New Mexico License Law
Which of the following would NOT require a New Mexico real estate license?
ALeasing commercial space on behalf of a property owner for a fee
BSelling a neighbor's home for a commission
CActing as a trustee in foreclosure proceedings✓ Correct
DManaging an apartment complex for compensation
Explanation
Acting as a trustee in a deed of trust foreclosure is generally a legal/financial function exempt from real estate licensing requirements in New Mexico.
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Related New Mexico Questions
- In New Mexico, a trustee's sale (foreclosure sale) on a deed of trust property occurs after the lender records a:Escrow & Title
- In a New Mexico deed of trust, who holds legal title to the property during the loan period?Finance
- When a New Mexico borrower pays off their deed of trust loan, the trustee must issue a:Finance
- In New Mexico, 'naked legal title' in a deed of trust refers to:Property Ownership
- In New Mexico, which party in a deed of trust holds 'bare legal title' during the loan term?Property Ownership
- Which of the following is exempt from the New Mexico real estate licensing requirement?New Mexico License Law
- What is the primary advantage of a deed of trust over a traditional mortgage in New Mexico?Finance
- A 'due-on-sale' clause in a New Mexico mortgage or deed of trust:Finance
Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Math Concepts
State-Specific Concepts
License Law
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