In New Mexico, a qualifying broker begins managing an owner’s rental property. Which statement is correct?
Correct Answer
B) 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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Key Terms:
Related Concepts
License requirements are the mandatory qualifications—including pre-licensing education, examination, and background checks—that a person must satisfy before legally practicing real estate. These requirements are established and enforced by each state's real estate commission.
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
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.
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