Unit 2: Establishing Relationships in New Mexico
Which of the following may a transaction broker do in New Mexico?
Advise parties for whom they provide direct services that they may need other expert advice Transaction brokers act as facilitators in the transaction rather than advocates and real estate licensees don't give legal advice. They advise all parties with whom they work directly that other expert advice may be needed.
Ned represents Sofia in the sale of her townhome. Luciana represents Sofia's buyer, Arturo. What is Luciana's responsibility to Sofia?
Disclose that the buyer will not have the funds for the down payment unless he sells his current home. Luciana will not provide direct services for Sofia but must make required disclosures, including material adverse facts and conflicts of interest.
Which one of the following tasks must licensees perform for seller clients?
Ensure that the buyer's earnest money is deposited. A licensee must ensure the collection of the earnest money deposit from the buyer. Earnest money may be used as liquidated damages by the seller in the event of buyer default, so it's in the seller's best interest to ensure it's been deposited.
In order to protect your commission, which of the following must you do regarding a listing agreement?
Get it in writing
Who does a transaction broker represent in a transaction in New Mexico?
No one A transaction broker doesn't represent anyone in a transaction.
You're a New Mexico licensee engaged as a transaction broker for a customer in a real estate transaction. Which of these actions can you perform for that customer?
Process paperwork A transaction broker performs statutory duties, such as assisting with paperwork, but may not provide representation, advocacy or negotiate for either party. Transaction brokers facilitate negotiations between the parties
Franklin asks his transaction broker, Sandra, to look at his property and let him know if there's anything he can do to make his home sell more quickly. How should Sandra respond?
Sandra can assist Franklin with this advice. It is not adversarial to the interest of a customer/client that Sandra is assisting in purchasing Franklin's property
Which of the following is true related to listing agreements?
there legally binding contracts A listing agreement is legally binding contract between the property seller and the real estate brokerage.