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Real Estate Salesperson Exam — National Portion

Recovery fund (NM): practice questions

Our Real Estate (National) bank has 5 questions on this topic. Here are 3 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1 · New Mexico

Within what period after a final judgment must an aggrieved person petition the commission for recovery?

  1. Two years
  2. Three years
  3. One year
  4. Six months
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A. Two years — NMSA 1978 61-29-23(A).

Question 2 · New Mexico

Which judgment can support a claim against the real estate recovery fund?

  1. One won by the licensee's spouse against the licensee
  2. One for fraud, willful misrepresentation, or conversion of funds
  3. One for ordinary negligence covered by the broker's E&O insurer
  4. One for an unpaid commission owed to a cooperating broker in the deal
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B. One for fraud, willful misrepresentation, or conversion of funds — NMSA 1978 61-29-23(A), (D).

Question 3 · New Mexico

What is the most the real estate recovery fund will pay on a single judgment?

  1. $125,000
  2. $10,000
  3. $25,000
  4. $50,000
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D. $50,000 — NMSA 1978 61-29-23(A).

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