correct Answer ️️ -C) 36 hours Fingerprint results are valid for? - Correct Answer ️️ -D) Not older than 21 days prior to application All of the following are duties of the New Mexico Real Estate Commission EX...

NM Broker Basics Exam Questions and Answers Licensees have how many days to respond to a complaint by the Real Estate Commission? - Correct Answer ️️ -10 days The deed has been signed by the grantor - Correct Answer ️️ -Title is said to pass in New Mexico when.... If a broker has not accounted for a security deposit within the required 30 days, and the tenant files suit, what could happen? - Correct Answer ️️ -Pay $250 in damages, pay attorney's fees and courts costs, and for...

New Mexico broker basics final exam questions with 100% correct solutions Which of the following is false regarding trade names - Correct Answer ️️ -associate brokers must register a trade name all of the following are broker duties except - Correct Answer ️️ -attend closings the duty of honest and reasonable care means - Correct Answer ️️ -Activley applying a brokers skill and expertise for the benefit of the client who regulates septic systems in new mexico - Correct Answer ...

New Mexico Broker Basics 2024 Questions and Answers Changes or amendments to Commission rules are effective ____ days after notification to all active licensees - Correct Answer ️️ -30 a violation of real estate law or commission rules could be considered a _______________ felony - Correct Answer ️️ -4th degree a violator of real estate law or comission rules could be subject to __________ and/or_____________ - Correct Answer ️️ -18 months imprisonment and/or $5,000 fine. Li...

NM Broker Basics Quiz 1 with 100% Correct Answers What does not requires a real estate license? - Correct Answer ️️ -Sale of 99 lots in a subdivision, short term rentals, sale of personally owned property. The Real Estate Commission may not impose? - Correct Answer ️️ -penalties for Code of Ethics violations The Responsibilities of the Real Estate Commission are? - Correct Answer ️️ - Enforcing the license law, rules & regulations, refusing a license for cause. The governor of...