New Mexico Real Estate Exam
1,498+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the New Mexico real estate salesperson exam.
New Mexico License Law
152 questions- Which state agency is responsible for licensing and regulating real estate professionals in New Mexico?
- How many hours of pre-license education are required to sit for the New Mexico real estate salesperson exam?
- How many questions are on the New Mexico real estate salesperson licensing exam?
- What is the minimum passing score on the New Mexico real estate licensing exam?
- Under New Mexico law, a newly licensed salesperson must work under:
- What is the license renewal period for New Mexico real estate licensees?
- Which of the following is NOT an activity that requires a real estate license in New Mexico?
- In New Mexico, how soon must a new salesperson apply for their license after passing the exam?
- A New Mexico qualifying broker who wishes to operate a real estate office must:
- Under New Mexico license law, which of the following constitutes commingling?
- The New Mexico Real Estate Commission has the authority to:
- In New Mexico, which document must a licensee provide to a client at first substantive contact?
- How many hours of continuing education must a New Mexico licensee complete per three-year renewal cycle?
- How many hours of pre-license education are required to obtain a New Mexico qualifying broker license?
- In addition to education requirements, how many years of active licensee experience must a New Mexico broker candidate have?
- Which of the following actions would most likely result in NMREC revoking a real estate license?
- Under New Mexico law, a licensee who wishes to place their license on inactive status must:
- In New Mexico, advertising a property must include:
- A New Mexico licensee who fails to complete continuing education before the renewal deadline will have their license:
- The NMREC Recovery Fund is designed to:
- A New Mexico salesperson who changes their employing broker must:
- Which of the following is an example of a violation under New Mexico license law?
- Which entity has authority to adopt and enforce rules governing real estate licensees in New Mexico?
- A qualifying broker in New Mexico is personally responsible for:
- Under NMSA 1978 Chapter 61 Article 29, which of the following activities requires a New Mexico real estate license?
- What is the license renewal period for a New Mexico real estate salesperson?
- How many hours of continuing education must a New Mexico real estate salesperson complete each renewal cycle?
- The NMREC may discipline a licensee for which of the following acts?
- A broker's license in New Mexico qualifies a licensee to do which of the following that a salesperson's license does NOT?
- Under New Mexico law, real estate salesperson licensees must work under the supervision of:
- Which of the following is exempt from the New Mexico real estate licensing requirement?
- A New Mexico real estate license application requires the applicant to be at least:
- What must a New Mexico licensee do when their qualifying broker terminates the association?
- The New Mexico Real Estate Commission is composed of how many members?
- A New Mexico licensee who wishes to become a qualifying broker must have how many years of active licensed experience before applying?
- Under NMSA 1978 Chapter 61 Article 29, which of the following must be included in all real estate advertising in New Mexico?
- Inactive license status in New Mexico means the licensee:
- Which of the following would NOT require a New Mexico real estate license?
- The NMREC has authority to investigate complaints against licensees and may impose which penalties?
- A New Mexico associate broker is different from a qualifying broker in that an associate broker:
- A person who acts as a real estate agent in New Mexico without a license is:
- A New Mexico real estate licensee who moves to another state must:
- Which document establishes the scope of authority of a New Mexico real estate salesperson within a brokerage?
- In New Mexico, errors and omissions (E&O) insurance for real estate licensees is:
- A New Mexico real estate licensee convicted of a felony involving fraud must:
- The NMREC's authority to discipline licensees is granted by:
- A New Mexico qualifying broker who allows a salesperson to practice under an expired license is subject to:
- A New Mexico licensee's qualifying broker is retiring and closing the brokerage. The licensee must:
- An individual who receives a referral fee for referring a buyer to a New Mexico real estate broker without being licensed:
- The New Mexico Real Estate Commission's administrative hearings are governed by:
- Under NMREC rules, all real estate trust accounts must be reconciled:
- Which of the following best describes a 'pocket listing' and its risks in New Mexico?
- In New Mexico, a person licensed as a real estate salesperson may receive commissions only from:
- A New Mexico qualifying broker who discovers a salesperson committed a disclosure violation must:
- A New Mexico real estate team (a group of agents working under one brand) must:
- When the NMREC conducts a formal hearing on a disciplinary matter, the licensee has the right to:
- A New Mexico licensed salesperson who wishes to upgrade to a qualifying broker license must complete additional pre-license education AND:
- Which of the following would most likely result in revocation of a New Mexico real estate license?
- A New Mexico real estate licensee must keep transaction records for a minimum of:
- Which of the following requires NMREC approval before implementation in a real estate brokerage?
- Under NMREC rules, a real estate broker who represents a buyer in a new construction transaction must ensure that:
- Under New Mexico rules, a broker who operates a real estate school must ensure the curriculum:
- Which of the following statements about the New Mexico Real Estate Commission's composition is correct?
- Under New Mexico law, a qualifying broker who supervises multiple offices must:
- Under NMREC rules, a licensee's earnest money must be deposited in a trust account within:
- The New Mexico Real Estate License Law (NMSA 1978 §61-29) defines 'real estate' to include which of the following?
- A New Mexico qualifying broker who receives an earnest money check must deposit it:
- A New Mexico real estate license is issued to:
- Under New Mexico rules, which of the following disclosures must a seller's agent make to a buyer?
- In New Mexico, an unlicensed personal assistant who works for a real estate licensee may perform which of the following tasks?
- A New Mexico qualifying broker discovers that a salesperson is conducting real estate activities without disclosing their licensed status. The broker should:
- A New Mexico salesperson who wants to 'go it alone' as a sole proprietor real estate agent without a qualifying broker must first:
- Which of the following is the NMREC's primary mission?
- A New Mexico qualifying broker who wants to close their brokerage and retire must:
- Which of the following activities would require a New Mexico real estate license?
- In New Mexico, the penalty for practicing real estate without a license includes:
- Under New Mexico law, a salesperson who receives a commission from a source other than their qualifying broker has:
- Under New Mexico rules, which of the following describes the 'supervision requirement' for qualifying brokers?
- A New Mexico real estate agent who uses their own funds to purchase a property for resale to a buyer at a higher price without the buyer's knowledge is engaging in:
- In New Mexico, a 'team leader' who runs a real estate team within a brokerage must be:
- New Mexico requires that the NMREC be given written notice within how many days when a qualifying broker changes the brokerage's name or location?
- A New Mexico real estate broker who charges a fee for referring a client to a home inspector must:
- In New Mexico, a real estate licensee's obligation to disclose material facts extends to which type of property condition?
- The NMREC's authority to adopt rules and regulations is granted by:
- Under New Mexico rules, a salesperson who disagrees with their qualifying broker's decision about an earnest money dispute should:
- In New Mexico, when a licensed real estate salesperson takes a temporary leave of absence (inactive status), they must:
- In New Mexico, a broker who enters into a property management agreement but has no qualifying broker license is:
- In New Mexico, a licensed qualifying broker who wants to leave the brokerage and open their own competing firm must:
- In New Mexico, a qualifying broker's license is classified as which of the following?
- Under New Mexico rules, the listing broker's commission is earned when:
- A New Mexico licensee who violates the terms of a consent order entered into with the NMREC is subject to:
- Under New Mexico rules, when a broker moves from one brokerage to another, what happens to the listings from the original brokerage?
- In New Mexico, which continuing education topic is MANDATED for all licensees during each renewal cycle?
- In New Mexico, a broker's license can be issued to which of the following entities?
- In New Mexico, which of the following is a requirement for maintaining an active real estate license?
- A New Mexico real estate licensee who advertises a property under their own name alone (without including the brokerage name) is:
- In New Mexico, what does 'good standing' mean for a real estate licensee?
- Under New Mexico law, a real estate transaction involving a federally recognized Indian tribe's trust land is subject to:
- A New Mexico licensee who receives compensation for referring a client to another real estate licensee out-of-state must:
- In New Mexico, a 'net listing' is:
- In New Mexico, a real estate licensee who sells their own property without disclosing they are a licensed agent to the buyer has:
- In New Mexico, a qualifying broker who wants to offer property management services must ensure that:
- In New Mexico, a real estate broker who discovers a salesperson forged a client's signature on a contract must:
- The New Mexico Real Estate License Law was first enacted to:
- In New Mexico, which of the following is an accurate description of the 'broker's duties' as a transaction broker?
- A New Mexico broker who holds client funds for a closing that is delayed must:
- In New Mexico, which of the following is a common requirement before a pre-license real estate course provider can offer education?
- A New Mexico qualifying broker is personally liable for which of the following?
- In New Mexico, a real estate licensee who is disciplined by the NMREC may appeal the decision to:
- In New Mexico, real estate licensees are required to use or recommend use of which type of legal forms in transactions?
- Under NMAC rules, a New Mexico qualifying broker who supervises associate brokers is responsible for:
- The New Mexico Real Estate Commission has authority to do all of the following EXCEPT:
- A New Mexico licensee wishes to operate as an independent contractor rather than an employee. For tax purposes, the qualifying broker must:
- NMREC requires active New Mexico licensees to carry errors and omissions (E&O) insurance with a minimum coverage of:
- If a New Mexico licensee's qualifying broker dies or becomes incapacitated, the associate broker should:
- Under NMREC rules, a real estate licensee who receives a referral fee from a home inspector must:
- Under NMREC rules, a New Mexico licensee must keep transaction records for a minimum of:
- Which of the following statements about New Mexico real estate license law is TRUE?
- A New Mexico licensee is found guilty of misrepresentation. NMREC's potential disciplinary actions include all of the following EXCEPT:
- Under NMSA 1978 Chapter 61 Article 29, which action would constitute 'unprofessional conduct' by a New Mexico licensee?
- A New Mexico associate broker wants to open their own real estate company. To do so, they must:
- In New Mexico, a licensee is prohibited from practicing real estate if their license is:
- A New Mexico licensee receives a complaint from a buyer about misrepresentation. NMREC will:
- Under NMREC regulations, the qualifying broker of a real estate office must:
- Under NMSA 1978 Chapter 61 Article 29, which of the following persons does NOT need a New Mexico real estate license?
- In New Mexico, advertising a property for sale without including the brokerage name in the advertisement is:
- In New Mexico, continuing education requirements must be completed by licensees who hold:
- In New Mexico, a real estate licensee who is also a principal in a transaction (e.g., buying property for themselves) must:
- Under NMREC rules, a New Mexico broker receives an earnest money check. The broker must deposit it into a trust account within:
- A New Mexico real estate licensee wants to engage in property management. They:
- Under NMREC rules, which of the following is required for a New Mexico real estate license application?
- A New Mexico qualifying broker who is retiring wants to transfer all active listings to another broker. The qualifying broker must:
- In New Mexico, which of the following statements about the NM Seller's Property Disclosure Statement is TRUE?
- Under NMREC regulations, all New Mexico licensees' license status is publicly available through:
- In New Mexico, a real estate licensee convicted of a felony must:
- In New Mexico, the qualifying broker must ensure the office has a clearly displayed sign with the brokerage name. This requirement relates to:
- In New Mexico, an associate broker who wishes to change their qualifying broker must:
- In New Mexico, a broker's trust account must be reconciled:
- In New Mexico, which of the following best describes a 'pocket listing'?
- Under NMREC rules, a New Mexico licensee who also holds a license in another state must:
- Under NMSA 1978 Chapter 61 Article 29, what is the penalty for practicing real estate without a license in New Mexico?
- In New Mexico, a licensee's failure to disclose a material defect known to them is considered:
- In New Mexico, 'substantial misrepresentation' by a licensee in a real estate transaction may result in:
- Under NMREC rules, a New Mexico licensee must obtain prior written approval from their qualifying broker before:
- In New Mexico, a real estate broker facilitating a transaction between two parties without representing either party is called:
- In New Mexico, which of the following is grounds for NMREC to deny a real estate license application?
- In New Mexico, how many members are on the New Mexico Real Estate Commission (NMREC)?
- In New Mexico, the Real Estate Recovery Fund is designed to:
- In New Mexico, a pre-licensing education provider must be approved by:
- In New Mexico, a licensee must provide a copy of any document they prepare or have a client sign to the client:
- In New Mexico, which of the following statements about NMREC's authority is FALSE?
- The New Mexico Real Estate Commission (NMREC) requires associate broker applicants to complete how many hours of pre-license education?
Finance
148 questions- A buyer in New Mexico takes out a mortgage loan. The document that pledges the property as collateral for the loan is called:
- What is the loan-to-value (LTV) ratio on a $200,000 home with a $160,000 mortgage?
- Under RESPA (Real Estate Settlement Procedures Act), a lender must provide a Loan Estimate to the borrower within:
- Which type of mortgage loan has an interest rate that can change periodically based on a specified index?
- A borrower has a gross monthly income of $6,000. Using a 28% front-end ratio, what is the maximum monthly housing payment the lender will typically approve?
- A conventional loan that exceeds the conforming loan limit set by the FHFA is called a:
- Which government agency insures FHA loans?
- What is the minimum down payment required for an FHA loan for a borrower with a credit score of 580 or higher?
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- A buyer obtains a $250,000 mortgage at 6% annual interest. What is the first month's interest payment?
- Which type of loan requires no down payment and is available to eligible veterans?
- Private Mortgage Insurance (PMI) is typically required when the buyer's down payment is:
- A buyer's debt-to-income (DTI) ratio is calculated by:
- A mortgage that requires a large final payment at the end of the loan term is called a:
- The secondary mortgage market allows lenders to:
- In New Mexico, the standard mortgage instrument used in most residential transactions is a:
- In a New Mexico deed of trust, who holds legal title to the property during the loan period?
- What is the primary advantage of a deed of trust over a traditional mortgage in New Mexico?
- A New Mexico buyer obtains a loan where the interest rate can change periodically based on a financial index. This is called a(n):
- The annual percentage rate (APR) on a mortgage loan differs from the interest rate because the APR includes:
- In New Mexico, what is Gross Receipts Tax as it relates to real estate services?
- What does 'loan-to-value ratio' (LTV) measure?
- A New Mexico buyer puts 10% down on a $300,000 home. What is the loan-to-value ratio?
- Which federal law requires lenders to provide a Loan Estimate to borrowers within three business days of a mortgage application?
- Private Mortgage Insurance (PMI) is typically required when the buyer's down payment is less than:
- A 'due-on-sale' clause in a New Mexico mortgage or deed of trust:
- In New Mexico, seller financing may occur via an installment land contract (also called a contract for deed). In this arrangement:
- The Garn-St. Germain Act of 1982 prohibits lenders from enforcing due-on-sale clauses when:
- The Equal Credit Opportunity Act (ECOA) prohibits mortgage lenders from discriminating based on:
- A VA loan benefit available to qualifying veterans purchasing a home in New Mexico includes:
- An FHA loan in New Mexico differs from a conventional loan primarily because:
- Regulation Z (Truth in Lending Act) requires lenders to disclose:
- What is a 'point' in the context of a New Mexico mortgage loan?
- A buyer in New Mexico pays 2 discount points on a $280,000 loan. How much do the points cost?
- The secondary mortgage market in the United States includes which entities that purchase mortgage loans from lenders in New Mexico?
- A 'balloon mortgage' requires the borrower to:
- A negative amortization loan in New Mexico is one in which:
- A home equity line of credit (HELOC) in New Mexico is secured by:
- The Community Reinvestment Act (CRA) requires banks to:
- The Home Mortgage Disclosure Act (HMDA) requires lenders in New Mexico to:
- The USDA Rural Development loan program can be used in qualifying rural and suburban areas of New Mexico and offers:
- In New Mexico, the Truth in Lending Act (TILA) right of rescission allows a borrower to cancel which type of loan within three business days?
- Mortgage 'points' are most advantageous to a borrower who plans to:
- A 'subject-to' transaction in New Mexico refers to a buyer who:
- In New Mexico, a deed of trust has three parties. Who are they?
- When a New Mexico borrower pays off their deed of trust loan, the trustee must issue a:
- In New Mexico, the 'three-day right of rescission' under TILA does NOT apply to:
- Amortization in a mortgage loan refers to:
- In New Mexico, which federal law restricts the ability of lenders to discriminate in lending based on the age of the applicant?
- An adjustable-rate mortgage (ARM) initial rate period is followed by adjustment periods. What limits how much the rate can change at each adjustment?
- In New Mexico, homestead exemption protects a certain amount of a primary residence's equity from:
- Which mortgage type in New Mexico has payments that remain constant throughout the life of the loan, with the same amount applied to principal and interest each month?
- A New Mexico buyer wants to assume an existing FHA loan. The lender's role in this situation is to:
- In New Mexico, the 'ability to repay' rule under the Dodd-Frank Act requires lenders to:
- In New Mexico, a mortgage 'deficiency judgment' after foreclosure allows a lender to:
- The Federal Housing Finance Agency (FHFA) conforming loan limit for New Mexico determines:
- A New Mexico buyer uses a bridge loan to purchase a new home before their current home sells. A bridge loan is:
- A New Mexico borrower who is 60 days past due on their mortgage has likely received a:
- In New Mexico, a 'participation mortgage' is a loan where:
- A New Mexico homebuyer with excellent credit and a 20% down payment would most likely qualify for a:
- New Mexico's Mortgage Fraud Act prohibits which of the following?
- A 'hard money loan' commonly used by New Mexico real estate investors is characterized by:
- In New Mexico, the concept of 'redeeming' a property before a foreclosure sale is called:
- In New Mexico, a 'purchase money mortgage' refers to:
- When a New Mexico property is 'underwater' (negative equity), it means:
- In New Mexico, 'seller concessions' at closing typically refer to:
- The 'three-day waiting period' under TRID (Know Before You Owe) rules means that after receiving the Closing Disclosure, the buyer must wait:
- In New Mexico, a 'construction-to-permanent loan' (single-close loan) works by:
- In New Mexico, which is typically TRUE about the non-judicial foreclosure (trustee's sale) process?
- Which of the following is a characteristic of a 'conforming loan' in New Mexico?
- In New Mexico, a 'second mortgage' or 'junior lien' is characterized by:
- In New Mexico, which type of loan is insured by the U.S. Department of Veterans Affairs (VA)?
- In New Mexico, which type of mortgage allows the borrower to make only interest payments for a set period, after which payments increase to pay principal?
- In New Mexico, 'seller financing' (seller carryback) is used most often when:
- In New Mexico, which of the following is a 'wraparound mortgage'?
- Which federal agency is responsible for chartering, regulating, and supervising Fannie Mae and Freddie Mac?
- In New Mexico, a 'subordination, non-disturbance, and attornment' (SNDA) agreement in commercial real estate means:
- In New Mexico, which of the following is TRUE about a home equity conversion mortgage (HECM/reverse mortgage)?
- Under New Mexico law, the Homeowner Protection Act relates to which of the following?
- In New Mexico, which loan program is designed specifically to help buyers in rural areas and agricultural communities?
- In New Mexico, a 'blanket mortgage' is used most often by:
- In New Mexico, a 'mortgage banker' differs from a 'mortgage broker' in that a mortgage banker:
- In New Mexico, the term 'private money lender' typically refers to:
- In New Mexico, which of the following is generally TRUE about prepayment penalties on residential mortgages?
- In New Mexico, a 'swing loan' or 'gap loan' is designed to:
- In New Mexico, 'seller-paid closing costs' are sometimes referred to as:
- In New Mexico, which of the following loans would NOT require private mortgage insurance (PMI)?
- In New Mexico, a 'cash-out refinance' allows a homeowner to:
- In New Mexico, which of the following describes a 'due-on-encumbrance' clause in a mortgage?
- In New Mexico, which of the following is TRUE about FHA Mortgage Insurance Premium (MIP)?
- In New Mexico, which of the following is a primary function of the FHA (Federal Housing Administration)?
- In New Mexico, which of the following best describes 'interest rate risk' in mortgage lending?
- In New Mexico, a 'conforming jumbo' or 'super conforming' loan is one that:
- In New Mexico, a 'purchase money deed of trust' means:
- In New Mexico, a 'mezzanine loan' in commercial real estate is secured by:
- In New Mexico, a 'portfolio loan' is kept by the originating lender rather than being sold on the secondary market. This is beneficial when:
- In New Mexico, what is the primary purpose of a 'mortgage servicing' company?
- In New Mexico, the 'Home Owners' Loan Act' provisions affecting federal savings associations (thrifts) relate primarily to:
- In New Mexico, which of the following best describes 'mortgage insurance' as a general concept?
- In New Mexico, 'private placement memorandum' (PPM) is used in real estate investing when:
- In New Mexico, a 'standby commitment' in commercial real estate construction financing is used to:
- In New Mexico, what is 'loan underwriting'?
- In New Mexico, which federal law governs the electronic delivery of required mortgage disclosures?
- In New Mexico, the 'PITI' acronym in mortgage payment calculations stands for:
- In New Mexico, a 'real estate syndication' is a type of investment where:
- In New Mexico, which of the following is TRUE about a 'reverse annuity mortgage' (reverse mortgage)?
- In New Mexico, what is a 'mortgage commitment letter'?
- In New Mexico, a 'commercial mortgage-backed security' (CMBS) is:
- In New Mexico, which of the following is a characteristic of a 'fully amortized loan'?
- A New Mexico buyer obtains a 'jumbo loan.' This means the loan amount exceeds:
- A New Mexico borrower has a 'debt-to-income ratio' (DTI) of 45%. Most conventional lenders prefer a DTI of no more than:
- A New Mexico buyer uses a 203(k) rehabilitation loan. This is a program offered by:
- A New Mexico buyer obtains an adjustable-rate mortgage (ARM) with a '5/1' structure. This means:
- A New Mexico lender charges 'points' on a loan. One point equals:
- In New Mexico, 'redlining' in mortgage lending refers to the illegal practice of:
- A New Mexico buyer's loan application is denied. Under the Equal Credit Opportunity Act (ECOA), the lender must:
- A New Mexico homebuyer is using a USDA Guaranteed Rural Housing loan. A key requirement is:
- In New Mexico, the 'annual percentage rate' (APR) on a loan disclosure represents:
- A New Mexico lender is subject to the Home Mortgage Disclosure Act (HMDA). HMDA requires lenders to:
- A New Mexico property owner takes out a 'home equity line of credit' (HELOC). The HELOC is secured by:
- In New Mexico, a 'purchase money mortgage' (PMM) occurs when:
- In New Mexico, a 'construction loan' differs from a permanent mortgage in that:
- In New Mexico, a 'lock-in' or 'rate lock' agreement with a lender means:
- In New Mexico, 'private mortgage insurance' (PMI) is typically required when:
- In New Mexico, 'seller concessions' in a transaction refer to:
- A New Mexico buyer's loan is classified as a 'Qualified Mortgage' (QM) under CFPB rules. This means the loan:
- In New Mexico, a 'hard money loan' is typically characterized by:
- In New Mexico, a 'VA funding fee' is charged on VA loans to:
- In New Mexico, 'seller financing' with a land contract (contract for deed) means:
- In New Mexico, a 'reverse mortgage' (Home Equity Conversion Mortgage) allows homeowners who are:
- In New Mexico, a 'balloon payment' mortgage requires the borrower to:
- In New Mexico, a 'bridge loan' is used when a buyer needs to:
- In New Mexico, a 'biweekly mortgage' payment plan helps borrowers pay off their loan faster because:
- In New Mexico, the 'Truth in Lending Act' (TILA) requires lenders to disclose the APR primarily to:
- In New Mexico, a 'participatory mortgage' or 'shared appreciation mortgage' allows a lender to receive:
- In New Mexico, a 'non-recourse loan' means that if the borrower defaults:
- In New Mexico, which of the following is a feature of an FHA loan that makes it attractive to first-time buyers?
- In New Mexico, a 'fully amortizing' mortgage means:
- In New Mexico, the 'loan-to-value ratio' (LTV) is important to lenders because:
- In New Mexico, the 'Good Faith Estimate' (GFE) has been replaced under TRID by which disclosure?
- In New Mexico, 'prepayment penalties' on mortgages are provisions that:
- In New Mexico, a 'DSCR loan' (debt service coverage ratio loan) used by real estate investors means:
- In New Mexico, 'assumable mortgages' that allow a new buyer to take over the existing loan terms are most commonly found in:
- In New Mexico, 'mortgage insurance premium' (MIP) on FHA loans differs from PMI in that:
- In New Mexico, when a property's loan is 'underwater' or 'upside down,' it means:
- In New Mexico, 'recourse' in a mortgage loan means the lender:
- In New Mexico, which federal agency insures deposits in savings and loan associations and savings banks?
- In New Mexico, the 'note rate' on a mortgage differs from the APR because the note rate is:
Contracts
142 questions- Under the Statute of Frauds, real estate contracts in New Mexico must be:
- What is the effect of a counteroffer in a real estate transaction?
- A buyer makes an earnest money deposit on a property. The seller then defaults on the contract. What is the buyer's most likely remedy?
- Which of the following is NOT an essential element of a valid real estate contract?
- In New Mexico, an option contract gives the optionee the:
- A listing agreement in New Mexico is a contract between:
- Which of the following best describes an executory contract?
- A real estate contract signed by a minor is generally:
- A contingency clause in a purchase agreement allows a buyer to:
- What is the purpose of an earnest money deposit in a real estate transaction?
- Under New Mexico contract law, when does a contract become binding on both parties?
- A buyer and seller have a fully executed purchase agreement. The seller receives a better offer and wants to cancel. The seller:
- A New Mexico purchase agreement includes a time-is-of-the-essence clause. This means:
- Which of the following is an example of mutual assent in a real estate contract?
- A land contract (contract for deed) in New Mexico is an arrangement where:
- What does it mean when a contract is 'void'?
- In New Mexico, a real estate purchase contract must be in writing to be enforceable under the:
- In New Mexico, the NM Seller's Property Disclosure Statement requires the seller to disclose:
- Which of the following is a required element for a valid real estate contract in New Mexico?
- When a seller accepts a buyer's offer, what is created?
- A buyer in New Mexico submits an offer. The seller changes the price and signs. This creates:
- Under New Mexico law, which remedy allows a party to seek court-ordered performance of a real estate contract?
- A contingency clause in a New Mexico purchase contract that is not satisfied by the deadline will:
- Which of the following is an example of an executed contract?
- What does 'time is of the essence' mean in a New Mexico real estate contract?
- A New Mexico lease that contains an option to purchase is best described as a:
- In New Mexico, an 'as is' clause in a purchase contract means:
- A purchase contract in New Mexico is voidable when:
- Which of the following would make a New Mexico real estate contract void (not merely voidable)?
- Earnest money in a New Mexico purchase contract is best described as:
- Which of the following clauses in a New Mexico contract allows the buyer to void the contract if they cannot sell their current home first?
- An appraisal contingency in a New Mexico purchase contract protects the buyer because it:
- A New Mexico purchase contract includes a '10-day inspection contingency.' If the buyer finds a major defect, they may:
- In New Mexico, a listing agreement is a contract between the seller and:
- A novation in a New Mexico real estate context occurs when:
- The parol evidence rule in New Mexico real estate contracts means that:
- What is the effect of an option contract in New Mexico real estate?
- A liquidated damages clause in a New Mexico purchase contract typically specifies that:
- A New Mexico seller accepts an offer but later receives a higher offer before closing. The seller must:
- A New Mexico purchase contract states 'closing on or before July 15.' The actual closing occurs on July 14. This is:
- An addendum to a New Mexico purchase contract is used to:
- Which of the following is NOT a valid way to discharge (terminate) a contract in New Mexico?
- A New Mexico purchase contract specifies a $2,000 earnest money deposit that is 'non-refundable upon acceptance.' Is this enforceable?
- A New Mexico seller's counteroffer specifying a new price of $310,000 in response to an offer of $295,000 creates what legal result for the original offer?
- What is a 'right of first refusal' in a New Mexico real estate contract?
- A New Mexico seller's property disclosure form is signed by the seller before listing. What does the buyer do after receiving it?
- An 'escalation clause' in a New Mexico purchase offer means the buyer agrees to:
- The 'merger doctrine' in New Mexico real estate means that:
- In New Mexico, which of the following is an example of an 'executory' contract?
- If a New Mexico purchase contract contains a 'kick-out clause,' it means the seller can:
- Under New Mexico law, a real estate contract signed by a mentally incompetent person is:
- In New Mexico, when both buyer and seller sign a 'mutual release' form, it means:
- A New Mexico purchase contract that has been signed by the buyer but not yet by the seller is best described as:
- A 'backup offer' in a New Mexico real estate transaction is an offer:
- In New Mexico, an 'as-built survey' is most likely to be required by a lender or title company when:
- In New Mexico, a 'financing contingency' deadline in a purchase contract means:
- A New Mexico seller who has accepted an offer but then changes their mind and refuses to close is in breach of contract. The buyer's available remedies include:
- In New Mexico, which of the following clauses in a listing agreement describes the conditions under which the listing terminates early?
- In New Mexico, what is the difference between rescission and cancellation of a purchase contract?
- In New Mexico, which of the following is TRUE about the closing date in a purchase contract?
- Under New Mexico contract law, which of the following is an example of 'undue influence' that could make a contract voidable?
- The phrase 'time is of the essence' in a New Mexico real estate contract is most likely to have significant consequences when:
- In New Mexico, a 'sight unseen' purchase (buyer makes an offer without physically viewing the property) is:
- A New Mexico residential purchase contract typically includes a provision for which type of property inspection?
- Under New Mexico contract law, which of the following would render a contract unenforceable due to the Statute of Frauds?
- In New Mexico, which of the following is a TRUE statement about acceptance of an offer?
- In New Mexico, what is a 'release of contingency'?
- In New Mexico, an amendment to a purchase contract must be:
- In New Mexico, a contract that is 'void ab initio' is one that:
- In New Mexico, what is the effect of a 'bump clause' when combined with a home sale contingency?
- In New Mexico, what does 'earnest money applies to purchase price' mean in a purchase contract?
- In New Mexico, a purchase contract that is 'contingent upon the sale of the buyer's current home' is an example of a:
- In New Mexico, which party to a purchase contract would most benefit from including a 'seller's right to continue marketing' (bump clause) provision?
- In New Mexico, which of the following is typically NOT included as a 'fixture' that conveys with the property in a purchase contract?
- In New Mexico, a real estate contract is 'integrated' when:
- A New Mexico seller gives a buyer 'first right of refusal' on a property they own. The buyer later finds out the seller sold to a third party without notifying the buyer. The buyer may:
- In New Mexico, which of the following is included in the typical NM Seller's Property Disclosure Statement?
- In New Mexico, when the buyer's lender requires specific repairs before funding the loan, and the seller refuses to make those repairs, the most likely outcome is:
- In New Mexico, a 'walk-through inspection' immediately before closing is intended to:
- In New Mexico, a purchase contract's 'closing date' typically means:
- In New Mexico, a purchase contract with no inspection contingency means the buyer:
- In New Mexico, when a contingency is waived by the buyer, it means:
- In New Mexico, which of the following is an example of a 'condition precedent' in a real estate contract?
- In New Mexico, 'earnest money' is distinguished from the 'down payment' in that:
- In New Mexico, a 'force majeure' clause in a real estate contract may excuse performance if:
- In New Mexico, which of the following best describes 'specific performance' as a remedy for breach of a real estate contract?
- In New Mexico, a purchase contract that expires without buyer acceptance is:
- In New Mexico, which of the following is an example of 'unjust enrichment' that might void a real estate contract?
- In New Mexico, what is the primary purpose of a 'closing disclosure' (formerly HUD-1) given to a buyer in a mortgage transaction?
- In New Mexico, a 'rent-to-own' agreement is best characterized as:
- In New Mexico, 'equitable conversion' under contract law means that once the purchase contract is executed:
- In New Mexico, which of the following describes an 'acknowledgment' in a real estate document?
- In New Mexico, which of the following is TRUE about a 'letters of intent' (LOI) in commercial real estate?
- In New Mexico, a 'right to inspect' clause in a purchase contract typically provides the buyer with the right to:
- In New Mexico, a commercial 'triple net lease' with a 10-year term would be an example of which type of lease?
- In New Mexico, which of the following occurs when a buyer and seller agree to 'close in escrow'?
- In New Mexico, a seller's counter-offer includes a clause that it must be accepted 'by noon tomorrow.' This is known as a(n):
- In New Mexico, a 'release clause' in a blanket mortgage allows:
- In New Mexico, when a residential property is sold 'as is,' the seller's obligation to complete the disclosure statement is:
- In New Mexico, a purchase contract for real property that lacks 'meeting of the minds' on essential terms is:
- In New Mexico, 'consideration' in a real estate contract must be:
- In New Mexico, what is a 'hold harmless' clause in a real estate transaction?
- A New Mexico purchase agreement includes an escalation clause. This clause allows the buyer to:
- Under New Mexico contract law, 'liquidated damages' in a purchase agreement refer to:
- A New Mexico listing agreement states the property must sell for at least $400,000 'net to seller.' This is an example of a:
- In New Mexico, when a buyer makes an offer on a property and the seller changes the price and returns it, this is legally called:
- In New Mexico, which of the following is required to make a real estate contract enforceable under the Statute of Frauds?
- A New Mexico real estate contract contains a 'time is of the essence' clause. This means:
- In New Mexico, a 'right of first refusal' in a lease gives the tenant the right to:
- Under New Mexico law, which type of contract is voidable by the party who lacks full legal capacity?
- In New Mexico, an 'as-is' clause in a purchase contract means the buyer:
- In New Mexico, a seller accepts a buyer's offer but adds a new condition before signing. This creates a:
- In a New Mexico real estate transaction, 'novation' occurs when:
- Under New Mexico law, which of the following contracts would be VOID (not merely voidable)?
- In New Mexico, an 'option contract' in real estate gives the optionee (buyer) the:
- In New Mexico, an 'addendum' to a purchase agreement:
- In New Mexico, 'earnest money' in a purchase contract serves as:
- A New Mexico buyer includes a 'financing contingency' in their offer. This contingency protects the buyer by:
- In New Mexico, what distinguishes an 'amendment' to a purchase agreement from an 'addendum'?
- In New Mexico, which of the following describes a 'bilateral contract' in real estate?
- In New Mexico, a real estate purchase agreement is fully 'executed' when:
- In New Mexico, a 'hold harmless agreement' (indemnification clause) in a commercial lease typically:
- In New Mexico, 'specific performance' as a remedy for breach of a real estate contract means:
- In New Mexico, a 'home sale contingency' in a purchase agreement allows a buyer to:
- In New Mexico, a 'contingency removal' in a purchase contract occurs when:
- In New Mexico, which element of a valid contract requires that both parties must give something of value?
- In New Mexico, a 'preliminary title report' (PTR) provided before closing is best described as:
- In New Mexico, 'mutual assent' (meeting of the minds) is achieved when:
- In New Mexico, an 'inspection contingency' in a purchase agreement typically gives the buyer the right to:
- In New Mexico, a purchase agreement that includes an 'appraisal contingency' allows the buyer to:
- In New Mexico, the 'parol evidence rule' prevents parties to a written contract from:
- In New Mexico, an 'integration clause' (entire agreement clause) in a purchase contract states that:
- In New Mexico, a 'breach of contract' by a seller who refuses to close would entitle the buyer to which of the following remedies?
- In New Mexico, when a lender issues a 'loan commitment letter,' it means:
- In New Mexico, a 'force majeure' clause in a real estate contract:
- In New Mexico, a purchase agreement for real estate must include a 'legal description' of the property because:
- In New Mexico, a 'novation' in a mortgage context means the original borrower is:
- In New Mexico, which of the following would make a purchase agreement 'voidable' rather than 'void'?
- In New Mexico, a 'lease with option to purchase' gives the tenant-buyer the right to:
- In New Mexico, which of the following would NOT be considered an element of a valid contract?
- In New Mexico, a 'release of earnest money' form is signed when:
- In New Mexico, a real estate purchase agreement is considered 'executory' from the time it is signed until closing. 'Executory' means:
Real Estate Math
140 questions- A home sells for $320,000. The listing broker and selling broker each charge a 3% commission. What is the total commission paid?
- A property is assessed at $180,000 and the tax rate is $14 per $1,000 of assessed value. What is the annual property tax?
- A buyer makes a 20% down payment on a $275,000 home. What is the loan amount?
- A rectangular lot measures 150 feet by 200 feet. What is the lot size in acres? (1 acre = 43,560 sq ft)
- A property sold for $425,000. The total commission rate is 6%. The listing office and selling office each receive 50% of the commission. How much does each office receive?
- A buyer wants to net $350,000 after paying a 5% commission. What must the property sell for?
- A property has a gross monthly rent of $2,400. Using a gross rent multiplier (GRM) of 150, what is the estimated property value?
- A home is assessed at 80% of its $300,000 market value. The mill rate is 25 mills. What is the annual property tax?
- An investor purchases a rental property for $180,000 and receives annual net income of $14,400. What is the capitalization rate?
- A property's legal description states it is the SW 1/4 of the NE 1/4 of Section 12. How many acres is this parcel?
- A buyer pays $2,800 in discount points on a $200,000 loan. How many points did the buyer pay?
- A seller paid $180,000 for a home five years ago. It sold today for $243,000. What is the percentage of appreciation?
- A title insurance premium is $750 on a $250,000 property. What is the rate per $1,000 of coverage?
- A mortgage has a monthly payment of $1,450, including $950 interest and $500 principal. What is the outstanding loan balance if the next month's interest is $945.25?
- A New Mexico home sells for $425,000. The seller pays a 6% commission. What is the total commission?
- If a listing agent and buyer's agent split a 6% commission equally on a $350,000 sale in New Mexico, how much does each brokerage receive?
- A New Mexico property is assessed at $180,000 with a tax rate of 23 mills. What is the annual property tax?
- A buyer in Albuquerque obtains a $240,000 mortgage at 7% annual interest. What is the first month's interest charge?
- A rental property in Las Cruces has a gross annual income of $36,000 and annual expenses of $12,000. Using a 7% cap rate, what is the estimated value?
- A buyer makes an earnest money deposit of $5,000 on a $250,000 purchase. The deposit is what percentage of the purchase price?
- A New Mexico property sells for $300,000. The New Mexico Real Estate Transfer Tax is $1.50 per $500. What is the transfer tax?
- An investor buys a 4-plex in Albuquerque for $480,000 and rents each unit for $900/month. What is the gross rent multiplier (GRM)?
- A property in Santa Fe is listed at $520,000 and sells for 97% of the listing price. What is the actual selling price?
- A commercial lot in New Mexico measures 200 feet by 350 feet. What is the area in acres? (1 acre = 43,560 sq ft)
- A property's NOI is $48,000 per year. If the cap rate is 8%, what is the estimated value?
- A New Mexico property has an assessed value of $150,000. The tax rate is 30 mills. What is the annual property tax?
- A broker charges a 5.5% commission on the sale of a $460,000 home. What is the commission amount?
- A buyer finances $320,000 at 6.5% annual interest. What is the monthly interest for the first payment?
- A New Mexico property sold for $380,000. The NM Real Estate Transfer Tax is $1.50/$500. What is the transfer tax due?
- An investor buys a rental property for $200,000 and depreciates the building (valued at $160,000) over 27.5 years. What is the annual depreciation deduction?
- If a rectangular lot in New Mexico is 75 feet wide and 120 feet deep, what is its area in square feet?
- A salesperson earns 60% of their brokerage's 3% share on a $500,000 sale. How much does the salesperson earn?
- A property in Albuquerque sold for $410,000. Using a 5% commission, how much does the listing side earn if commissions are split 50/50?
- A New Mexico property has a potential gross income of $60,000, a vacancy rate of 5%, and operating expenses of $18,000. What is the NOI?
- A New Mexico buyer qualifies for a loan up to 28% of their gross monthly income for PITI. If they earn $6,000/month, what is the maximum monthly PITI?
- A New Mexico investor purchases a $400,000 commercial property with a 25% down payment. What is the loan amount?
- A New Mexico property has a list price of $350,000 and sells for 95% of the list price. The selling price is:
- An appraiser adds $8,000 to a comparable sale because the comparable lacks a garage that the subject property has. This is a(n):
- A New Mexico property generates $4,000/month in gross rent. Using a GRM of 12, what is the estimated value?
- A New Mexico property was purchased for $225,000 and sold 4 years later for $280,000. What is the percentage appreciation?
- A real estate license exam question: a parcel measures 1/4 mile by 1/4 mile. How many acres does it contain?
- A New Mexico seller nets $255,000 after paying a 6% commission. What was the selling price?
- A buyer in New Mexico puts $20,000 down and pays 1 origination point on a $200,000 loan. What is the total upfront cost excluding down payment?
- What is the monthly principal and interest payment on a $180,000 mortgage at 7.5% over 30 years? (Use factor of $6.99 per $1,000 borrowed)
- A New Mexico listing expires after 6 months. The broker showed the property to a buyer during the listing period. The seller sells to that buyer 45 days after expiration under a 60-day extender clause. The broker earns:
- A New Mexico property management company charges 8% of gross monthly rents. If monthly gross rent collected is $12,500, what is the monthly management fee?
- A New Mexico property has a potential gross income of $80,000. The vacancy factor is 7% and operating expenses are $25,000. What is the NOI?
- A New Mexico investor wants a 9% return on a $540,000 investment. What minimum annual NOI is required?
- A New Mexico property has a market value of $390,000. It is assessed at one-third of market value. The tax rate is 25 mills. What is the annual tax?
- A lender requires a debt-to-income ratio (DTI) of no more than 43%. A borrower earns $7,000/month gross and has $500/month in other debt. What is the maximum new housing payment allowed?
- A house in Santa Fe sells for $650,000. The listing broker and selling broker split a 5% commission evenly, and each broker pays their associated salesperson 70% of the brokerage's share. How much does the selling salesperson earn?
- A New Mexico seller received $278,500 after paying a 5.5% commission. What was the gross sale price? (Round to nearest dollar)
- A New Mexico rental property generates $2,800/month rent. The property taxes are $2,400/year, insurance is $1,200/year, and maintenance is $3,000/year. What is the annual NOI?
- A New Mexico building has 12 units, each renting for $950/month. With 6% vacancy and $42,000 in annual expenses, what is the NOI?
- A New Mexico seller accepts an offer of $315,000. The loan payoff is $185,000, and closing costs are $8,000. The commission is 6%. What are the seller's net proceeds?
- A New Mexico property's annual gross income is $72,000 with 8% vacancy. Operating expenses are 35% of effective gross income. What is the NOI?
- A New Mexico lot is 100 feet × 150 feet. If building coverage is limited to 40% of the lot, what is the maximum building footprint allowed?
- A $250,000 loan at 6% for 30 years has a monthly payment factor of $5.99 per $1,000. What is the monthly payment?
- A New Mexico property sells for $475,000. The seller pays $285,000 on their loan at payoff. After a 5.5% commission and $7,500 in other closing costs, what are the seller's net proceeds?
- An investor in Albuquerque purchases a small office building for $850,000 with a 30% down payment. The building generates $6,500/month in net rent. What is the annual return on equity (cash-on-cash return)?
- A New Mexico buyer is purchasing a $425,000 home and putting 5% down. If PMI costs 0.8% of the loan amount annually, what is the annual PMI premium?
- A New Mexico property is listed at $499,000 and sells for 98% of the list price. What is the selling price?
- A New Mexico property owner pays $4,200 in annual property taxes. If the assessment ratio is 1/3 and the tax rate is 28 mills, what is the market value?
- A New Mexico commercial space leases for $18 per square foot per year (NNN). The tenant occupies 2,500 sq ft. What is the annual base rent?
- A New Mexico residential property sold for $320,000. The buyer put 15% down. How much did the buyer borrow?
- A New Mexico listing agreement pays the broker 5% if the agent produces the buyer and 3% if another broker produces the buyer. The property sells for $420,000 through a cooperating broker. What does the listing brokerage earn?
- A New Mexico property is sold. The buyer's closing costs total $9,200. This amount includes 1.5 points on the $280,000 loan. What other closing costs are there beyond the points?
- A New Mexico commercial property is valued at $1.2 million using an 8% cap rate. If the cap rate increases to 10%, what is the new estimated value?
- A New Mexico buyer wants to borrow $350,000 at 7% for 30 years. Using a factor of $6.65 per $1,000 per month, what is the approximate monthly P&I?
- A New Mexico property management company charges 8% of collected rents and 1 month's rent as a leasing fee. If the unit rents for $1,100/month and the annual rent is collected in full, what are total annual management fees?
- A New Mexico property worth $480,000 is assessed at 1/3 of value. The total assessed value of the taxing district is $800 million and the district needs $12 million in tax revenue. What is the tax rate in mills?
- A New Mexico investor pays $650,000 for a commercial building and expects an 8% cap rate. After 3 years, if the cap rate remains at 8% and the NOI increases by 10%, what would be the new estimated value?
- A 30-unit New Mexico apartment building generates $570,000 in potential gross income. With 5% vacancy, 30% operating expenses, and 0.5% reserves, what is the effective NOI?
- A New Mexico seller is taxed on their capital gain from the sale of their primary residence. They bought the home for $180,000 and sold it for $480,000 after 10 years. Assuming a $250,000 single-filer exclusion, what is the taxable capital gain?
- A New Mexico investment property has an NOI of $55,000 and sold for $700,000. What is the cap rate?
- A New Mexico property has 6 rental units generating $950/month each. Annual operating expenses are $25,000. What is the annual NOI if the property is fully occupied?
- If a New Mexico property's market value increased from $275,000 to $330,000 over 5 years, what is the total percentage increase?
- A New Mexico investor purchases a rental house for $220,000 with a $44,000 down payment (20%). The monthly cash flow after all expenses and debt service is $450. What is the annual cash-on-cash return?
- A New Mexico home has been depreciated for tax purposes at $7,500/year. After 10 years, what is the accumulated (book) depreciation?
- A New Mexico commercial building has 15,000 rentable square feet. The lease rate is $22/sq ft/year NNN. What is the annual base rent?
- A New Mexico property was purchased for $350,000 and is sold 3 years later for $410,000. After a 6% commission and $5,000 in closing costs, what is the net gain on the sale (before taxes)?
- A New Mexico apartment complex has a gross rent multiplier of 9 based on annual income. If the complex sells for $900,000, what is the annual gross income?
- A New Mexico home appraiser finds three comparables: $315,000, $322,000, and $319,000. After all adjustments, the adjusted prices are $318,000, $320,000, and $317,000. What is the reconciled value if the appraiser weights equally?
- A New Mexico buyer makes a 3.5% down payment on an FHA loan for a $310,000 home. What is the down payment amount?
- A New Mexico home was listed at $475,000 but sold for $460,000. What was the discount from list price?
- A New Mexico listing is priced at $525,000. The buyer offers $500,000. The seller counters at $512,500. If accepted, what percentage of the original asking price does the counter represent?
- A New Mexico buyer purchases a home for $340,000 and puts 20% down. Their loan is for $272,000 at 6.75% for 30 years (monthly factor $6.49/$1,000). What is their monthly P&I?
- A New Mexico property's assessed value is $95,000. The tax rate is 27 mills. The homeowner receives a $2,000 exemption. What is the actual tax due?
- A New Mexico 4-unit residential building sells for $520,000. The annual gross rent is $52,000. What is the GRM?
- A New Mexico 3-bedroom home has 1,850 square feet. Comparable homes in the area sell for $170/sq ft. What is the estimated market value using the square footage comparison?
- A New Mexico broker charges 6% on the first $200,000 of a sale price and 3% on anything above $200,000. A property sells for $420,000. What is the total commission?
- A New Mexico buyer is prequalified to spend up to 38% of gross monthly income on total housing debt. If their gross monthly income is $8,500, what is their maximum total monthly housing payment (PITI + debts)?
- A New Mexico condominium association's monthly HOA fee is $275. The association's annual budget is $66,000. How many units are in the complex?
- A New Mexico property sold for $395,000. Using a 6% commission split 50/50 between listing and selling brokerages, and each brokerage pays the associated agent 55% of their share, how much does the listing agent earn?
- A New Mexico property generates $2,100/month in rental income. If the annual operating expense ratio is 40%, what is the monthly NOI?
- A New Mexico investment property purchased for $500,000 generates 10% annual appreciation. What is the value after 2 years?
- A New Mexico home sells for $385,000. The buyer pays 1 origination point and 0.5 discount points on their $300,000 loan. What are the total points cost?
- A New Mexico commercial property has monthly gross income of $10,000, vacancy loss of 8%, and operating expenses of $3,200/month. What is the monthly NOI?
- A New Mexico broker has a 60/40 split with a salesperson (agent gets 60%). A deal closes at $285,000 with a 5.5% commission, split 50/50 between listing and selling brokerages. What does the selling agent earn?
- A New Mexico home is purchased for $280,000. The buyer pays 20% down and obtains a 30-year fixed loan at 7%. After the first payment (monthly factor $6.65/$1,000), what is the principal balance remaining?
- A New Mexico seller receives $340,000 for their property. Their original basis is $175,000 plus $40,000 in improvements. What is the capital gain before exclusions?
- A New Mexico salesperson earned $45,000 in commissions. Their qualifying broker takes a 35% desk fee. The salesperson's net income (before personal taxes) is:
- A New Mexico 8-unit building has a gross income of $9,600/month. Vacancy is 5%, expenses are 38% of EGI. What is the annual NOI?
- A New Mexico commercial lease has 3,000 sq ft at $20/sq ft/year plus a 5% commission for procuring the tenant. What is the annual commission?
- A Santa Fe property sells for $750,000. What is the New Mexico Real Estate Transfer Tax owed by the seller?
- A New Mexico investor purchases a rental home for $280,000 with a 20% down payment. What is the loan amount?
- A New Mexico broker charges a 6% commission on the sale of a $350,000 home. The broker splits this 50/50 with the buyer's broker. How much does each broker receive?
- A New Mexico property has an NOI of $36,000 and a cap rate of 7.2%. What is the estimated value using the income approach?
- A New Mexico rental property has 5 units each renting for $900/month. Annual vacancy is 8%. What is the Effective Gross Income (EGI)?
- A New Mexico property is assessed at $120,000. The tax rate is 25 mills. What is the annual property tax?
- A New Mexico seller nets $245,000 after paying a 6% commission and $3,000 in closing costs. What was the approximate sales price?
- A New Mexico investor buys a duplex for $320,000. Each unit rents for $1,200/month. What is the annual gross rent multiplier (GRM)?
- A New Mexico home sells for $425,000. The buyer puts 10% down. The loan-to-value ratio (LTV) is:
- A New Mexico commercial property generates $180,000 in annual gross revenue. Operating expenses are 45% of gross revenue. What is the NOI?
- A New Mexico property is listed at $390,000. After 60 days, the price is reduced by 5%. What is the new listing price?
- A New Mexico investor paid $200,000 for a rental property 5 years ago. It is now worth $265,000. What is the percentage appreciation?
- A New Mexico broker receives a 6% commission on a $480,000 sale. The broker's associate gets 40% of the office's 60% split. How much does the associate receive?
- A New Mexico home's assessed value for property tax is $95,000 (1/3 of market value). What is the estimated market value?
- A New Mexico property owner leases 1,200 sq ft of office space at $22/sq ft/year. The annual base rent is:
- A New Mexico property has a market value of $450,000. The annual property tax rate is 20 mills. In New Mexico, residential property is assessed at 1/3 of market value. What is the annual property tax?
- A New Mexico ranch property sells for $1,200,000. The real estate commission is 5%. What is the total commission?
- A New Mexico mortgage has a balance of $175,000 at 6% annual interest. What is the monthly interest-only payment?
- A New Mexico investment property has a gross rent multiplier (GRM) of 12 and annual gross rent of $36,000. What is the estimated value?
- A New Mexico investor purchases a 4-unit property for $480,000. Each unit rents for $1,100/month. Vacancy is 5%, and operating expenses are 40% of EGI. What is the NOI?
- A New Mexico appraiser values a property using the cost approach: land value $80,000, building replacement cost $290,000, accrued depreciation $58,000. What is the indicated value?
- A New Mexico property is subject to a special assessment of $15,000 for street improvements. The assessment is spread over 10 years at 6% interest annually. The approximate annual payment is:
- A New Mexico buyer qualifies for a maximum monthly PITI payment of $2,400. The property tax is $300/month and insurance is $150/month. What is the maximum monthly principal and interest payment?
- A New Mexico property's replacement cost is $350,000. The effective age is 8 years, total economic life is 40 years. Using age-life depreciation, what is the depreciated value of the improvements?
- A New Mexico commercial property sells for $2,400,000 with a cap rate of 6.5%. What is the annual NOI?
- A New Mexico property has an assessed value of $78,000, which represents 1/3 of market value. The tax rate is 30 mills. What is the annual property tax?
- A New Mexico property is listed at $325,000. The buyer offers 92% of list price. What is the offer amount?
- A New Mexico broker earns a 5% commission on a $560,000 sale. The associate broker receives 55% of the office commission. How much does the associate earn?
- A New Mexico duplex generates $1,800/month per unit in rent. Annual operating expenses are $14,400. What is the annual NOI?
- A New Mexico investor wants a 9% return on a $500,000 investment. What minimum annual NOI is required?
- A New Mexico seller accepts an offer of $445,000. Closing costs are $3,200, commission is 5.5%, and the existing mortgage payoff is $285,000. What are the net proceeds to the seller?
- A New Mexico property generates monthly gross rent of $3,600. The annual operating expenses are $18,000. What is the annual NOI?
- A New Mexico property sells for $315,000. The NM Real Estate Transfer Tax is $1.50 per $500 of sales price. The seller pays transfer tax on the full price. What is the transfer tax?
- A New Mexico investor purchases a property for $380,000, using a 25% down payment. What is the loan amount and what is the LTV?
- A New Mexico home has a list price of $480,000. After 45 days, it sells for 97.5% of list price. What is the sales price?
- A New Mexico home buyer wants to stay below a $1,500/month PI payment. At 7% annual interest, a 30-year loan, the payment factor is $6.65 per $1,000 borrowed. What is the maximum loan amount?
Property Ownership
138 questions- New Mexico is a community property state. Under community property law, property acquired during marriage is generally owned:
- In New Mexico, which form of ownership gives each co-owner a right of survivorship?
- An easement appurtenant benefits:
- In New Mexico, water rights are critical because the state follows the doctrine of:
- A fee simple absolute estate is best described as:
- Under New Mexico community property law, separate property includes:
- A life estate grants the life tenant the right to:
- A deed restriction that prohibits commercial use of a property is an example of a:
- What are acequias in New Mexico?
- Which of the following is a characteristic of tenancy in common?
- An encroachment occurs when:
- In New Mexico, real property includes:
- Which type of deed provides the least protection to the grantee?
- The right of eminent domain allows the government to:
- Pueblo and tribal land in New Mexico is often subject to special considerations because:
- New Mexico is a community property state. Under this doctrine, property acquired during marriage is generally:
- Which of the following is considered separate property in New Mexico's community property system?
- Two unmarried people in New Mexico take title to a property with equal shares and the right of survivorship. This is:
- Which form of concurrent ownership in New Mexico does NOT include a right of survivorship?
- A life estate in New Mexico grants the holder (life tenant):
- In New Mexico, oil and gas mineral rights can be severed from the surface estate, meaning:
- Pueblo land in New Mexico has a unique legal status because:
- Which type of deed provides the greatest protection to the grantee in New Mexico?
- A quitclaim deed in New Mexico conveys:
- Which type of legal description is most commonly used for urban and suburban properties in New Mexico?
- New Mexico is divided into sections under the Public Land Survey System (rectangular survey). How many acres are in a section?
- Under the rectangular survey system, the northeast quarter of the southwest quarter of Section 10 contains how many acres?
- A metes and bounds description begins and ends at the same point called the:
- Which of the following is a voluntary lien on New Mexico real property?
- In New Mexico, a right of way is a type of easement that grants:
- A New Mexico property owner who sells mineral rights but retains the surface rights has performed a:
- The government's right to collect unpaid property taxes by seizing and selling the property is called:
- Escheat in New Mexico refers to:
- In New Mexico, a leasehold estate is best described as:
- In New Mexico, a condominium owner holds:
- A cooperative (co-op) differs from a condominium in that co-op residents:
- In New Mexico, the bundle of rights concept means that property ownership includes the rights to:
- In New Mexico, a 'fee simple determinable' estate automatically terminates if:
- The term 'seisin' in a general warranty deed refers to:
- Which of the following best describes 'riparian rights' as opposed to the prior appropriation doctrine used in New Mexico?
- In New Mexico, a prescriptive easement is acquired through use of another's land that is:
- Which type of deed is most commonly issued at a tax foreclosure sale in New Mexico?
- In New Mexico, a 'fee simple on condition subsequent' differs from a fee simple determinable in that:
- New Mexico law recognizes which type of joint tenancy requirement—the 'four unities'—as necessary for a valid joint tenancy?
- In New Mexico, which document is used to establish the legal boundaries of a subdivision?
- In New Mexico, when a married couple takes title as 'community property with right of survivorship,' at the death of one spouse:
- A New Mexico property owner who donates land to a church with the condition that the land must be used for religious purposes, and if not, the land reverts to the donor, has created a:
- In New Mexico, which government entity has the power to levy ad valorem property taxes on real estate?
- In New Mexico, a 'reconveyance deed' is executed when:
- Which statement is correct about fee ownership vs. easement ownership in New Mexico?
- In New Mexico, a 'statutory warranty deed' provides:
- In New Mexico, which doctrine states that the owner of surface land owns everything above and below the surface to the extent allowed by law?
- A New Mexico property survey reveals that the neighbor's fence is 3 feet inside the property line. This is an example of:
- In New Mexico, which type of title passes through probate upon the owner's death and can be left to heirs by will?
- In New Mexico, what document transfers the right to use and occupy property without transferring ownership?
- In New Mexico, which of the following is NOT a typical encumbrance on real property?
- In New Mexico, the term 'situs' in property law refers to:
- In New Mexico, an easement may be extinguished by which of the following?
- In New Mexico, the term 'appurtenance' in a deed or contract refers to:
- In New Mexico, a license (as distinguished from an easement) in real property law is:
- In New Mexico, which of the following is an example of real property that can be converted to personal property?
- In New Mexico, which of the following best describes 'air rights'?
- In New Mexico, which instrument would most clearly demonstrate that a previous deed of trust has been satisfied?
- In New Mexico, which form of property ownership gives each co-owner the right to partition the property?
- In New Mexico, when a married couple holds real property as community property, which statement is generally TRUE?
- In New Mexico, which instrument creates a lien on real property without transferring ownership?
- In New Mexico, which of the following is the PRIMARY purpose of recording a deed?
- In New Mexico, which of the following best describes 'fixtures' in real estate?
- In New Mexico, which statement is TRUE about a life tenant's rights and obligations?
- In New Mexico, 'dedication' of land refers to:
- In New Mexico, a 'surface use agreement' in oil and gas transactions establishes:
- In New Mexico, a 'covenant running with the land' binds:
- In New Mexico, which doctrine holds that the owner of land bordering a body of water owns to the water's edge and may have riparian rights?
- In New Mexico, the law of 'adverse possession' requires that possession be 'under color of title' OR under the alternative standard of:
- In New Mexico, which of the following best describes 'constructive eviction'?
- In New Mexico, which of the following is TRUE about tenancy by the entirety?
- In New Mexico, a 'fixture filing' under the Uniform Commercial Code (UCC) is relevant when:
- In New Mexico, which of the following is a characteristic of a 'ground lease'?
- In New Mexico, a 'partition action' results in:
- In New Mexico, which of the following best explains why a buyer should obtain a title insurance owner's policy?
- In New Mexico, what is the primary advantage of owning property in a limited liability company (LLC)?
- In New Mexico, a real estate investment trust (REIT) allows investors to:
- In New Mexico, which of the following is NOT part of the 'bundle of rights' associated with real property ownership?
- In New Mexico, 'partition in kind' refers to:
- In New Mexico, which of the following statements about a homeowners association (HOA) lien for unpaid dues is TRUE?
- In New Mexico, which of the following is TRUE about the transfer of real property through a will (devise)?
- In New Mexico, which of the following is TRUE about a 'trust deed' (deed of trust)?
- In New Mexico, which of the following describes a 'conservation easement'?
- In New Mexico, a 'living trust' (revocable inter vivos trust) used to hold real property allows the property owner to:
- In New Mexico, a 'declaration of condominium' (master deed) must be recorded to:
- In New Mexico, which of the following is a way to 'clear a cloud on title'?
- In New Mexico, which of the following is TRUE about a 'warranty forever' covenant in a general warranty deed?
- In New Mexico, 'naked legal title' in a deed of trust refers to:
- In New Mexico, which of the following correctly describes 'allodial title'?
- In New Mexico, an 'executory interest' in real property is a future interest that:
- In New Mexico, a 'transfer on death deed' (TODD) allows property owners to:
- In New Mexico, a 'revocable trust' used to hold real property provides which advantage?
- In New Mexico, a 'remainderman' in a life estate is the person who:
- In New Mexico, 'tenancy at will' ends when:
- In New Mexico, which of the following describes a 'possessory interest'?
- In New Mexico, an 'estate in fee tail' (if recognized) would be characterized by:
- In New Mexico, a 'partition action in kind' versus a 'partition by sale' primarily differs in that:
- In New Mexico, which form of co-ownership automatically passes a deceased owner's share to the surviving co-owner(s) without probate?
- In New Mexico, which document is used to transfer title of real property at death without going through the probate process, recorded during the owner's lifetime but effective only at death?
- In New Mexico, the term 'fee simple defeasible' means the ownership:
- In New Mexico, an 'easement appurtenant' differs from an 'easement in gross' in that an easement appurtenant:
- In New Mexico, which type of tenancy has no fixed term and can be terminated by either party with proper notice?
- In New Mexico, 'adverse possession' allows a person to acquire title to land by occupying it for a continuous period. The statutory period in New Mexico is:
- In New Mexico, which type of deed transfers whatever interest the grantor has — which may be nothing — with no warranties?
- In New Mexico, a 'restrictive covenant' in a residential deed:
- In New Mexico, 'mineral rights' can be severed from 'surface rights.' When minerals are severed, which estate is considered dominant?
- In New Mexico, a 'life estate' grants the holder (life tenant) the right to:
- In New Mexico, a 'condominium' owner holds:
- In New Mexico, 'community property' acquired during marriage is presumed to be owned equally by both spouses. An exception applies to property that is:
- In New Mexico, an 'encumbrance' on real property is best defined as:
- In New Mexico, a 'lien' on real property is best classified as:
- In New Mexico, 'riparian rights' apply to water along:
- In New Mexico, the term 'bundle of rights' in real estate refers to:
- In New Mexico, 'appurtenant easements' include which of the following for a landlocked parcel?
- In New Mexico, which statement about 'tenancy in common' is TRUE?
- In New Mexico, a 'leasehold estate' for a fixed term (e.g., a 2-year lease) is known as a:
- In New Mexico, which party in a deed of trust holds 'bare legal title' during the loan term?
- In New Mexico, 'tacking' in adverse possession allows a claimant to:
- In New Mexico, a 'prescriptive easement' is created by:
- In New Mexico, a 'cooperative' (co-op) housing arrangement means residents:
- In New Mexico, the 'right of partition' available to co-tenants means:
- In New Mexico, a 'timeshare' ownership gives the purchaser:
- In New Mexico, 'water table rights' for a property with a domestic well are governed by:
- In New Mexico, the 'habendum clause' in a deed defines:
- In New Mexico, which of the following best describes 'intestate succession'?
- In New Mexico, a 'ground lease' of 99 years gives the lessee (tenant) the right to:
- In New Mexico, 'condominium conversion' occurs when:
- In New Mexico, which of the following is NOT a way to terminate an easement?
- In New Mexico, which of the following creates a 'lien theory' state rather than a 'title theory' state for mortgages?
- In New Mexico, a property is subject to a 'Declaration of Covenants, Conditions, and Restrictions' (CC&Rs). These are enforced by:
- In New Mexico, 'constructive eviction' occurs when a landlord:
- In New Mexico, 'police power' allows the government to regulate land use primarily to:
- In New Mexico, which of the following best describes the concept of 'seisin' in property law?
Agency
136 questions- In New Mexico, a transaction broker owes which of the following duties to both parties?
- A seller's agent in New Mexico has a fiduciary duty to:
- When a New Mexico licensee represents both the buyer and seller in the same transaction, this is called:
- Which of the following best describes a buyer's agent in New Mexico?
- Under New Mexico law, an agent must disclose material facts about a property to:
- An agency relationship in New Mexico is most commonly created by:
- Under New Mexico's brokerage relationship rules, a licensee acting as a transaction broker represents:
- Informed consent for dual agency in New Mexico must be:
- A subagent represents:
- The duty of confidentiality in an agency relationship means the agent must:
- Which fiduciary duty requires an agent to follow all lawful instructions from their principal?
- An agent who discloses a buyer's maximum offer price to the seller without the buyer's consent has violated the duty of:
- Apparent authority in an agency relationship is created by:
- In New Mexico, an exclusive right-to-sell listing gives the broker:
- In New Mexico, when must agency disclosure be provided to a prospective buyer or seller?
- A New Mexico buyer's broker who discovers a material defect in a property they are showing is obligated to:
- Which type of agency relationship is created when a buyer signs a buyer representation agreement with a New Mexico broker?
- In a dual agency situation in New Mexico, the broker must:
- Which fiduciary duty requires a New Mexico agent to act in the client's best financial interest even at the expense of the agent's own financial gain?
- A salesperson in New Mexico who receives an earnest money deposit must turn it over to the qualifying broker:
- Under New Mexico law, a listing broker owes which duties to an unrepresented buyer?
- A New Mexico licensee who acts as a transaction broker owes which level of representation to both parties?
- Which action by a New Mexico agent would constitute a breach of the duty of confidentiality?
- An agent who is appointed by operation of law in an emergency situation to protect their principal's property is known as a(n):
- Which of the following best describes a 'net listing' in New Mexico?
- An exclusive right-to-sell listing in New Mexico means:
- An exclusive agency listing in New Mexico differs from an exclusive right-to-sell listing in that:
- A New Mexico listing expires without a sale. The seller then sells to a buyer who the listing broker introduced during the listing period. The listing broker is entitled to a commission if the listing agreement contained a(n):
- A New Mexico listing broker receives an offer below the asking price. The broker must:
- In New Mexico, a subagent is a licensee who:
- In New Mexico, designated agency means:
- The 'procuring cause' doctrine in New Mexico helps determine which broker is entitled to a commission by identifying:
- An agent in New Mexico who makes a material misrepresentation to a buyer may be liable for:
- Which type of listing agreement gives the broker no protection if the seller sells the property themselves?
- In New Mexico, what is the purpose of the Broker Disclosure Form?
- A New Mexico buyer's agent who finds out the seller has received another offer should:
- In New Mexico, when a seller's agent learns that the seller is experiencing financial distress and may accept below-market value, the agent must:
- In New Mexico, a buyer's agent who also receives compensation from the seller must:
- Which of the following duties does a New Mexico transaction broker owe to both parties?
- If a New Mexico buyer's agent discovers the property has an undisclosed unpermitted addition, the agent should:
- In New Mexico, a buyer who is working with a broker but has not signed a representation agreement has which type of relationship?
- If a New Mexico seller instructs their agent not to disclose a roof leak to buyers, the agent should:
- In New Mexico, a real estate licensee who assists their own family member in buying a home must:
- In New Mexico, the termination of an agency relationship can occur by which of the following?
- In New Mexico, what is the effect of a seller revoking a listing agreement before its expiration date?
- In New Mexico, what does the REALTOR® Code of Ethics require regarding truthfulness in advertising?
- A New Mexico buyer who has signed a buyer representation agreement with Broker A contacts Broker B to show them a property. Broker B should:
- A New Mexico agent presents an offer to their listing client. The client says, 'I won't sell to that family—they're not from around here.' The agent should:
- In New Mexico, an agent's duty of obedience means they must follow all lawful instructions of the client. The word 'lawful' means:
- The REALTOR® Code of Ethics Standard of Practice 1-2 requires REALTORS® to:
- A New Mexico licensee who simultaneously represents competing buyers for the same property is in a conflict of interest because:
- In New Mexico, a listing agent's duty to present all offers is subject to which exception?
- In New Mexico, a buyer's representation agreement that is exclusive means:
- An 'open listing' in New Mexico allows the seller to:
- In New Mexico, a licensee who is buying or selling property for their own account must disclose to the other party:
- In New Mexico, 'apparent authority' (ostensible agency) is created when:
- When a New Mexico buyer's agent writes a purchase offer, who is the agent legally representing?
- In New Mexico, which of the following would constitute 'material fact' requiring disclosure by a real estate agent?
- In New Mexico, when a listing broker and selling broker are from different firms, the selling broker is generally considered:
- In New Mexico, a seller's agent is obligated to present offers even after the seller has accepted another offer if:
- In New Mexico, a seller who retains the right to sell property themselves and owes no commission if they do so is working under which type of listing?
- In New Mexico, when a listing broker's firm also has a buyer who wants to purchase the listing, the qualifying broker may appoint:
- In New Mexico, a buyer's agent who learns that a property has undisclosed structural issues from a third party should:
- In New Mexico, which of the following best describes the fiduciary duty of 'disclosure' owed by an agent to their client?
- In New Mexico, a seller who instructs their agent to accept only cash offers is:
- A New Mexico agent who inadvertently discloses a buyer's maximum budget to the seller's agent has:
- In New Mexico, which of the following is an example of 'puffing' that does NOT constitute actionable misrepresentation?
- In New Mexico, a broker who is also a principal in a transaction (buying or selling their own property) must:
- In New Mexico, which fiduciary duty requires an agent to act with the skill, care, and diligence of a reasonably competent real estate professional?
- In New Mexico, a buyer's agent who learns that the seller recently made a large reduction in asking price should:
- In New Mexico, which of the following would constitute unauthorized practice of law by a real estate agent?
- In New Mexico, an agent who represents a buyer but assists in drafting a stronger offer against the seller's interests is:
- In New Mexico, a listing broker who has not yet received a signed purchase contract from a cooperating broker should:
- In New Mexico, 'ratification' of an agent's unauthorized act occurs when:
- In New Mexico, which of the following best describes the 'reasonable care' standard for real estate agents?
- In New Mexico, 'ministerial acts' that can be performed for a non-client without creating an agency relationship include:
- In New Mexico, an agent who receives an earnest money check from a buyer must NOT:
- In New Mexico, an agent who discovers that their client has made a material misrepresentation to the other party should:
- Under New Mexico rules, which of the following is NOT a required disclosure in the initial agency disclosure form?
- In New Mexico, which of the following would NOT be considered a 'material fact' requiring agent disclosure?
- In New Mexico, a buyer who wishes to remain anonymous during the purchase of a property may use a(n):
- A New Mexico real estate broker must avoid 'commingling' funds. Which of the following actions constitutes commingling?
- In New Mexico, the most common reason earnest money disputes arise between buyer and seller is:
- In New Mexico, a qualifying broker who is also a salesperson's spouse enters into a transaction where the salesperson represents the buyer and the broker's interests are adverse. The broker must:
- In New Mexico, when does a buyer's agent's fiduciary duty to the buyer begin?
- In New Mexico, which of the following is an example of an agent's breach of the fiduciary duty of 'accounting'?
- In New Mexico, what is the difference between 'express agency' and 'implied agency'?
- In New Mexico, a real estate agent who tells a buyer 'this is the best deal you'll ever find—you must buy now' without factual support is:
- In New Mexico, what is the agent's duty of 'diligence' in representing a seller?
- In New Mexico, when a buyer's agent receives an offer acceptance from the seller, they should:
- In New Mexico, an agent who is asked by their seller to disclose only certain defects should:
- In New Mexico, an agent who knowingly misrepresents the condition of a property faces which consequences?
- In New Mexico, what is 'respondeat superior' as it applies to real estate brokers?
- In New Mexico, which of the following is an example of an agent properly fulfilling their duty of 'disclosure' to a buyer client?
- In New Mexico, a buyer's agent who locates a property not listed on the MLS (a 'pocket listing') and shows it to their buyer client is:
- In New Mexico, a transaction broker owes which duties to both parties?
- In New Mexico, when does a buyer's broker agreement become enforceable?
- In New Mexico, an agent has a duty to 'account' for all funds. This means:
- In New Mexico, which agency relationship is created when a seller signs an exclusive right-to-sell listing agreement with a broker?
- A New Mexico buyer's agent learns that their client is willing to pay $350,000 even though their offer is $310,000. This information is:
- In New Mexico, an agent may represent both the buyer and seller in the same transaction only if:
- In New Mexico, an agent who represents the seller is required to disclose to prospective buyers which of the following?
- In New Mexico, 'subagency' occurs when:
- In New Mexico, the required agency disclosure form that licensees must provide at first substantial contact is called the:
- In New Mexico, an 'exclusive buyer's agency agreement' means:
- In New Mexico, which of the following is NOT a fiduciary duty owed by an agent to their principal?
- In New Mexico, 'material facts' that a licensee must disclose include all of the following EXCEPT:
- In New Mexico, an agent's duty of 'obedience' to their principal means:
- In New Mexico, an agent must disclose to their client any personal interest in a transaction. This is required by the fiduciary duty of:
- In New Mexico, a broker's listing agreement expires. Can the broker continue to show the property?
- In New Mexico, an agent's duty to their client ends when:
- In New Mexico, a listing broker places a property in the MLS and offers buyer's brokers a 3% co-op commission. This offer is:
- In New Mexico, if a buyer works with a licensee who shows them properties but has no written buyer's broker agreement, the licensee is likely functioning as:
- In New Mexico, a broker who represents neither the buyer nor the seller and assists in a transaction with limited duties is known as a:
- In New Mexico, an agent's duty of 'loyalty' to their principal means the agent must:
- In New Mexico, a 'designated agency' allows a brokerage to:
- In New Mexico, can a buyer's agent and listing agent from the same brokerage each represent their respective clients in the same transaction?
- In New Mexico, when an agent 'presents all offers' to their seller client, this means:
- In New Mexico, a broker working with a buyer who does NOT have a buyer's agency agreement must disclose to the buyer that:
- In New Mexico, 'procuring cause' determines which broker is entitled to a commission. The procuring cause is the broker who:
- In New Mexico, 'informed consent' to dual agency or designated agency requires that the client:
- In New Mexico, which of the following best describes 'implied agency'?
- In New Mexico, a buyer's agent learns that the seller's property has a cracked foundation not disclosed in the listing. The agent must:
- In New Mexico, an agent who knowingly makes a false statement to induce a buyer to purchase property may be liable for:
- In New Mexico, when a seller's agent receives a written offer, they should present it to the seller:
- In New Mexico, a 'limited dual agent' or 'transaction broker' cannot disclose to the buyer:
- In New Mexico, a listing agent who receives multiple competing offers has an obligation to:
- In New Mexico, the practice of 'farming' a geographic area by a real estate agent refers to:
- In New Mexico, a buyer's agent who withholds a material defect from their buyer client to facilitate a sale is:
- In New Mexico, an agent's failure to disclose to their buyer client that the property is in a flood zone is:
- In New Mexico, a listing broker's 'protection period' clause in a listing agreement means:
- In New Mexico, an agent's duty of 'reasonable care and diligence' requires the agent to:
- In New Mexico, which of the following would terminate an agency relationship by operation of law?
- In New Mexico, when may a seller's agent also receive compensation from the buyer?
- In New Mexico, a buyer's broker receives a higher co-op commission offer from one listing than another. The buyer's broker's obligation is to:
- In New Mexico, which of the following best describes the entire purpose of agency disclosure requirements at first substantial contact?
Property Valuation
128 questions- An appraiser is estimating the value of a single-family home. Which approach to value would they most likely use as the primary method?
- The principle of substitution states that:
- Which type of depreciation is considered incurable because the cost to fix it exceeds the value it would add?
- A comparable sale sold for $250,000 and has a feature the subject property lacks. The appraiser adjusts the comparable by -$5,000. This means:
- The income approach to value is most often used for:
- The formula for Net Operating Income (NOI) is:
- A capitalization rate (cap rate) is used to:
- An apartment building has an NOI of $60,000 and a cap rate of 8%. What is the estimated value?
- The cost approach to value is most reliable for:
- Functional obsolescence in appraisal refers to:
- Regression in real estate valuation means:
- Highest and best use is defined as the use that is:
- Which approach to value is most commonly used to appraise a single-family residence in Albuquerque?
- The income approach to value is most appropriate for which type of New Mexico property?
- In the cost approach to value, the appraiser estimates:
- Which principle of value states that the value of a property is affected by surrounding properties?
- An appraiser uses a 'comparable sale' to adjust for a feature the subject property has but the comparable does not. The appraiser would:
- The principle of progression in real estate valuation means that:
- A New Mexico property generates $30,000 in annual net operating income (NOI). If the capitalization rate is 6%, what is the estimated value?
- Functional obsolescence in a New Mexico home would be best described as:
- External obsolescence that reduces a New Mexico property's value would be exemplified by:
- In New Mexico, the assessed value of residential property for tax purposes is typically:
- The highest and best use of a New Mexico property is defined as the use that is:
- In appraising a historic Santa Fe adobe home, the appraiser notes that finding true comparables is difficult. This is most likely because:
- When appraising a property in New Mexico, 'effective age' refers to:
- The capitalization rate (cap rate) used in the income approach reflects:
- Market value in New Mexico appraisal is defined as:
- Plottage value in real estate refers to:
- Depreciation in the cost approach to value is described as:
- Accrued depreciation in the cost approach is calculated as:
- Which principle of appraisal states that value is created by the expectation of future benefits?
- The principle of substitution in New Mexico appraisal states that:
- An appraiser performing a 'bracketing' technique in the sales comparison approach selects comparables that:
- In the income approach, 'effective gross income' is calculated as:
- When comparable sales are limited in a New Mexico rural market, an appraiser may use which additional tool to support the value estimate?
- Gross Rent Multiplier (GRM) is calculated as:
- An appraiser in Albuquerque applies a downward adjustment to a comparable sale because the comparable has a view of the Sandia Mountains but the subject property does not. This is because:
- In New Mexico, a 'drive-by appraisal' (exterior-only inspection) may be acceptable for:
- In New Mexico, the market value of a property may differ significantly from its assessed value because:
- When appraising a New Mexico property, the appraiser uses the 'before and after' method for which type of loss?
- In New Mexico, which of the following would be considered a 'super-adequate' feature that may contribute to functional obsolescence?
- When appraising income property in New Mexico, 'economic rent' refers to:
- In New Mexico, which factor would most likely INCREASE the cap rate (and therefore DECREASE the property value) for an income property?
- In a New Mexico market where demand is high and supply is limited (seller's market), property values tend to:
- An appraiser in Taos uses the cost approach to value a new adobe home. Which of the following would be included in the cost estimate?
- When a New Mexico appraiser reconciles the three approaches to value, they:
- What is the purpose of a 'restricted appraisal report' in New Mexico?
- In New Mexico, an appraiser who determines that a property's highest and best use is different from its current use will likely:
- In New Mexico appraisal practice, the 'reconciliation' process requires the appraiser to:
- A New Mexico appraiser uses the 'age-life method' to estimate depreciation. If a building has an effective age of 15 years and a total economic life of 50 years, the depreciation percentage is:
- In New Mexico, property that has been 'condemned' by the government has been:
- In New Mexico, which of the following would be considered a 'trade fixture' and remain the tenant's property upon lease expiration?
- An appraiser in New Mexico who discovers that the subject property has a legal nonconforming use should:
- In New Mexico, what is the primary purpose of a property appraisal performed for a mortgage lender?
- In the sales comparison approach in New Mexico, which type of sale should be excluded from consideration as a 'comparable'?
- In New Mexico, which of the following best describes 'market conditions adjustment' in an appraisal?
- In New Mexico, 'neighborhood analysis' in an appraisal helps the appraiser:
- In New Mexico, an 'as-is' appraisal values the property:
- In New Mexico, the term 'assemblage' in real estate refers to:
- In New Mexico, what is the purpose of an appraisal review?
- In a New Mexico buyer's market (high supply, low demand), how would this likely affect property values?
- In New Mexico, what is the primary difference between 'reproduction cost' and 'replacement cost' in the cost approach?
- In New Mexico, an appraiser who values a property at a lower amount than the purchase price is providing:
- In New Mexico, which of the following would be an example of functional obsolescence that is 'curable'?
- In New Mexico, which type of appraisal approach would be most applicable for a special purpose property like a church or school?
- In New Mexico, a property's 'economic life' refers to:
- In New Mexico, an appraiser who values a property 'as if complete' for a proposed renovation project is providing what type of appraisal?
- In New Mexico, which of the following properties would most likely be appraised using the income approach as the primary method?
- In New Mexico, which principle states that the maximum value of a property is determined by what a buyer could pay for a similar substitute property?
- In New Mexico, when comparable sales show significant variation in selling prices, an appraiser should:
- In New Mexico, the distinction between 'value in use' and 'market value' is important because:
- In New Mexico, which factor would an appraiser NOT typically consider when adjusting comparable sales?
- In New Mexico, which of the following is an example of 'external (economic) obsolescence'?
- In New Mexico, what does an appraiser mean by 'scope of work' in their appraisal engagement?
- In New Mexico, the 'cost to cure' approach to estimating depreciation applies when:
- In New Mexico, a 'cash equivalency' adjustment in appraising a comparable sale accounts for:
- In New Mexico, the 'discounted cash flow' (DCF) analysis for income property determines value by:
- In New Mexico, an appraiser who determines the value of a property 'as completed' for a proposed new home construction is providing a:
- In New Mexico, the 'before and after' method for valuing a partial taking by eminent domain establishes compensation as:
- In New Mexico, 'mass appraisal' is used primarily for:
- In New Mexico, when an appraiser reports 'absorption rate' for a new subdivision, they are measuring:
- In New Mexico, an appraiser's 'extraordinary assumption' is:
- In New Mexico, what is the 'indicated value' in the sales comparison approach?
- In New Mexico, 'physical deterioration' that is 'incurable' refers to:
- In New Mexico, which of the following is TRUE about Uniform Standards of Professional Appraisal Practice (USPAP)?
- In New Mexico, 'paired sales analysis' in appraisal is used to:
- In New Mexico, what is a 'desktop appraisal'?
- In New Mexico, 'interim use' in highest and best use analysis refers to:
- In New Mexico, a property with a 'deferred maintenance' issue of $15,000 would be treated how in an appraisal?
- In New Mexico, which factor is MOST important in determining the value of a commercial retail property in Albuquerque?
- In New Mexico, which of the following best describes the 'principle of balance' in appraisal?
- In New Mexico, when an appraiser reconciles three approaches to value and gives the most weight to the sales comparison approach for a single-family home, it is because:
- An appraiser in New Mexico is reconciling value indications: Cost Approach = $320,000; Sales Comparison = $315,000; Income Approach = $310,000. For a single-family residence in Albuquerque, the appraiser will most likely give greatest weight to:
- An appraiser calculates an 'effective gross income multiplier' (EGIM) for a New Mexico apartment complex. To find EGIM, the appraiser divides:
- An appraiser using the income approach calculates a capitalization rate by dividing:
- In the cost approach, 'functional obsolescence' refers to:
- In the sales comparison approach, 'adjustments' are made to comparable properties to account for differences from the subject. If a comparable has a feature the subject lacks, the appraiser makes a:
- A New Mexico property manager wants to estimate the market rent for a vacant unit. The best approach is to:
- A New Mexico appraiser is asked to determine the 'as-completed' value of a property currently under renovation. This is:
- The 'gross rent multiplier' (GRM) method for valuing a single-family rental in New Mexico requires:
- In New Mexico, the 'income capitalization approach' is most appropriate for valuing:
- In New Mexico, 'economic obsolescence' (also called external obsolescence) is caused by:
- In New Mexico, a 'desk review' appraisal involves:
- An appraiser applies a 'paired sales analysis' to estimate the value contribution of a garage in a New Mexico market. This technique:
- A New Mexico appraiser uses the 'cost approach' to value a 10-year-old commercial building. The first step is to estimate:
- In New Mexico, a 'feasibility study' for a new residential development would analyze:
- In New Mexico, when appraising a historic adobe home in Santa Fe's historic district, the appraiser would note the unique challenge of:
- In New Mexico, the 'principle of regression' in appraisal holds that:
- In New Mexico, the 'principle of substitution' underlies all three appraisal approaches because:
- In New Mexico, an appraiser preparing a restricted appraisal report (RAR) under USPAP must:
- In New Mexico, when there are very few recent comparable sales (e.g., in a remote rural area), an appraiser might place more weight on the:
- In New Mexico, an appraiser is asked to estimate the 'value in use' of a specialty property (e.g., a church or school). This value differs from market value because:
- In New Mexico, a 'prospective market value' appraisal estimates value:
- In New Mexico, when an appraiser calculates 'depreciation' in the cost approach using the 'age-life method,' the formula is:
- In New Mexico, when appraising a ranch property with oil and gas leases, the appraiser must:
- In New Mexico, the 'band of investment' technique is used to derive a capitalization rate by:
- In New Mexico, 'market conditions adjustments' in an appraisal are made to comparable sales to account for:
- In New Mexico, 'absorption rate' in a market analysis measures:
- In New Mexico, an 'appraisal review' is performed by an appraiser to:
- In New Mexico, a 'highest and best use' analysis for a vacant commercial lot would consider all of the following EXCEPT:
- In New Mexico, when appraising a property in a rapidly appreciating market like Santa Fe, the appraiser must:
- In New Mexico, when an appraiser selects 'comparable sales,' the most important factors are:
- In New Mexico, an appraiser using the income approach must estimate 'vacancy and credit loss' because:
- In New Mexico, the term 'effective age' in appraisal refers to:
- In New Mexico, the 'principle of conformity' holds that:
- In New Mexico, an appraiser must certify in their appraisal report that they:
- In New Mexico, the 'cost to cure' method for functional obsolescence calculates:
- In New Mexico, an appraiser's 'scope of work' under USPAP must include, at minimum:
Environmental
125 questions- Which federal law governs the cleanup of contaminated Superfund sites?
- Lead-based paint disclosure is required for homes built before:
- Radon is a health hazard because it is:
- Asbestos becomes a health hazard primarily when it is:
- An underground storage tank (UST) on a property is a concern because:
- In New Mexico, water scarcity concerns make which environmental issue particularly critical in real estate transactions?
- A Phase I Environmental Site Assessment (ESA) is designed to:
- Mold in a property must be disclosed in New Mexico because it:
- CERCLA liability for contamination is notable because it can be imposed on:
- The New Mexico Disclosure Statement requires sellers to disclose information about:
- The New Mexico Environment Department (NMED) oversees cleanup of contaminated sites under which state program?
- Radon is a naturally occurring radioactive gas. New Mexico's geography and geology mean that:
- Under CERCLA (Superfund), a New Mexico property owner who did not cause contamination but purchased contaminated land may be liable for cleanup costs under the concept of:
- Lead-based paint disclosure is required for residential properties built before:
- In New Mexico, underground storage tanks (USTs) containing petroleum products are regulated primarily by:
- Asbestos-containing materials in a New Mexico commercial building are most dangerous when they are:
- A Phase I Environmental Site Assessment (ESA) for a New Mexico commercial property is designed to:
- Which environmental hazard is most commonly associated with older adobe and territorial-style homes in New Mexico?
- Mold in a New Mexico property is considered a material fact that must be disclosed because:
- The presence of a Superfund (CERCLA) site near a New Mexico property is best described as what type of value loss?
- Prior appropriation water rights in New Mexico operate on what principle?
- In New Mexico, acequia water rights are:
- The New Mexico State Engineer's Office has jurisdiction over:
- In New Mexico real estate, water rights are said to be 'more valuable than land' because:
- A New Mexico buyer of ranch land should investigate water rights because:
- A Phase II Environmental Site Assessment (ESA) is triggered when:
- In New Mexico, which government agency is responsible for permitting oil and gas drilling and production?
- In New Mexico, petroleum-contaminated soil from a leaking underground storage tank (LUST) is typically remediated by:
- What New Mexico environmental issue is particularly significant for buyers of ranch and agricultural land?
- Volatile organic compounds (VOCs) are a common indoor air quality concern in New Mexico commercial buildings because:
- In New Mexico, which disclosure is specifically required for properties in Special Flood Hazard Areas (SFHAs)?
- Carbon monoxide (CO) detectors are required in which New Mexico residential properties?
- A buyer of a New Mexico commercial property discovered the previous owner operated a dry cleaning business. The buyer should be particularly concerned about:
- New Mexico's semi-arid climate and caliche soil can affect residential foundations. Which of the following best describes caliche?
- New Mexico's Albuquerque-Bernalillo County Water Utility Authority (ABCWUA) issues water rights and allocations. A developer in Albuquerque must secure adequate water rights before receiving a:
- In New Mexico, a 'brownfield' is defined as:
- Electromagnetic fields (EMFs) from power lines near a New Mexico property are considered:
- Which of the following is a potential environmental concern unique to New Mexico's oil and gas production regions like the Permian Basin?
- Expansive soils found in some New Mexico regions can cause significant damage to buildings because:
- The Resource Conservation and Recovery Act (RCRA) regulates which type of environmental concern affecting New Mexico commercial properties?
- In New Mexico, the federal Clean Water Act regulates activities affecting:
- A New Mexico seller who recently had asbestos abatement performed must:
- New Mexico's acequia systems are subject to which governance structure?
- A New Mexico school site that has been found to have naturally occurring arsenic in the soil requires:
- A New Mexico property near an old mining site may be contaminated with which hazardous substances?
- In New Mexico, 'produced water' from oil and gas extraction is a significant environmental concern because:
- In New Mexico, which agency administers the state's hazardous waste regulations under the New Mexico Hazardous Waste Act?
- In New Mexico, which of the following is a potential environmental hazard specific to manufactured housing (mobile homes)?
- In New Mexico, which of the following is a concern for buyers of properties with septic systems in rural areas?
- Which New Mexico environmental regulation requires disclosure of pesticide applications in certain commercial agricultural settings and near residential areas?
- In New Mexico, which of the following is the MOST significant water quality concern for properties near a dairy or feedlot operation?
- In New Mexico, which federal environmental law most directly affects the cleanup of contaminated commercial properties?
- The National Environmental Policy Act (NEPA) requires federal agencies to prepare an Environmental Impact Statement (EIS) for:
- In New Mexico, uranium mining legacy contamination is a concern particularly in which part of the state?
- In New Mexico, the Clean Air Act as enforced through the state regulates:
- In New Mexico, 'sick building syndrome' is an indoor environmental quality concern where occupants experience:
- In New Mexico, the 'innocent landowner' defense under CERCLA allows a property owner to avoid Superfund liability if they can demonstrate:
- In New Mexico, which of the following best describes 'environmental due diligence' in a commercial real estate transaction?
- In New Mexico, which federal law requires registration and reporting of toxic chemicals stored above certain thresholds at facilities?
- In New Mexico, which of the following is a 'dry' environmental hazard specifically concerning desert and semi-arid climates?
- In New Mexico, Hantavirus is a health concern primarily linked to:
- In New Mexico, 'brownfield redevelopment' is incentivized through which mechanism?
- In New Mexico, abandoned uranium tailings piles are hazardous because they:
- In New Mexico, which of the following best describes 'groundwater contamination plume'?
- In New Mexico, the safe drinking water regulations administered by NMED require public water systems to:
- In New Mexico, polychlorinated biphenyls (PCBs) are an environmental concern primarily in:
- In New Mexico, which of the following types of contamination is most commonly associated with dry cleaning facility sites?
- In New Mexico, agricultural properties may have soil contaminated from which common source?
- In New Mexico, which agency oversees the regulation of pesticides and chemical applications that may affect real property?
- In New Mexico, indoor air quality in adobe and earthen homes may be affected by which naturally occurring substance?
- In New Mexico, 'percolation tests' (perc tests) are required for which purpose?
- In New Mexico, 'wellhead protection areas' are established to:
- In New Mexico, the state's 'Right-to-Know Act' related to hazardous substances requires:
- In New Mexico, 'naturally occurring asbestos' (NOA) is a concern in certain areas because:
- In New Mexico, 'solar radiation' considerations in building design and real estate valuation relate to:
- In New Mexico, which federal law governs asbestos removal (abatement) from commercial buildings?
- In New Mexico, exposure to 'polycyclic aromatic hydrocarbons' (PAHs) from old asphalt, coal tar sealants, and contaminated soils is a concern because:
- In New Mexico, a 'brownfield voluntary cleanup program' (VCP) offers participants which benefit?
- In New Mexico, which of the following is required to be disclosed to buyers of pre-1978 residential property under federal law?
- In New Mexico, the federal Safe Drinking Water Act protects public water systems by requiring:
- In New Mexico, which of the following is the MOST accurate statement about radon mitigation?
- In New Mexico, 'on-site sewage facility' (OSSF) permits are regulated by the:
- In New Mexico, 'environmental indemnification clauses' in purchase contracts are used to:
- In New Mexico, a 'recognized environmental condition' (REC) identified in a Phase I ESA means:
- In New Mexico, 'environmental covenants' placed on contaminated properties that have been cleaned up are designed to:
- In New Mexico, a 'voluntary remediation agreement' (VRA) with NMED provides participants with:
- In New Mexico, which statement about radon testing is most accurate?
- In New Mexico, which of the following is a concern for properties located near a gas station or fueling facility?
- In New Mexico, 'air quality non-attainment areas' (like Albuquerque-Bernalillo County for particulate matter) have special restrictions related to:
- Properties near New Mexico oil and gas operations may require disclosure of which environmental concern?
- In New Mexico, 'caliche' found in soil can affect construction because it:
- A New Mexico property was formerly a dry cleaning facility. The primary environmental concern is contamination from:
- In New Mexico, underground storage tanks (USTs) at former gas stations are regulated by:
- In New Mexico, 'prior appropriation' water rights mean that during a drought:
- In New Mexico, the Superfund program (CERCLA) imposes liability for cleanup costs on:
- In New Mexico, a property with a wood-burning fireplace in Albuquerque may be subject to restrictions because of:
- In New Mexico, 'acequia' water rights are tied to:
- In New Mexico, 'hantavirus' is an environmental concern associated with:
- In New Mexico, the 'Brownfields Program' helps communities redevelop:
- In New Mexico, a seller of a pre-1978 home must provide buyers with:
- In New Mexico, a property in a flood plain is required by lenders to carry:
- In New Mexico, the State Engineer's Office regulates:
- In New Mexico, a property built before 1980 may contain insulation made of vermiculite ore contaminated with:
- In New Mexico, a Phase I Environmental Site Assessment (ESA) is conducted by:
- In New Mexico, naturally occurring asbestos (NOA) has been found in certain geological formations. This is particularly relevant for:
- In New Mexico, 'methane gas' from decomposing organic material in landfills is an environmental concern for nearby real estate because it:
- In New Mexico, 'vapor intrusion' is an environmental concern when:
- In New Mexico, 'electromagnetic fields' (EMF) from high-voltage power lines are a concern some buyers raise. Regarding disclosure:
- In New Mexico, 'polychlorinated biphenyls' (PCBs) may be found in older commercial and industrial properties in:
- In New Mexico, a property adjacent to a former mining operation may face concerns about:
- In New Mexico, 'endangered species' habitat protection under the federal Endangered Species Act can affect real estate development because:
- In New Mexico, 'uranium mill tailings' are a unique environmental hazard because:
- In New Mexico, properties near the Sandia Mountains or Jemez Mountains may have elevated radon levels because:
- In New Mexico, the 'Rio Grande Bosque' along the Rio Grande in Albuquerque represents a riparian habitat that affects development through:
- In New Mexico, a property disclosed as being in a FEMA 'Zone AE' flood zone means:
- In New Mexico, a property's proximity to an active arroyo (dry wash) is relevant because:
- In New Mexico, 'NORM' (Naturally Occurring Radioactive Material) is primarily a concern for:
- In New Mexico, 'perchlorate' contamination has been discovered in some groundwater near:
- In New Mexico, 'lead service lines' bringing water into older homes are an environmental concern because:
- In New Mexico, 'polycyclic aromatic hydrocarbons' (PAHs) are often found at:
- In New Mexico, 'graywater' reuse systems (using laundry and sink water for irrigation) are:
- In New Mexico, the 'Interstate Stream Commission' regulates:
- In New Mexico, the 'Clean Water Act' (CWA) affects real estate development primarily through regulation of:
- In New Mexico, 'adobe construction' in older homes may contain:
- In New Mexico, 'radon testing' in residential real estate transactions is:
Land Use & Zoning
118 questions- A variance is permission granted to a property owner to:
- A nonconforming use is best described as:
- A special use permit (conditional use permit) allows:
- The master plan (comprehensive plan) of a municipality serves primarily as:
- In New Mexico, subdivision regulations typically require a developer to submit:
- Spot zoning refers to:
- Eminent domain requires that property taken for public use receive:
- A buffer zone in zoning is used to:
- Which New Mexico governmental body typically has authority to enact and enforce local zoning ordinances?
- A nonconforming use in New Mexico is best described as:
- A landowner in New Mexico wants to use their property in a way that the current zoning does not allow. They may seek relief through:
- Eminent domain is the government's power to:
- The Albuquerque Comprehensive Zoning Code designates areas for specific uses such as residential, commercial, and industrial. This is an example of:
- A special use permit (conditional use permit) in New Mexico allows:
- Under New Mexico's subdivision regulations, a developer who splits a parcel into multiple lots must typically:
- In New Mexico, an easement appurtenant benefits:
- A New Mexico rancher has a landlocked parcel with no road access. They may seek which type of easement?
- A deed restriction (restrictive covenant) in a New Mexico subdivision that prohibits commercial use is enforced by:
- In New Mexico, a plat must be recorded with the:
- Buffer zones in New Mexico zoning are used to:
- The federal Flood Disaster Protection Act requires flood insurance for properties:
- A New Mexico homeowner in an HOA-governed subdivision wants to paint their house a non-approved color. The HOA's authority to prohibit this comes from:
- In New Mexico, impact fees imposed on new developments are used to:
- In New Mexico, a regulatory taking occurs when:
- The Santa Fe Historic Districts Ordinance is an example of which type of land use control?
- New Mexico's Housing Forward initiative and related policies are designed to address which challenge?
- Inclusionary zoning in New Mexico cities may require developers to:
- In New Mexico, a property owner who wants to convert a single-family home to a duplex in an area zoned single-family must typically obtain:
- Which of the following describes 'spot zoning' and why it may be legally challenged in New Mexico?
- New Mexico's Albuquerque Comprehensive Plan guides long-range land use by:
- Under New Mexico subdivision law, which properties may be exempt from the subdivision plat requirement?
- In New Mexico, the 'police power' exercised through zoning regulations is different from eminent domain because:
- A New Mexico property owner who builds an addition that encroaches 2 feet into the required 5-foot side yard setback has created a:
- In New Mexico, a 'master-planned community' typically features:
- Transferable Development Rights (TDR) programs in New Mexico cities allow property owners in:
- In New Mexico, what is an 'arroyo' and why is it significant in real estate and land use planning?
- In New Mexico, 'density bonuses' for affordable housing allow developers to:
- In New Mexico, a 'planned unit development' (PUD) differs from conventional zoning by:
- In New Mexico, a property owner who disagrees with a zoning board's denial of their variance request may:
- In New Mexico, 'exactions' are conditions placed on development approvals that may require developers to:
- A 'form-based code' used in some New Mexico municipalities emphasizes:
- Under New Mexico law, a homeowners association (HOA) has the power to:
- In New Mexico, a 'view corridor' ordinance in a city like Santa Fe or Taos protects:
- In New Mexico, 'transit-oriented development' (TOD) focuses on:
- In New Mexico, 'urban sprawl' describes the phenomenon of:
- In New Mexico, the term 'FAR' (floor area ratio) in zoning means:
- In New Mexico, 'extraterritorial jurisdiction' (ETJ) allows a municipality to:
- In New Mexico, an 'overlay zone' is a zone that:
- In New Mexico, a 'specific plan' or 'sector development plan' differs from a general zoning code by:
- In New Mexico, a 'home occupation permit' allows a homeowner to:
- In New Mexico, 'lot coverage' in zoning refers to:
- In New Mexico, an 'accessory dwelling unit' (ADU or casita) is:
- In New Mexico, which statement about manufactured home parks is TRUE?
- In New Mexico, which of the following describes 'smart growth' development principles?
- In New Mexico, 'infill development' refers to:
- In New Mexico, 'downzoning' occurs when:
- Under New Mexico's Water for New Mexico Act and related legislation, developers must demonstrate adequate water supply availability before:
- In New Mexico, 'cluster development' or 'conservation subdivision design' allows:
- In New Mexico, 'upzoning' a property is most likely to benefit the current owner because:
- In New Mexico, 'conditional zoning' differs from straight rezoning in that:
- In New Mexico, which of the following describes a 'development agreement' between a municipality and a developer?
- In New Mexico, a 'Type A' zoning violation notice typically requires:
- In New Mexico, 'urban heat island effect' is a planning concern addressed by:
- In New Mexico, a 'vested rights' claim by a developer means they have the right to:
- New Mexico's 'Prehistoric Sites Preservation Act' affects real estate development by:
- In New Mexico, 'agritourism' zoning accommodates properties that:
- In New Mexico, a 'scenic road designation' affects adjacent properties by:
- In New Mexico, 'corridor zoning' along major roads like Central Avenue in Albuquerque or Cerrillos Road in Santa Fe is designed to:
- In New Mexico, 'solar rights' or 'solar easements' allow property owners to:
- New Mexico's 'Right to Farm Act' protects agricultural operations from nuisance lawsuits when:
- In New Mexico, an 'interim development ordinance' may temporarily freeze development approvals to:
- In New Mexico, a 'public nuisance' ordinance enables local governments to:
- In New Mexico, 'transfer of development rights' (TDR) is designed to:
- In New Mexico, 'affordable housing set-asides' required under inclusionary zoning are typically defined by income thresholds tied to:
- In New Mexico, a 'dark store' valuation issue in commercial property tax assessment refers to:
- In New Mexico, 'environmental impact assessments' required under NEPA for federal projects are designed to:
- In New Mexico, which historic preservation tool designates certain structures as significant and provides incentives for their maintenance?
- In New Mexico, a 'special district' such as a Public Improvement District (PID) or Metropolitan Redevelopment Area (MRA) is created to:
- In New Mexico, a 'form-based code' in an urban area is designed to prioritize:
- In New Mexico, 'eminent domain proceedings' for a highway expansion would require the government to pay the property owner:
- In New Mexico, 'interim uses' in developing areas often include which type of use on commercially zoned land awaiting redevelopment?
- In New Mexico, a 'housing element' in a comprehensive plan addresses:
- In New Mexico, 'mixed-use zoning' (as in many Albuquerque urban corridors) permits which combination?
- In New Mexico, a 'variance' in zoning law is best described as:
- A New Mexico property owner wants to use land for a church in a residential zone. This would require:
- In New Mexico, a 'non-conforming use' that predates current zoning regulations:
- A 'planned unit development' (PUD) in New Mexico allows:
- A New Mexico municipality adopts a 'form-based code.' This type of zoning regulation focuses primarily on:
- A New Mexico county adopts a 'growth management plan' to control urban sprawl. This plan typically uses:
- In New Mexico, 'inclusionary zoning' requires developers to:
- In New Mexico, 'spot zoning' occurs when:
- In New Mexico, a 'downzone' refers to:
- In New Mexico, 'exactions' and 'impact fees' charged to developers by municipalities are:
- In New Mexico, a 'buffer zone' in zoning is used to:
- In New Mexico, 'eminent domain' allows the government to take private property for public use only if:
- In New Mexico, a 'transfer of development rights' (TDR) program allows:
- In Albuquerque, New Mexico, the 'Integrated Development Ordinance' (IDO) serves as the city's:
- In New Mexico, 'Historic Overlay Zones' in cities like Santa Fe and Albuquerque are designed to:
- In New Mexico, 'agricultural land preservation' programs (like purchase of agricultural conservation easements) are used to:
- In New Mexico, 'dark sky ordinances' adopted in communities like Taos and Santa Fe restrict:
- In New Mexico, a 'density bonus' in zoning allows developers to:
- In New Mexico, a 'mixed-use development' in an urban area combines:
- In New Mexico, a 'grading and drainage plan' is typically required before a developer can begin construction because:
- In New Mexico, a 'rezoning' of property requires action by:
- In New Mexico, 'riparian buffer zones' along rivers and streams serve to:
- In New Mexico, 'pueblo land grants' represent unique title concerns because:
- In New Mexico, a 'preservation easement' on a historic property:
- In New Mexico, 'smart growth' planning principles encourage all of the following EXCEPT:
- In New Mexico, 'cluster development' allows developers to group homes on a portion of the site while preserving:
- In New Mexico, 'accessory dwelling units' (ADUs, sometimes called casitas) are:
- In New Mexico, 'lot coverage' in a zoning code refers to:
- In New Mexico, 'New Urbanism' principles promote:
- In New Mexico, 'historic tax credits' available for rehabilitating certified historic structures provide an incentive by:
- In New Mexico, a 'subdivision plat' must be approved by the local government and recorded because it:
- In New Mexico, 'scenic easements' along highways protect:
- In New Mexico, an 'annexation' by a municipality allows the city to:
- In New Mexico, 'traditional neighborhood development' (TND) codes encourage:
- In New Mexico, 'setback requirements' in zoning codes establish:
Property Management
117 questions- A property manager's primary fiduciary duty is to the:
- A management agreement between a property owner and a property manager must include:
- Under New Mexico's Uniform Owner-Resident Relations Act, a landlord who fails to maintain habitable conditions is subject to:
- In New Mexico, how many days' notice must a landlord typically give to terminate a month-to-month residential tenancy?
- A New Mexico landlord must return a tenant's security deposit within how many days of lease termination?
- In New Mexico, the maximum security deposit a landlord may charge for an unfurnished residential unit is:
- What is a gross lease?
- In a triple net (NNN) lease common in New Mexico commercial properties, the tenant pays:
- A property manager in New Mexico who collects rents must:
- Which document governs the relationship between a New Mexico property owner and their property manager?
- A New Mexico tenant who is three days late on rent can be served with what type of notice?
- The implied warranty of habitability in New Mexico requires landlords to:
- Under New Mexico law, when may a landlord enter a tenant's unit for non-emergency repairs?
- A New Mexico landlord retaliates against a tenant who reported housing code violations by increasing the rent. This is:
- A net operating income (NOI) is calculated as:
- A New Mexico commercial tenant with a percentage lease pays rent based on:
- In New Mexico, a holdover tenant (tenant at sufferance) is a tenant who:
- A property manager in New Mexico who signs leases on behalf of the owner is exercising what type of authority?
- When a New Mexico tenant fails to pay rent, the landlord's first step in the eviction process is to:
- New Mexico's Uniform Owner-Resident Relations Act applies to:
- A commercial tenant in Santa Fe signs a 10-year gross lease. After 5 years, the landlord can only increase rent if:
- A New Mexico property manager's fiduciary duty to the owner includes which of the following?
- In New Mexico, 'constructive eviction' occurs when:
- A New Mexico short-term rental (Airbnb-style) is subject to:
- When a New Mexico property manager vacates a management account due to a dispute with the owner, the correct action regarding client funds is to:
- A New Mexico landlord who accepts rent from a holdover tenant after lease expiration has likely created a:
- A New Mexico landlord who wishes to enter a tenant's home in an emergency (e.g., a broken water pipe causing flooding) may do so:
- In New Mexico, a qualified residential property manager who manages 10 or more units must comply with which financial reporting standards?
- A New Mexico commercial lease clause requiring the tenant to pay for their proportional share of the building's common area expenses is known as a:
- In New Mexico, a property management agreement should specify whether the manager has authority to:
- In New Mexico commercial real estate, a 'gross-up provision' in a lease allows the landlord to:
- A New Mexico commercial tenant with a 'build-out allowance' lease provision receives:
- In New Mexico, a commercial property manager working with a REIT (Real Estate Investment Trust) is likely managing properties on behalf of:
- A New Mexico property management company that discriminates in tenant selection based on source of income (refusing Section 8 vouchers) may violate:
- When a New Mexico tenant abandons a rental property, the landlord must:
- In New Mexico, the Landlord must give how much notice before the end of a lease term to prevent automatic renewal, if the lease contains an automatic renewal clause?
- In New Mexico, a tenant who is a victim of domestic violence may terminate a lease early without penalty because:
- A New Mexico apartment complex owner is required by the Fair Housing Act to allow a resident with a visual impairment to have a:
- In New Mexico, a residential tenant who repairs a habitability defect themselves and deducts the cost from rent (repair-and-deduct) is allowed to do so under:
- A New Mexico property manager's duty to account to the owner includes:
- In New Mexico, which of the following best describes a 'gross lease' with a 'stop clause'?
- A New Mexico tenant in a month-to-month tenancy receives a 30-day notice to vacate from the landlord. The tenant's obligations are to:
- In New Mexico, when a qualifying broker closes their real estate brokerage, they must:
- Under New Mexico law, a landlord who illegally locks out a tenant (self-help eviction) may be liable for:
- In New Mexico, an 'estoppel certificate' in a commercial lease context is a document signed by the tenant that:
- In New Mexico, the Servicemembers Civil Relief Act (SCRA) protects active-duty military tenants by allowing them to:
- A New Mexico property management agreement should specify the manager's authority to sign leases for what maximum term without additional owner approval?
- In New Mexico, a commercial tenant who 'goes dark' (stops operating but continues paying rent) may be in violation of their lease if the lease contains:
- In New Mexico, a 'residential property management company' that manages properties for clients must have all property management activities conducted by or under the supervision of:
- In New Mexico, when a landlord receives a security deposit that exceeds one month's rent for a furnished unit, the amount over one month's rent:
- In New Mexico, a 'lease renewal option' gives the tenant the right to:
- In New Mexico, which of the following is a common provision in commercial leases that protects the landlord's income if the property is sold?
- In New Mexico, a tenant who subleases without the landlord's consent (when the lease requires consent) has:
- In New Mexico, a landlord who wishes to increase rent for a tenant on a fixed-term lease before expiration must:
- In New Mexico, a 'tenancy at will' arises when:
- In New Mexico, a 'gross lease with a base year stop' means:
- In New Mexico, which type of lease typically provides the most operating cost certainty for a commercial tenant?
- In New Mexico, when a tenant makes repairs and deducts the cost from rent (repair-and-deduct remedy), the deduction is limited to which amount under the UORRA?
- In New Mexico, what is the purpose of a 'property condition report' used in property management?
- In New Mexico commercial leasing, 'co-tenancy provisions' give a tenant the right to:
- In New Mexico, a landlord who refuses to make a repair that affects habitability may face a tenant's claim under the:
- In New Mexico, a landlord who wants to keep all of a tenant's security deposit after move-out for ordinary wear and tear is:
- In New Mexico, a 'space lease' in a mobile home park grants the tenant:
- In New Mexico, a 'right of first offer' given to a commercial tenant differs from a 'right of first refusal' because:
- In New Mexico, an 'index lease' (also called an indexed or escalation lease) adjusts rent based on:
- In New Mexico, a 'non-disturbance agreement' in a commercial lease protects the tenant by ensuring:
- In New Mexico, which of the following is typically the landlord's responsibility in a residential lease?
- In New Mexico, a 'subordination clause' in a lease allows the lender to:
- In New Mexico, when a commercial tenant exercises a lease renewal option, the new lease term and rent are determined by:
- A New Mexico commercial building landlord includes a 'co-tenancy clause' and the anchor tenant vacates. A retail tenant exercising their co-tenancy rights may:
- In New Mexico, which of the following is TRUE about a 'percentage lease' common in retail settings?
- In New Mexico, a tenant who 'sublets' their apartment transfers which rights to the subtenant?
- In New Mexico, when a tenant's lease includes a 'personal guarantee,' the guarantor:
- In New Mexico, a commercial tenant who assigns their lease transfers:
- In New Mexico, which of the following would constitute a 'constructive eviction' scenario?
- In New Mexico, a property manager may NOT legally manage properties in which of the following situations?
- In New Mexico, a commercial tenant's 'exclusivity clause' prevents the landlord from:
- In New Mexico, a 'casualty clause' in a residential lease typically addresses:
- In New Mexico, which of the following describes a 'triple net lease with CAM reconciliation'?
- In New Mexico, which of the following would be a permitted reason for a landlord to retain a tenant's security deposit?
- In New Mexico, a landlord who enters into a lease with a tenant and then sells the building must:
- A New Mexico property manager responsible for a 50-unit apartment complex must maintain a trust account. The primary purpose of this account is to:
- Under the New Mexico Uniform Owner-Resident Relations Act (UORRA), a landlord must provide habitable premises. Which of the following is NOT required for habitability?
- In New Mexico, if a tenant abandons a rental unit and leaves personal property behind, the landlord under UORRA must:
- Under New Mexico's UORRA, what is the maximum security deposit a landlord may charge for an unfurnished residential unit?
- A New Mexico commercial landlord and tenant have a 'triple net' (NNN) lease. Under this lease type, the tenant pays:
- A New Mexico property manager enters into a management agreement. This agreement must be in writing and include all of the following EXCEPT:
- A New Mexico property manager's fiduciary duty to the property owner includes all of the following EXCEPT:
- In New Mexico, a commercial tenant on a percentage lease pays rent based on:
- In New Mexico, a residential landlord must return a tenant's security deposit within how many days after the tenant vacates?
- A New Mexico landlord wants to enter a tenant's apartment for non-emergency repairs. Under UORRA, the landlord must give at least:
- In New Mexico, a property manager who collects rents must deposit those funds into a trust account:
- In New Mexico, a property manager uses an 'expense stop' in a commercial lease. This means:
- In New Mexico, a property manager must conduct a 'move-in inspection' with the tenant primarily to:
- A New Mexico commercial property manager is responsible for a retail center's 'CAM reconciliation.' This annual process:
- Under New Mexico's UORRA, a landlord may terminate a month-to-month tenancy by giving the tenant:
- A New Mexico property manager discovers a tenant is subletting the apartment without permission. Unless the lease permits subletting, the landlord may:
- A New Mexico apartment tenant reports a mold problem to the property manager. The manager's appropriate response is to:
- A New Mexico commercial tenant under a gross lease pays:
- In New Mexico, a residential landlord who fails to return the security deposit within 30 days without an itemized statement may:
- A New Mexico property manager discovers that the owner wants to raise rents above market rate by 30%. The manager's responsibility is to:
- A New Mexico property manager wants to use a 'self-help eviction' — changing the locks without going to court. This is:
- In New Mexico, a qualifying broker who operates a property management company must maintain a separate trust account for:
- A New Mexico property manager discovers a tenant is running an illegal business from the rental unit. The property manager should:
- In New Mexico, when a tenant gives proper notice to vacate a month-to-month tenancy, but then changes their mind and wants to stay, the landlord:
- A New Mexico tenant breaks their lease by moving out 6 months early. Under UORRA, the landlord has a duty to:
- In New Mexico, a commercial tenant's lease expires and they continue to pay rent which the landlord accepts. This creates a:
- A New Mexico property manager should maintain detailed records of all income and expenses for each managed property to:
- In New Mexico, which type of lease would be most common for a retail space in an Albuquerque shopping center?
- A New Mexico property manager is authorized to make repairs up to $500 without owner approval. A roof leak is discovered that requires immediate $3,500 repair. The manager should:
- A New Mexico commercial property manager is negotiating a lease renewal with a long-term tenant. The manager's primary responsibility to the property owner is to:
- A New Mexico property owner wants to sell a property that is currently occupied by a tenant. The property manager should advise the owner that:
- In New Mexico, a property manager who receives rents must disburse owner proceeds:
- A New Mexico tenant defaults on rent. Before filing for eviction, the property manager must typically serve a:
- In New Mexico, a commercial tenant who 'holds over' after their lease expires without the landlord's consent is a:
- A New Mexico property manager receives a written complaint from a tenant about a rat infestation. The manager's immediate obligation is to:
- In New Mexico, a property manager who manages multiple properties for different owners must keep funds for each owner:
Escrow & Title
79 questions- In New Mexico, which document conveys legal title to real property from seller to buyer?
- A general warranty deed provides the greatest protection to the buyer because the grantor:
- Title insurance protects the insured against:
- Proration at closing means:
- An abstract of title is:
- A lis pendens recorded against a property indicates:
- In New Mexico, the closing agent or escrow officer's primary role is to:
- A mechanic's lien may be filed by:
- Which type of title insurance policy protects the lender?
- Recording a deed in New Mexico protects the buyer primarily by:
- A chain of title refers to:
- In New Mexico, title insurance protects against:
- A lender's title insurance policy in New Mexico protects:
- The New Mexico Real Estate Transfer Tax is paid by:
- At what rate is the New Mexico Real Estate Transfer Tax assessed?
- What is the purpose of a title search in a New Mexico real estate transaction?
- A mechanic's lien in New Mexico is filed by:
- Which document is used to convey title in a New Mexico real estate transaction?
- When a New Mexico deed is recorded with the county clerk, what protection does this provide?
- In a New Mexico transaction, escrow is described as:
- A 'cloud on title' in New Mexico refers to:
- A lis pendens recorded against a New Mexico property notifies potential buyers that:
- In New Mexico, the priority of liens is generally determined by:
- A 'HUD-1 Settlement Statement' (now largely replaced by the Closing Disclosure) was used to:
- In New Mexico, a deed must contain which essential element to be valid?
- Adverse possession in New Mexico allows a person to acquire title to land by:
- In a New Mexico real estate closing, proration of property taxes means:
- A subordination agreement in New Mexico allows:
- In New Mexico, what is 'constructive notice' as it relates to recording documents?
- A 'chain of title' in New Mexico refers to:
- A release deed (reconveyance) in New Mexico is used to:
- A title commitment (preliminary title report) issued in a New Mexico transaction is:
- RESPA (Real Estate Settlement Procedures Act) prohibits which practice in New Mexico transactions involving federally related loans?
- In New Mexico, a trustee's sale (foreclosure sale) on a deed of trust property occurs after the lender records a:
- In New Mexico, ALTA (American Land Title Association) title insurance policies provide broader protection than standard policies because they cover:
- In New Mexico, a 'survey exception' in a title insurance policy means:
- Which of the following encumbrances would NOT appear in a title search but could still affect a New Mexico property?
- A title insurance policy 'endorsement' in New Mexico is used to:
- In New Mexico, a 'quiet title action' is a court proceeding used to:
- A 'deed in lieu of foreclosure' in New Mexico occurs when:
- In New Mexico, a 'special warranty deed' (also called a limited warranty deed) warrants title only:
- In New Mexico, when does a buyer become the equitable owner of a property under a purchase contract?
- In New Mexico, a 'closing agent' or 'settlement agent' is typically:
- In New Mexico, a title insurance commitment (binder) identifies Schedule B exceptions. These exceptions represent:
- In New Mexico, which type of deed provides the MOST protection to the grantee?
- In New Mexico, a 'chain of title' refers to:
- In New Mexico, which instrument releases a deed of trust lien after the mortgage is paid in full?
- A New Mexico title search reveals a 'mechanic's lien' on the property. This lien arises from:
- In New Mexico, an 'abstract of title' is:
- In a New Mexico closing, the 'HUD-1' settlement statement has been replaced by the:
- In New Mexico, a 'lis pendens' recorded against a property means:
- In New Mexico, a 'special warranty deed' warrants title only against defects arising:
- In New Mexico, a 'deed of trust' differs from a 'mortgage' primarily because:
- In New Mexico, 'title by adverse possession' differs from title by deed in that adverse possession:
- In New Mexico, 'escrow' in a real estate transaction refers to:
- In New Mexico, a title company performs a 'title search.' The purpose of this search is to:
- In New Mexico, when is title to real property considered 'marketable'?
- In New Mexico, 'constructive notice' through recording means:
- In New Mexico, 'actual notice' in real estate means:
- In New Mexico, a 'warranty of title' in a general warranty deed protects the grantee by covenanting against:
- In New Mexico, a 'deed restriction violation' discovered after closing typically gives the affected neighbor the right to:
- In New Mexico, a 'subordination agreement' is used when:
- In New Mexico, a standard coverage versus ALTA (American Land Title Association) owner's title insurance policy differs in that ALTA provides:
- In New Mexico, a 'quiet title action' is filed in court to:
- In New Mexico, 'proration' at closing refers to:
- In New Mexico, a 'property tax certificate of purchase' (tax lien certificate) is issued to the purchaser at a tax sale. This gives the purchaser:
- In New Mexico, an 'ALTA survey' differs from a standard boundary survey in that an ALTA survey:
- In New Mexico, when is a deed considered 'delivered and accepted' for legal transfer of title?
- In New Mexico, which of the following is an 'involuntary lien' placed against real property?
- In New Mexico, a 'warranty forever' covenant in a general warranty deed means the grantor:
- In New Mexico, 'actual loss coverage' in a title insurance policy means the insurer will:
- In New Mexico, a 'judgment lien' attaches to real property when:
- In New Mexico, the 'grantor-grantee index' at the county clerk's office is used to:
- In New Mexico, a 'preliminary title report' is issued by the title company before closing. If a title defect is found, the typical remedy is to:
- In New Mexico, the term 'cloud on title' refers to:
- In New Mexico, a title company's 'title plant' is:
- In New Mexico, a 'deed in lieu of foreclosure' is used when a borrower:
- In New Mexico, when a property is sold at a tax sale for delinquent taxes, the original owner typically has a:
- In New Mexico, a 'real property report' or 'survey' at closing serves to:
Fair Housing
75 questions- The federal Fair Housing Act prohibits discrimination based on which protected classes?
- Steering in real estate means:
- A landlord refuses to rent to a family with children under 18. Under the Fair Housing Act, this is:
- Under the Fair Housing Act, a person with a disability has the right to:
- Blockbusting is the illegal practice of:
- Redlining is the illegal practice of:
- Under the ADA, a commercial property owner must provide:
- The Unruh Civil Rights Act in New Mexico protects against discrimination in:
- A senior housing community may legally refuse to rent to families with children if it qualifies as:
- The federal Fair Housing Act prohibits discrimination based on which classes?
- The New Mexico Fair Housing Act adds which protected class(es) NOT covered by federal law?
- Steering in real estate is an illegal practice that involves:
- A lender who refuses to make loans in certain geographic areas based on the racial composition of those neighborhoods is engaging in:
- A landlord in New Mexico has a 'no pets' policy. A prospective tenant requests permission to keep a service dog. The landlord must:
- Blockbusting is best described as:
- Under the Fair Housing Act, which of the following is a permitted exception for familial status discrimination?
- A New Mexico landlord advertises 'ideal for professional couple without children.' This advertisement is:
- A person who believes they were discriminated against in a housing transaction in New Mexico may file a complaint with:
- The maximum civil penalty for a first-time violation of the Fair Housing Act by a respondent with no prior violations is:
- The Americans with Disabilities Act (ADA) primarily applies to which type of New Mexico real estate?
- Under the Fair Housing Act, a reasonable modification to a dwelling for a person with a disability:
- New Mexico's Mortgage Lending Act regulates which of the following?
- Which federal act requires the disclosure of known lead-based paint hazards to buyers and tenants of pre-1978 homes in New Mexico?
- A New Mexico apartment manager who charges a higher security deposit to families with children than to childless adults is:
- A New Mexico property manager receives an application from a person who uses a wheelchair. The manager must:
- The term 'protected class' in fair housing law refers to:
- A New Mexico real estate professional is asked by a client to avoid showing properties in a neighborhood with many foreign-born residents. The professional should:
- In New Mexico, the Human Rights Act provides fair housing protections enforced by the:
- Under New Mexico fair housing law, a landlord who provides different lease terms to tenants of different races is:
- Under the Fair Housing Act, 'disparate impact' means:
- A New Mexico landlord who has a blanket policy of refusing to rent to all people with criminal records may be violating fair housing law because:
- A New Mexico real estate agent who always shows minorities properties in one section of town and whites in another section is committing:
- The HUD Fair Housing Poster must be displayed by:
- A New Mexico tenant requests permission to install grab bars in the bathroom due to a mobility disability. The landlord should:
- A New Mexico real estate professional who tells a prospective buyer that a neighborhood is 'not the right fit for your family' may be guilty of:
- In New Mexico, which religious organization may be exempt from certain fair housing requirements when selling or renting property?
- Under the Fair Housing Act, which of the following is NOT generally a permissible reason to reject a rental applicant?
- In New Mexico, which of the following is an example of an 'affirmative marketing' fair housing obligation?
- In New Mexico, the concept of 'reasonable accommodation' in fair housing applies to:
- The New Mexico Human Rights Act prohibits housing discrimination based on protected classes. Which of the following is a protected class under NM state law but NOT under federal Fair Housing Act?
- Under the Fair Housing Act, 'steering' is illegal. Steering occurs when a broker:
- Under the Fair Housing Act, which of the following is NOT a protected class?
- A New Mexico landlord refuses to rent to a family because they have three children under age 10. This is most likely a violation of:
- Under the Fair Housing Act, 'blockbusting' is illegal. This practice involves:
- Under the Fair Housing Act, which of the following constitutes a reasonable accommodation for a tenant with a disability?
- Under the Fair Housing Act, 'disparate impact' means a policy is discriminatory if it:
- A New Mexico property manager asks prospective tenants to provide their country of birth on the rental application. This practice:
- Under the Fair Housing Act, which of the following is an example of illegal 'source of income' discrimination in states where it is protected?
- A New Mexico apartment complex with 10 units is advertised as '55+ housing' and exempt from the familial status requirement. To qualify for this exemption under the Housing for Older Persons Act (HOPA), at least:
- A New Mexico property manager refuses to rent to a person who uses a wheelchair, saying the apartment cannot accommodate their needs. This may violate the Fair Housing Act because:
- Under the Fair Housing Act, a landlord may NOT ask during the application process whether a prospective tenant:
- In New Mexico, a landlord wants to create a policy that all tenants must speak English. This policy may violate the Fair Housing Act because:
- A New Mexico property manager advertises an apartment with the phrase 'perfect for young professionals.' This could be considered:
- Under the Fair Housing Act, a landlord may NOT impose different lease terms on a prospective tenant because of their:
- A New Mexico lender charges a Hispanic borrower a higher interest rate than a similarly qualified White borrower. This is an example of:
- In New Mexico, a landlord's refusal to make a reasonable accommodation for a tenant's disability unless doing so would create an 'undue burden' is:
- Under the Fair Housing Act, a real estate broker who advertises only in English-language media in a predominantly Hispanic community may be engaging in:
- A New Mexico property owner with a single-family home personally rents out one other property without using a broker. Are they exempt from the Fair Housing Act?
- A New Mexico tenant with HIV/AIDS is covered under the Fair Housing Act's disability protection because:
- Under the Fair Housing Act, which of the following is an acceptable reason for a landlord to deny a rental application?
- In New Mexico, a property manager applies a policy of 'no Section 8 vouchers' for all their rental properties. Under current law:
- In New Mexico, which agency has primary jurisdiction to investigate complaints of housing discrimination filed at the state level?
- In New Mexico, a landlord's policy of not renting to anyone with a criminal background check arrest record (not conviction) may be:
- Under the Fair Housing Act, a landlord may require a higher security deposit from a tenant with a disability because of potential disability-related damage. Is this permitted?
- A New Mexico landlord requires all prospective tenants to have a minimum income of 3x the monthly rent. This policy:
- Under the Fair Housing Act, a seller instructs their broker to 'not sell to certain groups.' The broker's correct response is to:
- Under the Fair Housing Act, 'testing' (using testers) is a technique used by:
- A New Mexico real estate broker's website features only photos of certain demographic groups using the properties. This could violate the Fair Housing Act because:
- In New Mexico, a real estate licensee who witnesses a fair housing violation by their client should:
- Under the Fair Housing Act, the term 'quid pro quo' sexual harassment in housing means:
- In New Mexico, the Fair Housing Act's prohibitions apply to all of the following EXCEPT:
- In New Mexico, under the Fair Housing Act's disability protections, 'handicap' (disability) includes all of the following EXCEPT:
- Under the Fair Housing Act, which of the following is a legitimate reason a landlord may reject an applicant?
- In New Mexico, which organization administers the federal Fair Housing Act and investigates complaints at the federal level?
- Under the Fair Housing Act, a landlord sets a policy of 'no more than 2 persons per bedroom.' In a fair housing context, this policy may be:
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