New Mexico License Law
In New Mexico, a real estate licensee who is also a principal in a transaction (e.g., buying property for themselves) must:
ASurrender their license for the duration of the transaction
BDisclose in writing that they are licensed real estate professionals before or at the time of making an offer✓ Correct
CObtain a special transaction permit from NMREC
DHave another licensed broker represent them
Explanation
NMREC rules require licensees to disclose their licensed status in writing to the other party whenever they are a principal in a transaction, ensuring full transparency about their professional background and potential advantage.
People Also Study
Related New Mexico Questions
- In New Mexico, a licensee who is buying or selling property for their own account must disclose to the other party:Agency
- Under NMREC rules, a New Mexico licensee must obtain prior written approval from their qualifying broker before:New Mexico License Law
- Under New Mexico law, a licensee who wishes to place their license on inactive status must:New Mexico License Law
- In New Mexico, a real estate licensee who assists their own family member in buying a home must:Agency
- A New Mexico qualifying broker discovers that a salesperson is conducting real estate activities without disclosing their licensed status. The broker should:New Mexico License Law
- In New Mexico, a broker who is also a principal in a transaction (buying or selling their own property) must:Agency
- In New Mexico, a real estate licensee who sells their own property without disclosing they are a licensed agent to the buyer has:New Mexico License Law
- Under New Mexico's brokerage relationship rules, a licensee acting as a transaction broker represents:Agency
Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
State-Specific Concepts
License Law
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 →