Property Management
A New Mexico property manager should maintain detailed records of all income and expenses for each managed property to:
AComply with IRS requirements for all businesses
BFulfill fiduciary accounting duties to the owner, provide accurate financial reporting, and substantiate any trust account transactions✓ Correct
CSatisfy NMREC's insurance requirements
DEnable the manager to invest the funds
Explanation
Detailed financial records serve the property manager's fiduciary duty of accounting to the owner, enable accurate financial reporting, and are required by NMREC for trust account management — subject to inspection and audit.
Related New Mexico Property Management Questions
- A New Mexico apartment complex owner is required by the Fair Housing Act to allow a resident with a visual impairment to have a:
- A New Mexico commercial tenant with a percentage lease pays rent based on:
- In New Mexico, which type of lease typically provides the most operating cost certainty for a commercial tenant?
- In New Mexico, the Servicemembers Civil Relief Act (SCRA) protects active-duty military tenants by allowing them to:
- A New Mexico tenant who is three days late on rent can be served with what type of notice?
- In New Mexico, a holdover tenant (tenant at sufferance) is a tenant who:
- 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, 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?
Practice More New Mexico Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Mexico Quiz →