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Real Estate Salesperson Exam — National Portion

Agency (NM): practice questions

Our Real Estate (National) bank has 7 questions on this topic. Here are 4 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · New Mexico

What is a transaction broker in New Mexico?

  1. An unlicensed coordinator who handles closing paperwork
  2. A licensee providing services without an agency relationship
  3. A licensee who represents both parties as a fiduciary agent
  4. A licensee who acts only as a subagent of the listing brokerage firm
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B. A licensee providing services without an agency relationship — NMSA 1978 61-29-2(A)(18); 16.61.19.9(A) NMAC (non-fiduciary).

Question 2 · New Mexico

In New Mexico, in what capacity does a dual agent act?

  1. As exclusive agent for the seller only
  2. As a subagent of the cooperating brokerage firm
  3. As exclusive agent for the buyer only
  4. As a facilitator, not an exclusive agent
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D. As a facilitator, not an exclusive agent — 16.61.19.10(B) NMAC.

Question 3 · New Mexico

Before writing or presenting offers as a dual agent, what must the broker obtain?

  1. Verbal consent from both parties noted in the transaction file
  2. A signed waiver of all broker duties from the buyer client only
  3. Written approval from the real estate commission for that specific transaction
  4. Written authority from both clients in a separate dual agency agreement
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D. Written authority from both clients in a separate dual agency agreement — 16.61.19.10(C) NMAC.

Question 4 · New Mexico

Under the license law, who is a 'customer'?

  1. Any party who is represented by a different brokerage in the transaction
  2. A person using real estate services with no express written agreement
  3. Any buyer or seller who pays the brokerage a commission at closing
  4. A person who has signed a written agency agreement with a brokerage
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B. A person using real estate services with no express written agreement — NMSA 1978 61-29-2(A)(10).

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