A New Mexico broker asks about a qualifying broker begins managing an owner’s rental property. What is the best answer?
Correct Answer
A) A written property management agreement must be executed before acting on behalf of the owner and must include required fee and disclosure terms
New Mexico requires a written property management agreement before acting for the owner. Source basis: 16.61.24 NMAC, Property Management: declaration, education, qualifying broker auspices, trust accounts, agreements, reports, and records; checked 2026-04-30.
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Related Topics & Key Terms
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Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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