Agency
In New Mexico, a broker who is also a principal in a transaction (buying or selling their own property) must:
AAutomatically disclose this to the other party
BDisclose their license status to the other party in the transaction✓ Correct
CWithdraw from all real estate activities during the transaction
DNeither disclosure nor special action is required
Explanation
When a New Mexico licensee acts as a principal (buyer or seller) in their own property transaction, they must disclose to all other parties that they hold a real estate license, ensuring transparency.
Related New Mexico Agency Questions
- In New Mexico, a 'limited dual agent' or 'transaction broker' cannot disclose to the buyer:
- An 'open listing' in New Mexico allows the seller to:
- In New Mexico, an agent's duty of 'obedience' to their principal means:
- In New Mexico, which of the following is NOT a fiduciary duty owed by an agent to their principal?
- In New Mexico, 'procuring cause' determines which broker is entitled to a commission. The procuring cause is the broker who:
- If a New Mexico buyer's agent discovers the property has an undisclosed unpermitted addition, the agent should:
- 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, a buyer's agent who also receives compensation from the seller must:
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 →