New Mexico Real Estate Exam Flashcards

New Mexico Real Estate Exam Flashcards An HOA has how many days to be identified in a recorded declaration 10 days The three functions of the commission are? Licensing, Education, Enforcement. (LEE) Upon written request from the property owner the HOA must provide the disclosure certificate within how many days 10 days What is the minimum penalty that the commission may impose?A letter of reprimand How many days does to file with the county assessor for a property transfer?30 days Child Support EnforcementStatement of compliance from HSD not to exceed 30 days.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.DemiseWhen a lessor conveys property by a lease New Mexico state requiresdisclosure of residential property transfers to the county assessor for property transferred after Jan. 1, 2004 The commission shall be appointed by?The governor.Respondent SuperiorEmployer is liable for employee's mistakes.A violation of the license law by an unlicensed person will result in?A fourth degree felony.OLD CARObedience, Loyalty, Disclosure, Confidentiality, Account for all monies & property, Reasonable skill, care & diligence Prior to excepting an offer to purchase, sellers/brokers shallestimate amount of property tax What terminates estate at will?death Qualifying broker applicants not in a managerial position need how much experience?two years of active experience as a licensed associate broker.HUD & EPA authority- civil and criminal penalties $11,000 per violation What do AB's have to take within their first year of being licensed?New broker business practices Comparable market analysisWhen working with a buyer/seller a broker should have a comparable market analysis.No later than how many days must a seller provide a buyer with a disclosure certificate from the HOA

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SubagentAssociate Broker, person delegated by the agent of principle to act on his behalf.Who can't register a trade name?An Associate broker Who is exempt from obtaining a licenseSubdivisions holding less than 99 parcels, time-share sales persons with 15% ownership in the time-share project, Business Opportunity Brokers.

Qualifying broker applicants in a managerial position should have how much experience?Document four year of active experience as a licensed associate and qualifying broker.No type of agency may be assumed by what? implication, only in writing may an agency relationship can exist.Applicant fingerprintssubmitted to the NM Department of public safety.When advertising real estate it must include trade name, telephone number as registered with the commission.After the termination of a property agreement how long does the property manager have to reconcile all monies and give a final accounting?60 days Net Listing isIllegal in some states The difference between a transaction broker and a agency is?loyalty and obedience Target Housing refers to:Lead based paint disclosure in housing built before 1987 The maximum time and exclusive listing contract is valid?Whatever reasonable specific time agreed to by the seller and the broker.What is designated agency?A QB would designate one AB for the seller and another AB for the buyer in a single house transaction.A broker must present what to sellerspresent all offers and ask for their consent to hold an open house.