New Mexico License Law
Under NMREC rules, a licensee's earnest money must be deposited in a trust account within:
A24 hours of receipt
B3 business days of receipt or as specified in the contract✓ Correct
C7 calendar days of closing
DThe same day as contract acceptance
Explanation
NMREC rules require earnest money deposits to be placed in a trust account promptly—generally within 3 business days of receipt or by the timeline specified in the purchase contract.
Related New Mexico New Mexico License Law Questions
- The NMREC has authority to investigate complaints against licensees and may impose which penalties?
- Which of the following is an example of a violation under New Mexico license law?
- What is the minimum passing score on the New Mexico real estate licensing exam?
- A New Mexico qualifying broker who discovers a salesperson committed a disclosure violation must:
- Which of the following activities would require a New Mexico real estate license?
- A qualifying broker in New Mexico is personally responsible for:
- A New Mexico associate broker is different from a qualifying broker in that an associate broker:
- Under New Mexico law, a licensee who wishes to place their license on inactive status 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 →