New Mexico Real Estate Broker Exam — All Questions
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Real estate brokers in New Mexico are licensed and regulated by:
- a.The New Mexico Association of Realtors
- b.The New Mexico Real Estate Commission✓
- c.The New Mexico Secretary of State
- d.The county clerk
The New Mexico Real Estate Commission licenses and regulates real estate brokers and enforces the state's license law and rules. A trade association is a private membership organization and does not license practitioners.
In New Mexico, the entry-level real estate license is the:
- a.Salesperson
- b.Sales associate
- c.Associate broker, who works under a qualifying broker✓
- d.Realtor
New Mexico does not use the 'salesperson' title. The entry-level license is the associate broker, who must work under and be supervised by a qualifying broker. Each brokerage must have a qualifying broker responsible for supervision and trust accounts.
A New Mexico associate broker may lawfully accept compensation for brokerage services:
- a.Only through the qualifying broker under whom the associate broker is licensed✓
- b.Directly from the buyer at closing
- c.Directly from the seller upon listing
- d.From any cooperating firm in the transaction
An associate broker may accept compensation for brokerage services only through the qualifying broker under whom the associate broker is licensed, not directly from a client or another firm. The qualifying broker is responsible for supervision and for paying the associate broker.