US Real Estate New Mexico Test 7

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

Prepared with up-to-date content

Real Estate — New Mexico Professional (Real Estate, USA) USA — New Mexico State Real Estate License — USA

What is this test? for Real Estate Salesperson/Broker prep, USA (national + state law) — Professional (Real Estate, USA) level, USA — New Mexico.
For adults preparing for Real Estate license in the USA
Section: Real Estate — New Mexico · Education: Professional (Adult) · Part: Real Estate — New Mexico · Country: USA · Region: USA — New Mexico

Finance and real estate acumen covers markets, valuation, contracts, and budget management.

This test is designed to reinforce core concepts and help you succeed on your exams.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

What is a warranty deed?

A) lease

B) option

C) quitclaim

D) guarantees clear title

Question 2

Which agency licenses agents in New Mexico?

A) IRS

B) State Bar

C) Medical Board

D) New Mexico Real Estate Commission

Question 3

What is a listing agreement?

A) deed

B) purchase offer

C) lease

D) contract to sell a property

Question 4

What is earnest money?

A) tax

B) commission

C) fee

D) buyer good-faith deposit

Question 5

What is a fiduciary duty?

A) loyalty, obedience, care to client

B) secrecy from client

C) profit first

D) dual profit

Question 6

What is dual agency?

A) no representation

B) buyer only

C) one broker representing both sides

D) two brokers

Question 7

What is a quitclaim deed?

A) lease

B) full warranty

C) transfers whatever interest exists

D) loan

Question 8

What is the Fair Housing Act?

A) bans housing discrimination

B) building code

C) tax law

D) zoning code

Question 9

What classes are protected in housing?

A) age only

B) politics

C) income

D) race, color, religion, sex, handicap, family, national origin

Question 10

What is redlining?

A) appraising

B) surveying

C) illegal denial by neighborhood

D) mapping

Question 11

What is steering?

A) advertising

B) guiding buyers by race (illegal)

C) negotiating

D) showing homes

Question 12

What is a CMA?

A) inspection

B) appraisal

C) survey

D) comparative market analysis

Question 13

What is an appraisal?

A) listing

B) inspection

C) professional value opinion

D) offer

Question 14

What is title insurance?

A) protects against title defects

B) home warranty

C) life insurance

D) flood policy

Question 15

What are the three appraisal approaches?

A) show, stage, sell

B) list, sell, close

C) offer, accept, record

D) sales comparison, cost, income

Question 16

What is PITI?

A) principal, interest, taxes, insurance

B) a loan type

C) a deed

D) a tax

Question 17

What is LTV?

A) loan-to-value ratio

B) listing traffic volume

C) land title verification

D) lease term value

Question 18

What is PMI?

A) insurance for low down payments

B) property tax

C) flood insurance

D) title insurance

Question 19

What is escrow?

A) down payment

B) commission

C) neutral third-party holding

D) tax

Question 20

What is a deed?

A) ownership transfer document

B) offer

C) loan paper

D) lease

US Real Estate New Mexico Test 7

Test Complete

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