NM Real Estate study guide
NM Real Estate · Work through your exam, one topic at a time.
The New Mexico Real Estate Broker license is the credential issued by the New Mexico Real Estate Commission, a body created by state law in 1959 and charged with enforcing the Real Estate License Law and the Commission's rules. The Commission's stated mission is to protect the public and enhance the professional competence of real estate brokers, and its responsibilities include issuance, renewal, and transfer of broker licenses; establishing and enforcing pre-licensing and continuing education requirements; certifying education providers; investigating and adjudicating complaints; and educating consumers and brokers about the license law and rules. The NM Real Estate study guide has 5 sections and about 1,912 words.
01Real Estate Principles and Practices
Real property is land plus the improvements, rights, and appurtenances permanently attached to it; personal property is everything else. The exam loves fixtures , resolved by attachment, adaptation, and agreement - and the related trap that trade fixtures installed by a commercial tenant generally remain the tenant's property and may be removed before lease expiration.
391 words, about 2 min02New Mexico Real Estate License Law and Commission Rules
New Mexico does not license salespeople. Every licensee is a broker , and there are two working categories: the qualifying broker (QB) , who holds the brokerage license and is accountable to the New Mexico Real Estate Commission for the entire office, and the associate broker , who works under a QB.
403 words, about 2 min03Agency, Fiduciary Duties, and Consumer Disclosure
Agency arises when a broker agrees to act on behalf of a principal, and in New Mexico practice it should always be documented in writing before the broker acts. A seller's agent represents the seller; a buyer's agent represents the buyer.
378 words, about 2 min04Contracts, Conveyances, and New Mexico Transaction Documents
Know offer, acceptance, consideration, capacity, legality, and mutual assent - and that real estate contracts must satisfy the Statute of Frauds (written and signed by the party to be charged). A counteroffer is a rejection plus a new offer.
384 words, about 2 min05Financing, Valuation, and Real Estate Mathematics
Compare conventional, FHA, VA, and USDA loans; conforming versus nonconforming size; fixed versus adjustable rate (know caps, index, and margin); and the role of private mortgage insurance above 80% loan-to-value. Points are prepaid interest; discount points buy a rate down.
356 words, about 2 min