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New Mexico real estate broker’s examination — Information & Free Practice

US-NM · Examination information

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New Mexico real estate broker’s examination

Provider
PSI Services LLC
Format
Computer-administered written examination
Exam questions
50 scored questions; the bulletin also permits unscored experimental questions.
Time limit
60 minutes
Passing score
38 correct answers; Commission rule requires a minimum score of 75.
Examination outline
  • Real Estate Commission (6 items)
    • Purposes, Powers, and Duties
    • License Law Violations, Investigations, and Audit of Records
    • Hearings, Penalties, and Appeals (Uniform License Law)
  • Licensing Requirements (7 items)
    • Activities Requiring License
    • Activities Requiring License — Limitations on activities of Unlicensed Assistants
    • Activities Requiring License — Exceptions to licensure requirement
    • Qualifications for Licensure
    • Qualifications for Licensure — Education Requirements/Post-license, CE
    • Qualifications for Licensure — Criminal Background checks/Fingerprinting
    • Qualifications for Licensure — Licensing Procedure
    • Qualifications for Licensure — Errors and Omissions Insurance
    • Qualifications for Licensure — Qualifying Broker experience requirements
    • License Renewal and Transfer Requirements
    • License Renewal and Transfer Requirements — Affiliation transfer
    • License Renewal and Transfer Requirements — Change of name or of physical or email address
  • Real Estate Commission Regulations (15 items)
    • Qualifying and Associate Broker Responsibilities
    • Qualifying Broker/Associate Broker Relationships, Employment and Independent Contractor Agreements
    • Advertising and Signage
    • Record Keeping
    • Property Management
    • Property Management — Definition of Property Management
    • Property Management — Time Issues
    • Property Management — Requirement for written agreement
    • Property Management — Must be under auspices of Qualifying Broker
    • Property Management — Property Management trust accounts and commingling issues
  • Broker Duties, Disclosure and Brokerage Relationships (15 items)
    • Honesty, Reasonable Care and Professional and Ethical Conduct
    • Compliance with Local, State, and Federal Laws (other than Fair Housing & Anti-Discrimination)
    • Performance of Written Agreements
    • Assistance to Clients and Customers in Completing Transactions
    • Requirement to Advise Legal or other Expert Consultation if Needed
    • Prompt Accounting for Money and Property
    • Written Disclosure of Existing Brokerage Relationships, Personal Interest in Transaction
    • Written Disclosure of Adverse Material Facts
    • Confidentiality in Brokerage Relationships
    • Types of Brokerage Relationships Available in New Mexico
  • Additional State-Required Topics (7 items)
    • New Mexico Property Taxes
    • New Mexico Mechanic’s Liens
    • Septic systems
    • Water rights issues (well and surface rights)
    • New Mexico Human Rights Act
    • PID disclosures
    • HOA disclosures
Examination sources