New Mexico License Law
In New Mexico, what does 'good standing' mean for a real estate licensee?
AThe licensee has no pending transactions
BThe license is current (not expired or suspended), all fees are paid, CE is complete, and there are no unresolved disciplinary matters✓ Correct
CThe licensee has been in practice for 5+ years
DThe licensee has never had a complaint filed against them
Explanation
A license in good standing means it is active, current, all required fees have been paid, CE requirements are met, and there are no active suspensions or unresolved NMREC disciplinary matters.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Math Concepts
State-Specific Concepts
Continuing Education
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